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                              A S I A   P A C I F I C

             Monday, May 22, 2000, Vol. 3, No. 99

                                    Headlines


* A U S T R A L I A *

AMP GROUP: Board faces the music, chair apologizes
BHP: Prepares itself for writedown
GRAEME GRUBB FINANCE: Liquidator uncovers fraud, more
MEDICAL SERVICES AUSTRALIA: Ex-director pleads guilty
PACIFIC DUNLOP: Pacemaker fault costs it $2.4M


* C H I N A  &  H O N G  K O N G *

ARTICLE COMUPTER GRAPHIC ARTS: Facing winding up petition
CHINA BICYCLE HOLDINGS: Creditors require 80% cut in loans
CHINA EVERBRIGHT TECHNOLOGY: Annual loss narrows
OAKWELL ENGINEERING: Creditors sign standstill agreement
PALIBURG HOLDINGS: Annual loss cut to $1.3B
PEARL ORIENTAL CYBERFORCE: Posts annual loss
SIU-FUNG CERAMICS: Stripped director hit with $315M writ


* I N D O N E S I A *

PT ASTRA INT'L: Stock falls on Quantum stake-sale rumor


* J A P A N *

DAIHYAKU MUTUAL LIFE INS.: Manulife to take look at it
KOFUKU BANK: Gov't okays sale to W. Ross
LIFE CO.: Files for protection from creditors
NAMIHAYA BANK: Pressure mounts to find suitor
NISSAN MOTOR CO.: Posts 684B Yen group net loss
NISSAN MOTOR CO.: To sell prime Tokyo land
TAISEI PREFAB CONSTRUCTION CO.: Cuts net loss to 900M Yen
TOKYO SOWA BANK: Pressure mounts to find suitor


* K O R E A *

CHO HUNG BANK: Thomson BankWatch downgrades
DAINONG: KAMCO to sell its corporate bonds
HANA BANK: Unprofitable loans rise
HANVIT BANK: Thomson BankWatch downgrades
KORAM BANK: Unprofitable loans rise
KOREA EXCHANGE BANK: Unprofitable loans rise
KOREA EXCHANGE BANK: Thomson BankWatch downgrades
MIDOPA DEPT.STORE: KAMCO to sell its corporate bonds
SAEHAN GROUP: Applies for workout
SAEHAN GROUP: Sinking into insolvency
SAMICK: KAMCO to sell its corporate bonds
SEOUL BANK: Unprofitable loans rise
SHINHAN MUTUAL SAVING & FINANCE: FSC suspends operations


* M A L A Y S I A *

NAM FATT: Creditors to hold 22% in enlarged capital
PARK MAY: Renong Berhad to subscribes for shares in rehab
PERSTIMA BHD: Hopes to finish debt revamp by September
TIME dotCOM: Khazanah to get 'active participation'


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

PHILIPPINE NAT.BANK: Posts losses of P933-M in 1Q
PHILIPPINE NAT.BANK: Bad loans hit 31%
PHILIPPINE NAT.BANK: To get PhP4-B capital boost
URBAN BANK: Another bank interested in it


* S I N G A P O R E *

ASIA PULP & PAPER CO.: Posts '99 Loss


* T H A I L A N D *

AMARIN PLAZA: Posts 1st quarter loss
BANGKOK RANCH: Posts 1st quarter loss
BANG PAKONG INDUS.PARK 2: Posts 1st quarter loss
BANK OF THAILAND: Forex trading to fund debt repayment
CHAOPHYA MARBLE-GRANITE: Posts 1st quarter loss
DISTAR ELECTRIC: Posts 1st quarter loss
EASTERN STAR REAL ESTATE: Posts 1st quarter loss
EKACHART FINANCE: Posts 1st quarter loss
GOLDEN LAND PROPERTY DEVEL.: Posts 1st quarter loss
KARAT SANITARYWARE: Posts 1st quarter loss
K.R. PRECISION: Posts 1st quarter loss
KRUNG THAI BANK: Posts 1st quarter loss
LAND AND HOUSES: Posts 1st quarter loss
LOXLEY: Posts 1st quarter loss
MANAGER MEDIA GROUP: Posts 1st quarter loss
NAWARAT PATTANAKARN: Asks SET for deslisting exemption
ONE HOLDING: Posts 1st quarter loss
PAE (THAILAND): Posts 1st quarter loss
POST PUBLISHING: Posts 1st quarter loss
REGIONAL CONTAINER: Posts 1st quarter loss
ROBINSON DEPT.STORE: Posts 1st quarter loss
QUALITY HOUSES: Posts 1st quarter loss
SIAM SPORT SYNDICATE: Posts 1st quarter loss
THAI CENTRAL CHEMICAL: Posts 1st quarter loss
THAI-GERMAN PRODUCT: Posts narrower 1st quarter loss
THAI TEL.AND TEL.COMMO.: Posts 1st quarter loss
TIPCO ASPHALT: Posts 1st quarter loss
TPI POLENE: Posts 1st quarter loss
UNITED BROADCASTING CORP.: Posts narrower 1st quarter loss


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

AMP GROUP: Board faces the music, chair apologizes
--------------------------------------------------
At yesterday's general shareholder meeting, AMP's acting
chairman, Mr Stan Wallis, said he was "sorry" about GIO as
several shareholders berated the board about its recent
troubles and the failure to inform them of National
Australia Bank's $21-a-share merger plan late last year.

One shareholder activist, reflecting the mood of dozens of
shareholders at the meeting, put the $1.2 billion-plus loss
on GIO among the biggest ever by an Australian company.
"The GIO acquisition stinks to high heaven," the
shareholder said.

"It's possibly one of the greatest colossal blunders and
devastations in Australian financial history, apart from
our old mates Christopher Skase, Bondy and Spalvins." The
comment drew applause from the 1,000 shareholders at the
Melbourne meeting.

AMP defiantly put a price tag of close to $30 a share on
the company and promised a better profit performance after
the apology. Mr Wallis said that the board and senior
management had to accept responsibility.  "GIO is very
unfortunate. I apologise; we are sorry that it's happened
but these things happen in business," he said.

Mr Wallis was also forced to defend chief executive Mr Paul
Batchelor's 1.2 million options package, which went to a
poll of shareholders before being approved. Perpetual
Investments' head of Australian equities, Mr Peter Morgan,
queried the $16-a-share strike price of the options
package.

Mr Morgan expressed concern about the issue in light of
AMP's rejection of NAB's $21-a-share takeover plan last
year and Mr Wallis's comment that AMP wasworth closer to
$30 a share than the current $14.30 share price.

He told the meeting that Mr Batchelor could not be
distanced from the GIO acquisition, which was a key factor
in the recent underperformance of AMP's shares.
Mr Morgan said he believed NAB's $21 a share takeover offer
should have been a material consideration in the allocation
of options to Mr Batchelor.

"I don't think any shareholder can go home tonight and
approve that options issue and sleep safely, knowing that
NAB or any institution could approach the AMP in the next
few weeks with a hostile bid well in excess of $16 a
share."

But Mr Wallis said the options package was in line with
remuneration offered to the chief executive officer's peers
in the financial services industry. Mr Batchelor received
the 1.2 million options package after the poll showed
shareholder approval.

AMP shares closed yesterday 16› lower at $14.30, well below
NAB's indicative price. The AMP board rejected the NAB
approach, and Mr Wallis yesterday reiterated the board's
optimistic view.  "Based on the advice we get
internationally, this company is worth closer to the $30
than the $20," he said. "I can only say if this share price
moves to $30, it will be a much easier annual meeting."

In defending the GIO takeover, Mr Wallis said the
acquisition was "error of judgement" rather than a lack of
due diligence or negligence on behalf of the AMP board and
management.  While Mr Wallis put a high valuation on AMP,
Mr Batchelor declined to nominate a price. He said his job
was to run the company.

Commenting on AMP's future prospects, Mr Wallis said AMP
was in the enviable situation of being well placed in the
growing retirement and savings market, and that meant
takeovers and alliances were possibilities.

"It's understandable that other financial institutions,
particularly those in Australia with a traditional focus on
domestic banking, see AMP as an attractive partner. "As
such, you would expect AMP to be involved in informal
discussions with a number of local and overseas
institutions with a view to exploring opportunities for
joining forces and leveraging possible synergies."

Mr Wallis supported Mr Batchelor against the view of some
former AMP directors that the chief executive had not fully
supported the previous chairman, Mr Ian Burgess. And he
maintained that Mr Batchelor's involvement with Mr Russell
Goward's failed entrepreneurial company, Westmex, had been
fully investigated.

Shareholders queried the exit from AMP last year of Mr
George Trumbull, who received a $13.2 million payout.

"At first, Mr Trumbull's parting from AMP was amicable, but
then a dispute did arise, and we moved quickly to appoint
an independent mediator to help solve the dispute," Mr
Wallis said. "We did this to avoid the costs, disruptions
and uncertain outcome of court action."

AMP is optimistic about its operations. Mr Wallis said the
results for the year to date were strong. Cost-reduction
programs were ahead of target and there was 20 per cent
growth in core operating margins. (Australian Financial
Review  19-May-2000)

BHP: Prepares itself for writedown
----------------------------------
BHP is set to make a further writedown of as much as $US100
million ($175 million) on its North America steel assets
with the pending sale of its West Coast steel businesses
for less than book value.

Details of the deal were given to securities analysts
yesterday after chief executive, Mr Paul Anderson, told
Merrill Lynch's annual metals and mining conference in the
US that a sale was being finalised.  Analysts were told
that the coated steel and building products businesses,
which have a book value of around $US370 million, were sold
for $US50 million to $US100 million below book value.

The sale is yet to be confirmed to the market, but it is
understood the news was given to selected securities
analysts to soften the impact of the disappointing result
on BHP's share price.  But the sharemarket reacted anyway,
with BHP shares yesterday falling 25c to $17.30, with $461
million wiped off the company's sharemarket capitalisation.

The coated steel business, which produces 300,000 tonnes a
year of galvanised metal sheets, has been hurt by rising
costs and shrinking margins.  Dumping duties on hot-rolled
coil products, the major feedstocks for the coated products
business, have resulted in margins dropping to 10-year
lows.

This has made it harder for BHP to sell the business,
resulting in a price far below hopes. However, negotiations
for the sale of its other North American steel business,
its 50 per cent share in Northern Star, are progressing
more favourably.

BHP's partner here is Cargill, which is seen as the logical
buyer, but the sale has been delayed as improving market
conditions encourage BHP to push for the best possible
price.  BHP's chief financial officer, Mr Chip Goodyear,
told analysts at the company's third-quarter results
briefing that the decision to not rush into a sale of North
Star had paid off.

"We have seen a dramatic improvement in performance in that
business," Mr Goodyear said. "The out-performance that
we've seen at North Star has exceeded the under-performance
that we would expect to see in the coated product."

BHP's US steel assets were identified as non-core after the
company said in October it would focus its steel business
around its flat products operations in Port Kembla. (Sydney
Morning Herald  19-May-2000)

GRAEME GRUBB FINANCE: Liquidator uncovers fraud, more
-----------------------------------------------------
The books of one of Western Australia's embattled finance
broking firms were opened to the Gunning inquiry yesterday,
revealing a litany of accounting horrors and an estimated
loss to small investors of $22 million.

The liquidator of Graeme Grubb Finance Broker told the
inquiry the firm "duped" middle-aged and elderly investors
into handing over their retirement funds and then plundered
a trust account with the St George Bank.  The inquiry was
told the trust account was overdrawn 84 times between June
1996 and May 1999 -- once for $5.7 million -- and there
were no records to show whose money was in the account.

Mr Grubb is one of many finance brokers being investigated
by the Gunning inquiry, the fraud squad and the Australian
Securities and Investments Commission.  Mark Conlan,
insolvency partner at Bird Cameron chartered accountants,
told of his first few days as liquidator in July last year,
when he found huge and complex problems with the trust
account and book-keeping.

"It was immediately apparent there was a considerable loss
of investors' funds by way of money being deposited into
the trust account when it was overdrawn," he said.

Mr Conlan said Mr Grubb had $63million of funds under
management, with 649 investors in 730 loans to 457
borrowers and "complete lack of financial records."
Almost half of the loans were to entities associated with
Mr Grubb, although the investors probably did not know of
this conflict of interest.

The business practices of the finance broking firm, which
arranged short-term, high-interest pooled mortgages,
included:  non-existence of valuations; funds advanced well
in excess of the true value of the security; almost no loan
assessment data or borrowers' financial information;
mortgage transfers, executions and discharges on file
instead of being settled; settlement of mortgage discharges
without the investor being informed or receiving the funds;
proceeds of mortgage settlements deposited into an
overdrawn trust account as new funds; funds paid from the
trust account to investors even though the borrower had not
repaid the loan; and, funds paid from the trust account to
borrowers before investors had been arranged for the loan.

Mr Conlan said a $5.9 million "round-robin transaction",
which left the St George Bank trust account overdrawn for
three days, was being investigated.  "It would have to have
been with St George's co-operation," he told the inquiry.

Mr Conlan said it could take up to four years for his firm
and the courts to distribute the remains of the funds,
properties and performing loans among investors and
borrowers who had made claims to the money. The inquiry
continues.  (The Australian  19-May-2000)

MEDICAL SERVICES AUSTRALIA: Ex-director pleads guilty
-----------------------------------------------------
The former director of Florey Medical Centre had pleaded
guilty to fraud and theft charges relating to not paying
staff and creditors a total of about $250,000, the ACT
Magistrates Court heard yesterday.

Police said Judith Angela Szmerler, 53, of Red Hill, and
her husband, Dr George Szmerler, were the directors of
Medical Services Australia Pty Ltd and Estana Pty Ltd, the
companies that previously owned and ran Florey Medical
Centre. Florey Medical Centre is now run by a different
unconnected business.

"A number of former employees of MSA who worked at the
[centre] have stated to police they believed that Judy
Szmerler managed the practice, she was responsible for
doing the pays and when problems arose, they sought to get
their pay or receive reimbursement for pay cheques that
were either stopped or dishonoured from her," police said.

"Police allege that Judy Szmerler's conduct was deceitful
in that she, knowing of the financial difficulties being
experienced by the centre and the companies, wrote cheques
on the companies' bank accounts, George's bank accounts and
her own bank accounts, knowing there were insufficient
funds in the accounts, deposited these cheques into various
bank accounts, drew on uncleared funds and created a round-
robin of transactions that resulted in losses being
experienced by the Westpac Bank."

By September 1999, police allege that financial situation
reached a critical stage and many employees were receiving
pay cheques that were stopped or dishonoured by Judy
Szmerler on behalf of MSA.

"During September 1999, MSA was involved in at least three
civil proceedings in relation to non-payment of creditors,
through the ACT Magistrates Court" police further allege.
"Judy Szmerler, acting on behalf of MSA, deceived employees
into continuing to work for MSA at the Florey Medical
Centre with the expectation that they would be paid for
their services, which did not happen."

Police further allege that Judy Szmerler, "dishonestly
acting on behalf of MSA, provided pay cheques to employees,
which she knew would not be honoured due to insufficient
funds or that she directed the bank to stop payment for.
Some of the former employees were deceived into continuing
to work for the company at the centre with the view that
the outstanding debts would be paid."

Police said there was evidence of "considerable financial
difficulties which escalated [from May 1999] to January
2000. By January 11, police allege the companies, the
defendant and her husband were facing enormous financial
difficulties and probable ruin," police said.

That day, January 11, the Szmerlers placed the companies in
voluntary administration and, on February 7, the companies
were placed in liquidation. The court heard that the day
after the companies were placed in the hands of the
administrator, Szmerler illegally withdrew $2900 from their
bank account. Police searched Szmerler's Red Hill home on
December 3, seizing about 26,000 documents.

"Police allege letters were written by Judy Szmerler that
show that she sought to buy time in relation to some of the
debts by giving various excuses for non-payment," police
said.

The court heard some of the money has since been repaid.
Szmerler, who was released on $5000 bail, will be sentenced
in the ACT Supreme Court on a date to be fixed.
(Canberra Times  18-May-2000)

PACIFIC DUNLOP: Pacemaker fault costs it $2.4M
----------------------------------------------
Pacific Dunlop will pay 800 people, including some who are
dead or not ill, $3000 each plus future medical expenses to
settle a four-year court action over its distribution of
faulty heart pacemaker leads.

The pacemaker leads allegedly caused or contributed to the
deaths of 23 people in the mid-1990s, and the scare led to
the removal of 40,500 leads from patients worldwide. The
Federal Court in Sydney yesterday approved a $2.4 million-
plus settlement that will include the 550 Australians with
working Accufix Atrial J pacemaker leads and the estates of
250 people who died with the pacemakers still implanted.

Each person or estate will receive $3000 but patients who
later need leads removed will also be eligible for the
$15,000 agreed under an earlier settlement.  The patients
will have their future medical expenses paid by PacDun. The
claims of the so-called "monitoring group" were not
resolved in a settlement reached by PacDun's insurers in
August 1998, which covered patients whose leads had been
surgically removed.

Maurice Blackburn Cashman associate Kym Gardner said the
firm was happy with the outcome of the case.  "While $3000
doesn't seem like much compensation for the worry of having
(a potentially faulty lead) we're pleased that we succeeded
in getting recognition that these people had been injured."

Ms Gardner said the action taken under the Trade Practices
Act was believed to be the first successful case in
Australia where people were compensated, even though they
might have had no physical problems.  The pacemaker leads
were made by PacDun's Telectronics Systems subsidiary which
was sold in 1996 to an offshore medical company.

While yesterday's court approval ends the Australian
action, PacDun has yet to settle court action over the
issue in the US, Britain, Turkey, France, Japan, Germany
and Argentina.  The outcome of appeals against a $US88.5
million ($151.2 million) class action settlement in the US
in 1998 is still unclear, although a ruling is expected
soon.

PacDun says the episode has already cost it more than $400
million. PacDun shares closed unchanged at $1.63 yesterday
(The Australian  20-May-2000)


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C H I N A  &  H O N G  K O N G
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ARTICLE COMUPTER GRAPHIC ARTS: Facing winding up petition
---------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for June 21 on the petition of Ng
Chun Kuen for the winding up of Article Computer Graphic
Arts Company Limited. A notice of legal appearance must be
filed on or before June 20.

CHINA BICYCLE HOLDINGS: Creditors require 80% cut in loans
----------------------------------------------------------
China Bicycle (Holdings) Ltd's restructuring of its foreign
debt, which required foreign creditors to take an 80-pct
haircut on their loans, was the main cause of the company's
return to profit last year, a company spokeswoman said.

The spokeswoman said more than 10 foreign banks last year
agreed to write off more than $60 million in loans to China
Bicycle, accounting for 80 pct of the banks' total loans to
the company.  China Bicycle subsequently reported a 1999
net profit of 200.1 mln yuan, up from a net loss of 427.3
mln in 1998.

As part of the debt restructuring agreement with the
foreign banks, China Bicycle sold its "diamond" trademark
to a U.S. firm for $20 million and gave this money directly
to foreign creditors, she said.  She added that the
negotiations over debt restructuring had lasted more than
one year.

"There was no option for those banks. If they had not
accepted the restructuring deal, the company would have
been declared bankrupt and they would not even have been
able to recover 20 pct of their loans."

She said the company's foreign loans had been guaranteed by
a Hong Kong-based bicycle company, but a Hong Kong court
ordered liquidation of the firm on May 6 last year. The
Hong Kong-based firm had also owed China Bicycle 709 mln
yuan in accounts receivable and the company has taken a
provision of 106 mln yuan on these loans.

Having restructured its foreign debts, the company is now
focusing on restructuring its domestic debts, while seeking
to lease out its manufacturing facilities and improve the
efficiency of the company's assets, she said. She
attributed China Bicycle's debt problems to an anti-dumping
ruling by the E.U. several years ago which caused a sharp
reduction in the company's exports.

Before the ruling, the company could expect to produce and
sell 1.8 mln bicycles each year, but the company now
produces and sells only 500,000-600,000 per year, she said,
adding that the company's workforce has reduced to 1,000
from 3,800 since the ruling.

A spokeswoman for Shenzhen Lionda Holdings Co Ltd, which
has a 23.3 pct stake in China Bicycle, said Lionda Holdings
has outstanding loan guarantees covering 1.2 bln yuan in
domestic bank loans to China Bicycle.  China Bicycle's A
shares closed the morning at 8.14 yuan, while its B
shares closed at 0.81 hkd.  Lionda Holdings' A shares
closed the morning at 8.19, while its B shares closed at
1.2 hkd. (AFX News Limited  18-May-2000)

CHINA EVERBRIGHT TECHNOLOGY: Annual loss narrows
------------------------------------------------
China Everbright Technology Ltd. said its net loss narrowed
to HK$149.7 million (US$19.2 million) in 1999 from HK$157.8
million a year earlier.

The loss was mainly attributed to an operating loss of
HK$78 million from its communications equipment
distribution business and a provision of HK$84.9 million to
cover a reduction in values of associated company Wuxi
Taide I.T.- Land Development Co., the red-chip group said.

On a per share basis, the net loss narrowed to 10 Hong Kong
cents from 11 cents.  Sales however increased 19% to
HK$690.7 million from HK$579.5 million. (The Asian Wall
Street Journal  18-May-2000)

OAKWELL ENGINEERING: Creditors sign standstill agreement
--------------------------------------------------------
Oakwell Engineering Ltd said it has entered into a
standstill agreement with its creditors.

The creditors include ABN-Amro Bank, Fleet National Bank,
Development Bank of Singapore, Keppel Tatlee Bank,
Industrial and Commercial Bank, Malayan Banking Berhad,
Oversea-Chinese Banking Corporation, Overseas Union Bank
and Hongkong and Shanghai Banking Corporation's Singapore
branch.

Under the agreement, the creditors agreed to refrain from
taking certain actions against the company until a
restructuring plan is developed.  The company said it has
appointed KPMG Consulting Pte Ltd as financial advisor.
(AFX News Limited, World Reporter  19-May-2000)

PALIBURG HOLDINGS: Annual loss cut to $1.3B
-------------------------------------------
Paliburg Holdings has reported a net loss of HK$1.36
billion for the year to December 31 due to losses from a
hotel asset disposal, property provisions and high
financial expenses.

The result represented an improvement from the preceding
year's HK$3.49 billion loss which had been caused by higher
property and investment provisions.  Hotel subsidiary Regal
Hotels International posted a loss of HK$1.08 billion for
last year, compared with a loss of HK$1.19 billion a year
earlier.

Parent group Century City International Holdings returned a
loss of HK$1.26 billion, largely due to losses incurred in
the sale of Regal's hotel assets in the United States. A
year earlier Century City's loss was HK$5.29 billion.
The three companies, controlled by chairman Lo Yuk-sui,
declared no dividend.

Century City holds 60 per cent stake in Paliburg which has
74 per cent of Regal.  Regal sold all its US hotels for
US$640 million last year. The disposal incurred a loss of
HK$693.4 million each attributable to Regal and Paliburg,
and a loss of HK$1.01 billion to Century City.

Mr Lo said the hotel-sale loss came from eliminating a
goodwill value attached to the hotels and the management
company - previously booked in Regal's and Century City's
accounts. In addition, Paliburg and Century City each made
a HK$400 million provision for a property project in
Beijing, whose construction was suspended.

Century City's profit was also harmed by attributable
interest cost of HK$340 million for a luxury development
project in Stanley, that was also suspended from
construction, Mr Lo said.  It would soon start construction
after negotiation with its financiers. The group was
expected to pre-sell the properties earlier next year.

Mr Lo said Century City was studying issuing new shares or
other quasi-equity instruments to acquire his personal
interests in high-technology projects, including mainland
fibre-optic network operator Century Digital Enterprise. He
said such a move would be beneficial to the group. Century
Digital was likely to list on Nasdaq after a year to 18
months. Century City would also look for other hi-tech
investment opportunities.

Paliburg would explore property-related hi-tech projects
while Regal would look for hotel-related projects, he said.
Most of Century City's lenders agreed to extend the
standstill agreement related to the company's loans to the
end of October.  But Paliburg wanted to restructure its
loans instead of reaching a standstill deal with creditors,
he said.

It was proposing a long-term refinancing scheme based on a
mortgage-backed securitisation of its Paliburg Plaza, in
Causeway Bay, and Kowloon City Plaza, in Kowloon Tong, to
raise HK$1.2 billion to HK$1.4 billion. The arrangement was
expected to be completed by the end of next month.  Mr Lo
said the two properties had existing mortgage loans of
HK$800 million to HK$900 million, which was lower than the
amounts planned to be raised from the securitisation
scheme.

Century City had net borrowings of HK$9.6 billion at the
end of December while Paliburg had HK$8.8 billion net debt
and Regal had HK$4.6 billion.  Net debt-to-asset ratios
were 51 per cent for Century City, 46.9 per cent for
Paliburg and 37.9 per cent for Regal.  Mr Lo said Paliburg
would offer a Shau Kei Wan property and some US properties
for sale. (South China Morning Post  20-May-2000)

PEARL ORIENTAL CYBERFORCE: Posts annual loss
--------------------------------------------
Pearl Oriental Cyberforce has sunk into the red with a 1999
net loss of $747.5M compared with a net profit of $48.28M
in the previous year.

The company made an operating loss of $750.9M after
incurring a $57M provision for doubtful loans receivable
and a $500M provision for value diminution of investment
properties.  The $750.9M operating loss compared with an
operating profit of $48M in the previous year.

Turnover for the year fell 55.5% to $64.6M as poor
investment outlook in the property market slowed down the
sale of investment and development properties.  Loss per
share was $6.87 cents, compared with earnings per share of
0.49 cents in 1998. The company will not pay any final
dividend.

SIU-FUNG CERAMICS: Stripped director hit with $315M writ
--------------------------------------------------------
First Siegfried Lee Siu-fung was stripped of his company --
now he stands to lose HK$315 million.

HSBC, which filed to have Siu-Fung Ceramics declared
bankrupt, wants its money back, and it has slapped Mr Lee
with a High Court writ seeking the immediate return of the
cash, plus interest.  The latest round of legal wrangling
between the bank and Mr Lee comes swiftly on the heels of a
court decision to wind up the listed company, the result of
more than three years of failed rescue attempts.

Siu-Fung had been straddled with debts of HK$2.4 million
and ultimately failed to appease its major creditor, HSBC,
with a tangible restructuring proposal.  However, this was
not without a string of attempts - including an 11th-hour
rescue bid from Golik Investments.

The proposal - delivered to the High Court just moments
before a hearing to wind the company up was due to start -
came too late.  HSBC rejected the offer by Golik to pay a
HK$5 million non-refundable deposit and a further HK$30
million and pressed for immediate bankruptcy.

A winding-up order was made against Siu-Fung on May 9.
Siu-Fung owed the bank at least HK$1.3 billion.  Mr Lee has
an outstanding overdraft of HK$8.39 million and as a
guarantor of Welcon owes the bank a further $2.39 million,
the writ says.  Despite letters sent in November 1997, the
money remains outstanding, the writ says.

Under another guarantee involving subsidiary NHD Systems,
Mr Lee is indebted to the bank to the tune of HK$304.69
million - the result of a HK$200 million guarantee and
accrued interest of HK$104.69 million.  Interest and costs
are being sought by the bank in the action.

Siu-Fung first started encountering financial difficulties
in October 1996 when its German subsidiaries went into
liquidation.  By last year, litigation in the mainland
compounded the situation after a court ruled against a
subsidiary for breach of a management agreement.

The company was dealt a further blow that March when HSBC
filed winding-up petitions against Siu-Fung and three
subsidiaries.  A series of restructuring flops left the
bank resolved to see the company dissolved. In the past few
months rescue attempts were still flowing.  One of the most
high-profile bids involved Glory Score, a company
controlled by the chairman of Glorious Sun Holdings.

Glory Score was to acquire the HK$2.4 billion debts for a
cash consideration of HK$70 million, with the right to have
its claims converted into new shares.  However, the
restructuring proposal fell through as a result of a
dissenting creditor.  The company - set up by Mr Lee
himself - manufactured and sold kilns, ceramic rollers and
accessories. The subsidiaries were involved in the sale of
ceramic products mainly in the mainland. (South China
Morning Post  20-May-2000)


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

PT ASTRA INT'L: Stock falls on Quantum stake-sale rumor
-------------------------------------------------------
Speculation that billionaire investor George Soros'
flagship Quantum Fund may sell its stake in Indonesia's
Astra International drove its stock price to a year low of
2,975 rupiah yesterday.

Sources said Quantum, which holds part of Bhakti
Investama's US$40 million (S$69.2 million) stake or 83
million shares in Astra, may liquidate as part of its new
strategy to hold more cash.  The talk follows Paris-based
Lazard Fund's recent decision to sell most of its 113
million Astra shares (worth over US$50 million at time
of purchase) to Cycle & Carriage (CCL) - the Singapore-
based group that led a consortium to land nearly 40 per
cent of Astra in March.

Lazard's sale to CCL is expected to be finalized by the end
of this week, according to CCL group finance director
Neville Venter.  When completed, it would raise CCL's stake
in Astra to about 27 percent, from 23.1 currently.  Asked
if CCL would be keen to buy up Bhakti's shares if they
became available (it has the first right of refusal), Mr.
Venter said "we do not have unlimited funds." In any case,
he said, Bhakti has not approached it on the subject.

Meanwhile, he said CCL was not perturbed by the drop in
Astra's share price, saying that its investment in the
Indonesian company was "for the long term."  He also said
the drop would not influence the selling price of
Lazard's shares, which he said had already been determined.
The consortium bought 1.02 billion shares in Astra at 3,700
rupiah apiece on March 24.

Since then, the Astra share price has trended downwards
before hitting a low yesterday when about 44 million shares
changed hands - three times the daily average recorded this
year.  Astra surprised market watchers at end-April when it
released its 1999 financial results. Its net profit of
nearly 1.5 trillion rupiah (S$307.5 million) was almost
double initial projections.

This year's performance is expected to be significantly
better, going by vehicle sales alone. In the first quarter,
Astra sold around 51,000 cars -- more than the first nine
months of 1999.  Analysts in Singapore have upgraded CCL's
profit forecast.  Those polled by Barra Global Estimates
expect FY2000's net earnings to be $129.8 million, $10
million more than what was projected three weeks ago. Last
year, the company made $108 million.  Yesterday, the CCL
share price ended at $4.72. (Business Day  19-May-2000)


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

DAIHYAKU MUTUAL LIFE INS.: Manulife to take look at it
------------------------------------------------------
Manulife Financial Corp. has been invited to take a look
under the hood of troubled Japanese insurer Daihyaku Mutual
Life Insurance Co. and should be ready to decide whether it
wants to buy the company within the next few weeks, Dominic
D'Alessandro, Manulife's chief executive, said yesterday.

If Daihyaku is declared insolvent by the Japanese
regulator, "we are the logical people to participate in
continued service to [Daihyaku's] client base of 1.3-
million customers," Mr. D'Alessandro said in an analyst
conference call.

Japan's 15th largest life insurer, Daihyaku is Manulife's
partner in a joint venture, called Manulife Century Life
Insurance Co., launched in April, 1999.  Backed with $1-
billion -- about half of it put up by Manulife -- the deal
gives the Canadian company entry to Japan, considered the
largest life insurance market in the world.

"It's quite clear the Japanese government would turn to
Manulife first [if Daihyaku was declared insolvent]" said
Mario Mendonca, an analyst at CIBC Wood
Gundy Securities Inc.

Hit by the bursting of the Japanese economic bubble,
Daihyaku earlier this year failed to meet the solvency test
of the Japanese regulator. Daihyaku is expected to report
its semi-annual financial results in the coming weeks, at
which time the regulator will decide whether to declare the
company insolvent.  But Mr. D'Alessandro said Manulife is
under no obligation to do a transaction with Daihyaku in
the event it is liquidated.

Helped by increased sales of U.S. pension products and
annuities, Toronto-based Manulife yesterday posted a 16%
increase in first-quarter profit. In the quarter ended
March 31, Canada's largest insurer by assets had earnings
of $227-million, versus $195-million last year. "All of our
business around the globe continued to perform well and
contributed favourably to our strong first quarter," said
Mr. D'Alessandro.

In Canada, Manulife was helped by a number of major deals
in the group health and life area, including new policy
sales to the Canadian Automobile Association and the
Canadian Dental Association.  Trevor Matthews, executive
vice-president of the Canadian operations, said the company
recently signed up the City of Toronto to a an employee
group benefits plan, generating an estimated $75-million in
annual premiums.

Manulife's total premiums and deposits rose 44% compared to
the first quarter of 1999 to $6.5-billion, driven mostly by
strong demand for pensions and annuities as well as growth
in insurance sales, including $387-million from Japan.
Mr. D'Alessandro said Manulife is continuing to reorganize
Manulife Century, which it controls, and expects to
introduce more new products.

"If Asia can start to show strength, that's the sort of
thing that could be very positive for this company," said
Mr. Mendonca. "I don't think investors have figured out the
significance of that yet and I think will come to drive the
stock in the years to come."  (National Post  18-May-2000)

KOFUKU BANK: Gov't okays sale to W. Ross
----------------------------------------
Japan's Financial Reconstruction Commission has approved a
deal that sells the Osaka-based Kofuku Bank to a U.S.
investment fund led by bankruptcy specialist Wilbur Ross.

Mr. Ross is an active investor in the U.S. who styles
himself as the King of Bankruptcy. The administrators of
bankrupt Kofuku Bank Ltd., a lender based in Osaka, Japan's
second-largest city, are in favor of selling the bank to
Mr. Ross's fund, the people said. Japan's top financial
regulators are also likely to approve the sale, and an
announcement may be made as early as today, they said.

Mr. Ross's fund winning the approval makes it the second
takeover of a Japanese bank by a foreign investment group.
Ripplewood Holdings LLC bought the much bigger Long-Term
Credit Bank of Japan Ltd. from the government earlier this
year.

Mr. Ross's fund would invest about $350 million in the bank
and keep most of the employees -- a better deal than the
one proposed by Japan's Daiwa Bank Ltd., the other bidder
for Kofuku, according to a person close to the deal. Walter
Mondale, who served as U.S. ambassador to Japan, will
become the bank's top advisor; Shuichi Takahashi, a former
director of Tokyo Mitsubishi Bank, will become
representative director.

That would be a lot of administrative firepower for Kofuku,
a bank that specialized in lending to small and midsize
companies in western Japan and had about two trillion yen
($18 billion) in assets at the end of March 1999.

Like most other Japanese banks, Kofuku was hit hard by the
collapse of land and other asset prices in the early 1990s.
It was declared insolvent by the government a year ago. The
government gave bankruptcy administrators a year to find a
buyer or liquidate the bank.

Mr. Ross, whose purchases of troubled U.S. companies have
earned him his moniker, said he is interested in investing
in Japan, particularly in the western part of the country.
While there are plenty of distressed assets in western
Japan, he said, the competition to purchase them isn't as
intense as it is in Tokyo.

"We feel the supply and demand will be better," said Mr.
Ross, who declined to comment on specific deals.

Until March, Mr. Ross ran a $450 million distressed-asset
fund under the aegis of Rothschild Inc. Since then, he has
taken over that fund and added other funds, including one
focused on Asia.  Under its new management, Kofuku will
take over more than 81 of the bank's 123 branches; 1,027 of
its 2,000 employees will be rehired.  (United Press
International, The Asian Wall Street Journal  18-May-2000)

LIFE CO.: Files for protection from creditors
---------------------------------------------
Life Co., a major Japanese consumer credit company, said
Friday it has asked the Tokyo District Court for protection
from creditors.

The Hiroshima-based lender's debts were estimated at 966.3
billion yen ($8.9 billion) at the end of the fiscal year
that ended March 31, the fourth largest debt of a failed
Japanese company since World War II.  The company has been
hurt in recent years by declining demand for automobile
loans. It posted a net loss of 1.80 billion yen ($16.6
million) in the fiscal year ended March 31. Its sales fell
to 84.71 billion yen ($780.6 million) from 89.05 billion
yen in the previous year.  Life had 2,630 employees at the
end of March.

Founded in 1952, Life disposed of bad loans totaling 120
billion yen in fiscal 1999 and had a negative net worth of
96.8 billion yen as of March 31. The temporary
nationalization of Life's main bank, Long-Term Credit Bank
of Japan, also caused a deterioration of the firm's cash
position.

There had been talks with GE Capital Corp. about moving
under the U.S. firm's umbrella so that Life could engineer
a turnaround. But the worsening quality of Life's financial
condition caused the negotiations to break down.

The Tokyo District Court placed Life under administrative
protection. "Marketing efforts and cash payments for Life's
700,000 affiliated branches and 5.3 million cardholders
will be performed as usual, and the firm may be able to
issue new cards," said the court-appointed receiver.

The Tokyo Stock Exchange and the Osaka Securities Exchange
on Friday announced they will place Life shares on
liquidation post, which restricts trading of the shares
until they are delisted on Aug. 20. But its shares rose 10
percent Friday to 198 yen ($1.82).  (AP Online  19-May-
2000, Nikkei  20-May-2000)

NAMIHAYA BANK: Pressure mounts to find suitor
TOKYO SOWA BANK: Pressure mounts to find suitor
-----------------------------------------------
Now that the takeover of Kofuku Bank by U.S. investor
Wilbur L. Ross has become official, finding bidders for the
two remaining failed banks -- Namihaya Bank and Tokyo Sowa
Bank -- is expected to intensify.

So far, successful buyers of failed banks have required
little public funding to restart operations, a condition
likely to remain the top criteria for the Financial
Reconstruction Commission in choosing a winner.

The list of candidates for Namihaya Bank, an Osaka-based
second-tier regional bank, has shortened to Daiwa Bank
(8319) and Bank of Ikeda (8375), an Osaka-based regional
bank. Minato Bank (8543), a second-tier regional bank based
in Hyogo Prefecture, is also in the running, but is
unlikely to win approval as it wants to limit operations to
the prefecture.

Daiwa Bank and Bank of Ikeda are both offering to buy the
healthy assets of Namihaya Bank for a lump sum. The FRC is
expected to examine their offers next month.  Long-Term
Credit Bank Of Japan and travel agency H.I.S. Co. (9603)
are regarded as potential suitors to take over the
operations of Tokyo Sowa Bank. Some foreign-affiliated
funds have also announced bids, but these are said to be
less attractive than the LTCB and H.I.S. offers.

Administrators are keen to narrow the field of candidates
as soon as possible, as almost a year has passed since the
bank collapsed. (Nikkei  18-May-2000)

NISSAN MOTOR CO.: Posts 684B Yen group net loss
-----------------------------------------------
Nissan Motor Co. (7201) announced Friday that it posted a
684.4 billion yen consolidated net loss for fiscal 1999 --
a record after-tax deficit for any nonfinancial firm in
Japan -- amid sluggish domestic sales and massive
restructuring efforts.

The struggling automaker reported a 9% drop in group sales,
to 5.97 trillion yen, slipping for the first time into
third place behind Toyota Motor Corp. (7203) and Honda
Motor Co. (7267). Honda posted sales of 6.09 trillion yen.
Nissan suffered from a slump in domestic sales, which
totaled 758,000 units, down 13% on the year. Overseas sales
also dipped 1% to 1.65 million units.

Consolidated operating profit -- a barometer of the well-
being of mainline business -- fell 25% to 82.6 billion yen.
It was adversely affected by a strong yen, which traded at
an average 112 yen to the dollar, compared with the
company's projected rate of 128 yen. The 16 yen
appreciation translated into a 180 billion yen drop in
profit.

Profit from North America soared due to the strong U.S.
economy, but the weak euro led to losses in Europe.
Similarly, Nissan plunged into the red in South Africa.

Carlos Ghosn, Nissan's chief operating officer, has made a
public pledge to turn a net profit this fiscal year. The
automaker is pressuring parts suppliers to lower prices.
Cost-cutting efforts are expected to help Nissan generate
the targeted 60 billion yen in net profit for the current
year ending March 2001.

Whether Nissan can turn around will remain unclear until
signs of a recovery in new-car sales emerge, industry
analysts say. (Nikkei  20-May-2000)

NISSAN MOTOR CO.: To sell prime Tokyo land
------------------------------------------
Nissan Motor Co. (7201) plans to sell idle land worth some
40 billion yen in Tokyo's Suginami Ward to Urban
Development Corp., The Nihon Keizai Shimbun learned
Thursday.

The 98,000 sq. meter site has been unused since Nissan's
aerospace division was transferred to Gunma Prefecture in
1998. The struggling automaker hopes to sign an official
contract with the government corporation by the end of
fiscal 2000.

Under a sweeping revival plan unveiled last autumn, Nissan
is focusing resources on its mainstay automobile
operations. The company has decided to sell the aerospace
division to Ishikawajima-Harima Heavy Industries Co. (7013)
for about 30 billion yen.

A stake in Fuji Heavy Industries Ltd. (7270) was sold to
General Motors Corp. for about 20 billion yen. The company
also disposed of shares in affiliate Ichikoh Industries
Ltd. (7244) to France's Valeo SA for about 5 billion yen.
Under the revival plan, Nissan aims to halve consolidated
interest-bearing liabilities to 700 billion yen by the end
of fiscal 2002.  (Nikkei  19-May-2000)

TAISEI PREFAB CONSTRUCTION CO.: Cuts net loss to 900M Yen
---------------------------------------------------------
Taisei Prefab Construction Co. (1922) on Thursday announced
a net loss of 900 million yen for fiscal 1999, trimming 5
billion yen from the loss it suffered the year before.

A drop in orders for condominium construction helped push
revenue down 33% to 53.6 billion yen. But reductions in
sales and administrative expenses helped stem the flow of
red ink, as did the elimination of an extraordinary charge
relating to an early-retirement system.

Taisei Prefab sustained an operating loss of 600 million
yen after having lost 2.6 billion yen in fiscal 1998. In
addition to avoiding unprofitable orders, it cut personnel
expenses with the retirement system.  The company also
shrank its pretax loss to 900 million yen, down from 3
billion yen in fiscal 1998. (Nikkei  19-May-2000)


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

CHO HUNG BANK: Thomson BankWatch downgrades
HANVIT BANK: Thomson BankWatch downgrades
KOREA EXCHANGE BANK: Thomson BankWatch downgrades
-------------------------------------------------
The world's largest credit rating agency Thomson Financial
BankWatch dropped its ratings for three local commercial
banks, citing the fact that their financial statuses
remains vulnerable.

The won-denominated short-term debt ratings of Cho Hung
Bank, Hanvit Bank and Korea Exchange Bank were all lowered
one notch from LC-2 to LC-3, while Thomson also lowered
Hanvit's Senior Debt Rating one level from BBB- to BB+.

Thomson explained that it made the downgrades for these
banks due to their low profitability, the slowing of
capital reinforcement, and huge amounts of bad assets.
(Digital Chosun  18-May-2000)

DAINONG: KAMCO to sell its corporate bonds
MIDOPA DEPT.STORE: KAMCO to sell its corporate bonds
SAMICK: KAMCO to sell its corporate bonds
----------------------------------------------------
The Korea Asset Management Corp.(KAMCO) said Thursday it
will hold an international bidding on July 26 to auction
off bad debts worth 1 trillion won (US$896 million).

Included will be secured and unsecured corporate bonds put
up by Midopa Department Store, Dainong and Samick, which
are under court management or protection. JP Morgan is the
lead manager for the auction.  (Asia Pulse  18-May-2000)

HANA BANK: Unprofitable loans rise
KORAM BANK: Unprofitable loans rise
KOREA EXCHANGE BANK: Unprofitable loans rise
SEOUL BANK: Unprofitable loans rise
--------------------------------------------
Despite the shrinkage in the overall amount of bad loan
assets at commercial banks thus far this year, Korea
Exchange Bank (KEB), KorAm Bank, Hana Bank and Seoul Bank
have all reported increases in the amount of their bad
loans since the end of last year.

According to bad loan reports submitted by the nation's 10
commercial banks to the Financial Supervisory Commission
(FSC) recently, Shinhan had the lowest total unprofitable
loan amount of W999.6 billion as of the end of March,
accounting for 3.38% of its total loan assets. The bank
said the amount represented a drop of W312.4 billion from
W1.31 trillion as of the end of last year.

Unprofitable loans are those on which interest has not been
paid for more than three months and those on which interest
payments have been suspended due to restructuring or court
protection.

At the other end of the spectrum, KEB saw its unprofitable
loans snowball by W271.4 billion to W3.45 trillion during
the same period, with its unprofitable loan ratio rising
0.70 percentage points to 10.57%, up from 9.87%. The bank
explained that unprofitable loans rose due to heavy
exposure to the failed Daewoo business group.

KorAm and Hana also suffered from increases in bad loans
amounting to W219.5 billion and W75.4 billion respectively,
for unprofitable loan ratios of 8.79% and 4.42%. Although
the amount of the unprofitable loans at Seoul Bank also
picked up by W17.5 billion, its ratio actually improved to
8.71%, down from 8.87% at the end of last year. (Digital
Chosun  19-May-2000)

SAEHAN GROUP: Applies for workout
---------------------------------
Saehan Group, which has been suffering financial
difficulties applied to its main creditor, Hanvit Bank, for
workout and is awaiting creditor approval.

The main creditor bank cannot decide alone to go forward
with the workout but must receive consensus from creditors.
Hanvit will hold a creditors' meeting today to make a
decision. Last year, the company recorded a 55.4 billion
won (US$50 million) loss and had a debt ratio of 257
percent. Out of Saehan's 1.5 trillion won in liabilities,
560 billion must be paid within a year.  (Asia Pulse  19-
May-2000)

SAEHAN GROUP: Sinking into insolvency
-------------------------------------
The Saehan Group, a textile-video tape conglomerate spun
off from the Samsung Group in 1995, is sinking into a
bankruptcy crisis and once again the national spotlight is
on the shortcomings of a chaebol's second-generation
owners.

Saehan, ranking as the nation's 27th largest chaebol in
terms of assets, asked its creditor banks for an emergency
debt-rescheduling agreement yesterday, after having long
struggled with the burden of about 2.39 trillion won ($2.17
billion) in debts.

The group's short-term liabilities maturing in less than a
year make up nearly half of its total debt load. Saehan
Ind., the parent firm of the 12-unit group, began
experiencing financial difficulties after its core product,
polyester fiber, stopped making profits due to a supply
glut. Last year, the company recorded 55.4 billion won in
deficits on turnover of 1.19 trillion won. Saehan Media,
the world's No. 1 producer of audio and video cassette
tapes, also suffered a net loss of 38.2 billion won last
year due to industry-wide slump.

The largest shareholders in Saehan companies are the family
of the late Lee Chang-hee, the second son of Samsung Group
founder Lee Byung-chul. Lee Young-ja, the wife of Lee
Chang-hee, held the title of group chairwoman until
Tuesday, while her son, Lee Jae-kwan, is the vice chairman
of the group.

Analysts say that the top managers' failure to devise
future visions and effective business strategies in line
with the rapidly changing industrial circumstances are
largely responsible for the group's collapse.

"The Lee Chang-hee family inherited the world's largest
media-product maker and leading textile maker from Samsung
founder Lee Byung-chul, but eventually exposed a clear
limit as corporate CEOs," said an executive at Hanvit Bank,
the group's main creditor. "The Lee family is also accused
of failing to hire professional managers."

He said that the owner family's reluctance to give up
managerial control and take financial responsibilities has
further worsened the liquidity crisis.  Saehan's crisis,
meanwhile, is stirring strong interest in the financial
health of Samsung's three other satellite groups - Hansol
(11th largest group), Cheiljedang (23rd) and Shinsegae
(29th). The three groups are ranked among the top-30
chaebol, making them appear free from troubles.

But all of them are said to be undergoing managerial and
financial difficulties.  For instance, the Hansol Group,
owned by the Samsung founder's eldest daughter, Lee In-hee,
and her second son Cho Dong-man, is being dogged by its
ailing cellular-phone service affiliate, Hansol.M.com,
which holds the smallest 13 percent share of the local
industry and is in search of a buyer. Hansol has already
sold sizable stake in its troubled flagship Hansol Paper to
foreigners for $1 billion.

Similarly, the Shinsegae Group, owned by the founder's
fifth daughter, Lee Myong-hee, and her eldest son, Chung
Yong-jin, is struggling with declining market share and
turnovers. Flagship Shinsegae Department Store last year
lost its No. 2 position to Hyundai Department Store.
Shinsegae's first-quarter turnover lagged behind industry
leader Lotte Department Store by about 370 billion won.

The Cheiljedang Group, owned by the family of Samsung
founder's eldest son, Lee Maeng-hee, is still locked in a
deepening conflict with the Samsung Group, due to disputes
involving his inheritance.

Samsung Group Chairman Lee Kun-hee, the third son of the
founder, is also under fire for evading hundreds of
billions of won in gift taxes in the process of
transferring equity holdings in key group units to his only
son, Jae-yong. The morally controversial Samsung chairman
had earlier drawn strong public criticism for his failed
venture into the automobile business which cost the group
and taxpayers at least 5 trillion won.

"The worsening managerial troubles at the family-run
Samsung and its satellite groups vividly proved that the
government has to speed up the chaebol reforms to terminate
the practice of handing over managerial controls to
incompetent second- and third-generation owners," said an
anti-chaebol activist. (The Korea Herald  20-May-2000)

SHINHAN MUTUAL SAVING & FINANCE: FSC suspends operations
--------------------------------------------------------
The Financial Supervisory Commission yesterday suspended
the operation of Shinhan Mutual Saving & Finance Co. for
its capital deficiency.

Shinhan recorded a minus 3.2 percent capital adequacy ratio
as of the end of last December, which means the company is
in serious capital erosion. According to the FSC, its debt
exceeded assets by 10 billion won.

The savings company was ordered to present a management
improvement plan by June 18. When the plan fails to satisfy
the watchdog, it will be liquidated. The operation
suspension will last for six months. (The Korea Herald  20-
May-2000)


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

NAM FATT: Creditors to hold 22% in enlarged capital
---------------------------------------------------
Nam Fatt Corporation Bhd's (KLSE:NFBS) creditors will hold
about 22 percent stake in the company's enlarged capital
should its proposed loan restructuring scheme succeed.

Nam Fatt's debt is estimated at RM517 million (US$136
million) involving about 20 financial institutions, its
chief executive officer, Jeffrey Ng Cheng Keong said in
Petaling Jaya, near here Friday.  The company has sought
the assistance of Corporate Debt Restructuring Committee
(CDRC) to restructure its debt.

The company's loan restructuring scheme would include the
proposed issue of RM312.268 million nominal value of 5-year
4.0 percent to 6.5 percent secured redeemable bonds and up
to RM245.876 million of RM1.00 nominal value 5-year 3
percent irredeemable convertible unsecured loan stocks
(ICULS-A).

Nam Fatt has proposed rights issue of up to RM120,095,850
of RM0.35 nominal value four and a half year zero-coupon
ICULS-B comprising 343.131 million units. It also proposed
special issue of RM3.5 million of RM0.35 nominal value
ICULS-B comprising 10.0 million units of ICULS-B to the
senior management of Nam Fatt group.

Turning to its operation, Ng said the company would
continue to stay focus in four areas - construction,
property, manufacturing and leisure. Despite the current
dotcom euphoria, he said: "We are so much of the
dotcom at the moment."

Ng said in view of the improvement in the property and
construction sector, Nam Fatt intended to concentrate on
those areas.  He said property and construction would
continue to be the main contributors to the company's
earnings.

Apart from tendering and bidding for domestic projects, Nam
Fatt is involved in the early stage of discussion on
projects in India and Sri Lanka.  Nam Fatt also plans to
launch up-market residential project in Kelab Golf Sultan
Abdul Aziz Shah, Shah Alam later this year. Ng said the
proposed development on 31-acre land in the club would
comprise 50-60 units of bungalow and 50-60 semi-detached
units.

On Nam Fatt financial performance, he said, the company
should perform better in 2000 fiscal year.  For financial
year ended 31, 1999, Nam Fatt registered a pre-tax profit
of RM6.594 million.  (Asia Pulse  19-May-2000)

PARK MAY: Renong Berhad to subscribes for shares in rehab
---------------------------------------------------------
Renong to subscribe for share entitlement as part of Park
May's restructuring Park May Bhd said its major shareholder
Renong Bhd will fully subscribe for its entitlement to the
former's shares as part of a debt restructuring scheme, a
company statement said.

The shares are being offered for sale by Park May's bank
creditors who had their owed amounts converted to rights to
new Park May shares.  As a result of Renong taking up its
full entitlement, it need not enter into an earlier
proposed put and call option to maintain its Park
May stake above 50 pct, or make a waiver for a mandatory
general offer since the latter will not be triggered.
(AFX News Limited  19-May-2000)

PERSTIMA BHD: Hopes to finish debt revamp by September
------------------------------------------------------
Perstima Bhd hopes to complete the restructuring of a
RM223mil group debt by the end of September.

The company is currently under the care of three special
administrators, including public accountants Ernst & Young,
appointed by Pengurusan Danaharta Nasional Bhd.  Adam
Primus Varghese Abdullah, a partner with Ernst & Young,
said the company also expected to be requoted on the KLSE
at the same time.

"The company should evolve healthier and cleaner after the
proposed restructuring scheme," he said at Perstima's AGM
in Kuala Lumpur yesterday.

Perstima's proposed scheme entails a capital reduction,
debt restructuring, rights issue, restricted sale and
exemption from undertaking a mandatory offer.  Adam said it
was still awaiting approval for the restructuring scheme
from the international trade and industry ministry.
He also said Perstima had recently fulfilled its duty and
obligation as the corporate guarantor for its subsidiaries.

Perstima has eight subsidiaries, all of which are dormant
now. They have RM260mil in outstanding loans.  Adam said
Perstima had to pay creditors RM27.133mil in order for the
company to discharge or not to be accounted for loans made
by its subsidiaries since 1997.

He said that with the settlement of the corporate guarantor
liability Perstima eventually would be separated from its
subsidiaries and become an independent entity.

"This will give the much needed lease of life for such a
good potential 'Bhd' company to continue to surface (in
operation) and to carry out its core business of tin plate
manufacturing and selling," Adam said.  (The Star  20-May-
2000)

TIME dotCOM: Khazanah to get 'active participation'
---------------------------------------------------
Khazanah Nasional will be allowed "active participation" in
Time dotCom's management although the Malaysian government
investment arm does not have telco business expertise,
unlike Time's earlier strategic partner, Singapore
Telecommunications.

Time Engineering -- the parent of Time dotCom, the owner of
a fibre-optics network in Malaysia -- said yesterday
Khazanah will also be given board representation to reflect
its expected acquisition of a 30 per cent stake in Time
dotCom.

Time Engineering, which is part of Halim Saad's Renong Bhd,
reiterated in the statement to the exchange that the
acquisition was subject to due diligence and valuation
exercises by Khazanah.

However, Time's negotiations with Khazanah are not expected
to be as smooth as earlier talks with SingTel, which was
supposed to have sealed its strategic partnership with Time
last week. The deal was aborted last week reportedly
because of pressure from the Malaysian political
establishment.

Time hinted that there could be changes to its earlier
scheme of arrangement to rope in a strategic partner and
placate creditors.  The statement said the Corporate Debt
Restructuring Committee is "playing a pivotal role" in
working out the arrangements between Khazanah and Time
dotCom.

"Time Engineering will be sourcing technological expertise
for Time dotCom jointly with Khazanah," it added.

In contrast, the CDRC and Mr Halim had jointly formulated
the rescue scheme for debt-laden Time Engineering, which
owes RM5.2 billion (S$2.4 billion) to creditors.  The
scheme had called for the entry of a strategic partner to
take up a 20 per cent stake in Time dotCom, which will then
be floated.  But it is widely believed that Mr Halim, and
not the CDRC, had roped in SingTel.

Mr Halim had explained his rationale for picking SingTel,
saying, "Because they, as a Singaporean company, would be
able to understand us."

In a separate statement last night, Time denied press
reports that Nippon Telephone and Telegraph may come in as
Time dotCom's strategic partner.

"No decision has been made as to the provider of
technological expertise," Time said.

It also denied widespread rumours that Khazanah is set to
pay RM3 apiece for its stake in Time dotCom, which is lower
than the sale of RM3.30 per share to SingTel.  However,
analysts said it will not come as a total surprise if the
eventual price tag turns out to be substantially lower than
RM3 per share.

This is because Malaysian Prime Minister Mahathir Mohamad,
who is also the chairman of Khazanah, has accused SingTel
of overvaluing Time dotCom so that "it won't be attractive
to others who are interested."  (Business Times  18-May-
2000)


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

PHILIPPINE NAT.BANK: Posts losses of P933-M in 1Q
-------------------------------------------------
Philippine National Bank (PNB) said Tuesday it posted a
first-quarter loss of P933 million due to a drop in its
interest income during the period.

In PNB's first quarter financial review, the formerly
government-controlled bank said that most of its losses
were attributed from a 39 percent-decline in interest
income from loans to P3.1 billion from a year ago period.
PNB's loan portfolio also fell 3.3% to P89.4 billion due to
bad loan write-off and a weaker demand for loans for the
first three months of the year.

The bank said its provision for bad loans and other losses
jumped by almost 100% from P12.9 million to P23.6 million a
year earlier.  The government and taipan Lucio Tan are in
the process of jointly selling about 80% of the bank's
total capital stock in an auction next month. (ABS/CBN News
Channel  16-May-2000)

PHILIPPINE NAT.BANK: Bad loans hit 31%
--------------------------------------
The Philippine National Bank (PNB) has increased its loan
loss provision or the amount set aside for bad loans by
almost three times to P21 billion as of end-April from P8
billion in end-December as its bad loans continued to rise,
PNB president Feliciano Miranda told the STAR yesterday.

Miranda said the higher loan loss provision was more than
enough to cover its rising non-performing loans (NPLs) that
have reached around P31 billion (31 percent of its
estimated P100-billion loan portfolio) from around P29
billion in end-1999. NPLs or bad loans are those left
unpaid for three straight months.

The amount for loan loss provisioning, he said, was higher
than the P8 billion recommended by Price Waterhouse, an
auditing firm tasked by the National Government to assess
PNB's finances. He said the bank felt that due to the
economic difficulties, there was a need to provide more
cushion against NPLs.

"Price Waterhouse recommended only P8 billion using its own
standards. But PNB felt there could be more, so we decided
to be conservative," Miranda explained.

The higher loan loss provision, he said, is part of the
bank's efforts to "clean up its books" to make it more
attractive to prospective investors.

On June 9, the government and Lucio Tan will be selling
their combined 76-percent stake in the bank to interested
bidders. Interviewed in Beijing, Tan said he would not
agree to another postponement. "It has been postponed for
three times already."

The government still owns 30 percent of the bank while Tan
has acquired 46 percent by buying PNB shares from the
secondary market. Miranda said Tan spent around P9.3
billion to acquire these shares.

"We have been cleaning up the books of the bank. We are
trying to evaluate the loan accounts. We want to see if
these loans are still collectible. If it is doubtful, we
provide the necessary valuation reserves (or loan loss
provisioning)," he explained.

Because of the provisioning, he said the bank posted a net
loss of P9 billion last year and P993 million during the
first quarter of this year. He said the bank could have
earned a net income of P1.5 billion last year had it not
been for the required loan loss provision which was taken
from its profits. (Philippine Star  19-May-2000)

PHILIPPINE NAT.BANK: To get PhP4-B capital boost
------------------------------------------------
Semi-private Philippine National Bank (PNB) is set to get a
four-billion-Philippine peso (PhP) (US$95.86 million at
PhP41.727:US$1) capital boost, courtesy of its accountants.

The additional capital will actually only be on paper, in
the form of an "appraisal surplus previously unrecognized"
after management recently got the market value of its
Manila head office and some acquired properties.  The
reappraisal would thus place PNB's capital to PhP17.92
billion, from PhP13.92 billion ($429.46 million from
$333.60 million) as of the first quarter.

In an interview the other day, PNB president Feliciano L.
Miranda, Jr. said the capital boost will push up the bank's
capital adequacy ratio (CAR) to around 9% from the current
6%. The CAR reflects a bank's protection against operating
losses.  The higher ratio, however, still falls below the
Bangko Sentral's (Central Bank of the Philippines) 10%
requirement but meets the 8% internationally prescribed by
the Bank for International Settlements, the central banks'
central bank.

With the additional capital, Mr. Miranda said, "Our
deficiency will be down to 1%. If our stockholders put in
four billion to six billion pesos ($95.86 million to
$143.80 million), we will be over the requirement," he
added.

However, Mr. Miranda said it would be unfair to ask
existing shareholders to shell out more money to raise the
bank's capital when the bank is scheduled to be sold on
June 9.

"Mr. (Lucio) Tan was willing to put up additional (funds)
when he came in last year. He has the necessary funds," Mr.
Miranda told BusinessWorld. The beer and tobacco magnate is
currently PNB's single biggest shareholder with a 46%
stake, followed by the National Government, which has 30%.

Mr. Miranda said part of the four-billion-peso surplus will
come from the reappraised value of parcels of land acquired
by PNB up to November 30, 1998.  In its 1998 annual report,
PNB said the appraisal increase was not recorded in its
books.

"Had the 1998 appraisal increase been taken up in the
accounts, property and equipment account and capital funds
as of December 31, 1998 would have increased by about
PhP3.1 billion ($74.30 million)," it said.

The capital hike would also result in a corresponding
increase in the bank's assets, to PhP201.378 billion from
PhP197.378 billion ($4.82 billion from $4.73 billion) as of
the first quarter.  During the period--the first quarter
under Mr. Tan--PNB posted a net loss of PhP932.63 million
($22.35 million), a turnaround from a meager income of
PhP3.307 million ($79,253) in the same period last year.

"Mr. Tan has been requiring us to be conservative and to
recognize losses. He wanted to clean up the books," Mr.
Miranda said.  "We expect to at least break even this year
if all these things are smoothened out. We cannot make a
long-term plan unless the ownership issue is settled," he
added.

PNB is scheduled to hold its annual stockholders meeting on
May 30 or more than a week before the bank's new set of
owners is identified.  While the Department of Finance
wanted a deferment to June 9, Mr. Miranda said the meeting
is not likely to be postponed.

Meanwhile, bank executives clarified that the 25-million-
peso ($599,132) loss for every day of delay in PNB's sale
is actually being incurred by Mr. Tan, and not the bank,
contrary to the National Government's earlier claim.

"The PhP25 million a day is cost of money," or the amount
Mr. Tan is reportedly paying for the PhP9.3 billion
($222.87 million) he borrowed to subscribe to the bank's
stock rights offer last September.

Some government officials, however, are disputing the
accuracy of the figure. "If that is the case, that would
mean he stands to lose PhP9.1 billion ($218.0 million) over
a period of one year," a finance official said. He said Mr.
Tan's "cost of funds" would thus translate to 97.8%
annually.

"That is either very expensive money or a very lucrative
alternative investment," he said. The official, however,
said Mr. Tan has "absolutely no chance" of recovering these
daily losses even if the bank is sold to strategic
investors next month.  "Even if they are successful in
selling it at PhP160 per share, it will not cover his cost
fully," he said. (Business World  19-May-2000)

URBAN BANK: Another bank interested in it
-----------------------------------------
And then there are seven. The Philippine Deposit Insurance
Corp. (PDIC) yesterday said another bank has expressed
interest in coming to the rescue of beleaguered Urban Bank,
bringing the total number of potential "white knights" to
seven.

In a telephone interview, PDIC president Norberto C.
Nazareno said the state deposit insurer has signed a letter
of confidentiality with the potential buyer so it can start
conducting its due diligence audit on the bank. Even as the
May 12 deadline for interested buyers has already lapsed,
Mr.  Nazareno said the interested buyer was able to file
its letter of intention on the date itself, but entered
into a pact with the PDIC only this week.

"The are now seven interested investors doing due diligence
and we have not changed the deadline. We are giving them
until June 13 to submit their rehabilitation proposals to
us," Mr. Nazareno said.

Mr. Nazareno also said only 35% of the total amount of
checks PDIC has released to insured depositors have been
encashed as of this week. Out of the $314 million worth of
checks issued in Metro Manila, only P109 million was
withdrawn, he said.

As for Urban Bank's provincial operations, the money was
coursed through the Land Bank of the Philippines.

"The biggest amount of cheques written were in Urban Bank's
main office which amounted to P128 million but out of that
amount only P27 million was withdrawn," he said.

Mr. Nazareno also said that as for the filing of a case
against Urban Bank, PDIC is leaving the job to the Justice
Department and the Bangko Sentral. "If they need the
documents we can provide them...but as of now they have not
asked us for any," he said. (Business World  19-May-2000)


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

ASIA PULP & PAPER CO.: Posts '99 Loss
-------------------------------------
Singapore-based Asia Pulp & Paper Co. said it incurred a
loss of US$23.1 million in 1999 due to an asset write-down
by its listed Indonesian unit PT Indah Kiat Pulp & Paper.
In 1998, the company posted net profit of US$150 million.

Asia Pulp said Indah Kiat recorded an asset write-down of
US$148.6 million in 1999 after it agreed to settle a
dispute arising out from the cancellation of the purchase
of two paper-manufacturing machines from Beloit Corp. of
the U.S.  As part of the settlement, Asia Pulp has agreed
to acquire certain equipment, components and spare parts
produced in connection with the paper machines.

"While Asia Pulp is in the process of determining the
ultimate use of this equipment, management has elected to
write it down to a conservative carrying value," the
company said. (The Asian Wall Street Journal  18-May-2000)


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

AMARIN PLAZA: Posts 1st quarter loss
------------------------------------
Amarin Plaza reported Q1 consolidated net losses of 6m bt
compared with net losses of 628m bt last year.  (Bangkok
Post  18-May-2000)

BANGKOK RANCH: Posts 1st quarter loss
-------------------------------------
Bangkok Ranch reported Q1 net losses of 305.7m bt compared
with net losses of 95m bt last year.  (Bangkok Post  18-
May-2000)

BANG PAKONG INDUS.PARK 2: Posts 1st quarter loss
------------------------------------------------
Bang Pakong Industrial Park 2 reported Q1 consolidated net
losses of 10.8m bt compared with net losses of 85m bt last
year.  (Bangkok Post  18-May-2000)

BANK OF THAILAND: Forex trading to fund debt repayment
------------------------------------------------------
The Bank of Thailand will soon actively participate in the
foreign exchange market and use part of the proceeds to pay
off loans it received from the International Monetary Fund
(IMF), Governor MR Chatu Mongol Sonakul said this week.

The first loan payment under the IMF's US$17.2 billion
(Bt678 billion) standby credit programme for Thailand is
due in September.  Chatu Mongol told reporters that funds
for currency trading will come only from surpluses in the
country's trade and current accounts.

"We will not use foreign reserves to repay our debts," he
qualified.

The central bank has drawn down a total of Bt10 billion in
credit from the IMF and foreign central banks in the stand-
by programme. However, the Thai central bank stopped
tapping the programme late last year even though it is
available until this June.  Chatu Mongol said the central
bank has a clear schedule on selling currencies to match
repayment due dates.

"(One of the measures) is we will try to make the market
understand that we are intervening in the market," he
added.

His comments followed the observations in recent weeks of
dealers from many local banks that the central bank had
periodically sold US dollars for baht, but central bank
officials had not volunteered any detailed explanations.
Some dealers said the central bank apparently felt it
necessary to step into the forex market after the local
currency last week broke through its key support level of
Bt39 against the greenback in the wake of renewed financial
turbulence in the Asian financial markets.  Central bank
officials refused to comment on the matter.

Some dealers also noted that the central bank's abrupt
intervention was understandable, given the violent swing in
baht/dollar rate. Despite signs that the central bank
played in the forex market, it continued to adhere to its
public posture of advocating a hands-off policy on the
baht, saying the baht needs to move purely in line with the
market mechanism.

Analysts said as local corporations pre-paid foreign
currency denominated debt, the resulting large capital
outflows had driven the baht down sharply. Chatu Mongol
said the country would witness continuing capital outflows,
but this would not be an abnormal movement.  He added that
at the end of February, the country's foreign obligations
totalled $71.1 billion, split nearly in half between $35.4
billion owed by the public sector and $36.3 billion by the
private sector.

Thailand's short-term offshore debt burden currently
amounts to $12 billion to $13 billion, which is not so
unmanageable in light of the country's foreign currency
holdings of about $31.8 billion.

"Short-term foreign debts, including offshore swap
obligations, are not so massive now compared to the $47 to
$48 billion in the past," he said.

However, the country's long-term debts are still relatively
high, but he is not overly concerned about them, Chatu
Mongol noted.  (The Nation  18-May-2000)

CHAOPHYA MARBLE-GRANITE: Posts 1st quarter loss
-----------------------------------------------
Chaophya Marble-Granite reported Q1 net losses of 27.7m bt
compared with net losses of 55.6m bt last year.  (Bangkok
Post  18-May-2000)

DISTAR ELECTRIC: Posts 1st quarter loss
---------------------------------------
Distar Electric reported Q1 consolidated net losses of
175,000 bt compared with net losses of 85m bt last year.
(Bangkok Post  18-May-2000)

EASTERN STAR REAL ESTATE: Posts 1st quarter loss
------------------------------------------------
Eastern Star Real Estate reported Q1 consolidated net
losses of 15m bt compared with net losses of 83m bt last
year.  (Bangkok Post  18-May-2000)

EKACHART FINANCE: Posts 1st quarter loss
----------------------------------------
Ekachart Finance reported Q1 net losses of 148.8m bt
compared with net losses of 36.4m bt last year.  (Bangkok
Post  18-May-2000)

GOLDEN LAND PROPERTY DEVEL.: Posts 1st quarter loss
---------------------------------------------------
Golden Land Property Development reported Q1 consolidated
net losses of 57.7m bt compared with net losses of 53.6m bt
last year.  (Bangkok Post  18-May-2000)

KARAT SANITARYWARE: Posts 1st quarter loss
------------------------------------------
Karat Sanitaryware reported Q1 net losses of 24.8m bt
compared with net losses of 144.6m bt last year.  (Bangkok
Post  18-May-2000)

K.R. PRECISION: Posts 1st quarter loss
--------------------------------------
K.R. Precision reported Q1 net losses of 151m bt compared
with net losses of 135m bt last year.  (Bangkok Post  18-
May-2000)

KRUNG THAI BANK: Posts 1st quarter loss
---------------------------------------
Krung Thai Bank reported Q1 net losses of 9.1bn bt.
(Bangkok Post  18-May-2000)

LAND AND HOUSES: Posts 1st quarter loss
---------------------------------------
Land and Houses reported Q1 consolidated net losses of 14m
bt compared with net losses of 142m bt last year.  (Bangkok
Post  18-May-2000)

LOXLEY: Posts 1st quarter loss
------------------------------
Loxley posted a net loss of Bt213.37 million in the first
quarter, compared with a net loss of Bt150.88 million in
the same period last year.  (The Nation  19-May-2000)

MANAGER MEDIA GROUP: Posts 1st quarter loss
-------------------------------------------
Manager Media Group's posted a net loss of Bt33.74 million
in the first quarter, compared with a net loss of Bt309.69
million in the same period last year.  (The Nation  19-May-
2000)

NAWARAT PATTANAKARN: Asks SET for deslisting exemption
------------------------------------------------------
Nawarat Pattanakarn (NWR) has filed a petition with the
Stock Exchange of Thailand (SET) to be excluded from the
list of possible companies that might be delisted.  The
company has referred to the SET's regulation which allows
exemption for companies that do not include unrealised
losses incurred from foreign-exchange earnings in their
results.  NWR during the January to March period, incurred
a steep net loss of Bt119.34 million, compared with a net
loss of Bt38.16 million in the same period last year.  (The
Nation  19-May-2000)

ONE HOLDING: Posts 1st quarter loss
-----------------------------------
One Holding reported Q1 net losses of 224.9m bt compared
with net losses of 313m bt last year.  (Bangkok Post  18-
May-2000)

PAE (THAILAND): Posts 1st quarter loss
--------------------------------------
PAE (Thailand) posted a net loss of Bt90.09 million in the
first quarter, compared with a net loss of Bt117.45 million
in the same period last year.  (The Nation  19-May-2000)


POST PUBLISHING: Posts 1st quarter loss
---------------------------------------
Post Publishing posted a net profit of Bt40.31 million in
the first quarter, up from a net profit of Bt6.57 million
in the same period last year.  (The Nation  19-May-2000)

QUALITY HOUSES: Posts 1st quarter loss
--------------------------------------
Quality Houses saw a net loss of Bt76.49 million in the
first three months of this year, compared with a net profit
of Bt81.68 million in the same period last year.  (The
Nation  19-May-2000)

REGIONAL CONTAINER: Posts 1st quarter loss
------------------------------------------
Regional Container Lines reported Q1 net losses of 81m bt
compared with net losses of 369m bt last year.  (Bangkok
Post  18-May-2000)

ROBINSON DEPT.STORE: Posts 1st quarter loss
-------------------------------------------
Robinson Department Store reported Q1 net losses of 39m bt
compared with net losses of 526m bt last year.  (Bangkok
Post  18-May-2000)

SIAM SPORT SYNDICATE: Posts 1st quarter loss
--------------------------------------------
Siam Sport Syndicate posted a net loss of Bt12.46 million
in the first quarter, compared with a net profit of Bt1.21
million in the corresponding period last year.  (The Nation
19-May-2000)

THAI CENTRAL CHEMICAL: Posts 1st quarter loss
---------------------------------------------
Thai Central Chemical reported Q1 consolidated net losses
of 89.8m bt compared with net losses of 205.7m bt last
year.  (Bangkok Post  18-May-2000)

THAI-GERMAN PRODUCT: Posts narrower 1st quarter loss
----------------------------------------------------
Thai-German Product's net loss in the first quarter fell to
Bt339.88 million, compared with Bt548.63 million in net
losses in the corresponding period last year.  (The Nation
19-May-2000)

THAI TEL.AND TEL.COMMO.: Posts 1st quarter loss
-----------------------------------------------
Thai Telephone and Telecommunication posted a net loss of
Bt759.19 million in the first quarter, down from a net loss
of Bt850.22 million in the same period last year.  (The
Nation  19-May-2000)

TIPCO ASPHALT: Posts 1st quarter loss
-------------------------------------
Tipco Asphalt posted a net loss of Bt9.67 million in the
first quarter, compared with a net loss of Bt28.299 million
in the same period last year.  (The Nation  19-May-2000)

TPI POLENE: Posts 1st quarter loss
----------------------------------
TPI Polene reported Q1 consolidated net losses of 295.6m bt
compared with net losses of 818m bt last year.  (Bangkok
Post  18-May-2000)

UNITED BROADCASTING CORP.: Posts narrower 1st quarter loss
----------------------------------------------------------
United Broadcasting Corp. registered a net loss of Bt436.69
million in the first quarter, down significantly from a net
loss of Bt640.62 million in the same period last year.
(The Nation  19-May-2000)


S U B S C R I P T I O N  I N F O R M A T I O N

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