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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
Friday, May 26, 2000, Vol. 3, No. 103
Headlines
* A U S T R A L I A *
GASTLEREAGH REGIONAL ABATTOIR: GST forces abattoir to close
MITSUBISHI MOTORS AUSTRALIA: Mission to save it proceeding
TELSTRA: Looking for foreign money
* C H I N A & H O N G K O N G *
CENTURY CITY INT'L HLDGS.: To pay HK$93.5M over dispute
CHINA RESOURCES (HOLDINGS): Court finds liable,to dissolve
FARMERS BANK OF CHINA: S&P lowers currency ratings
JOYCE BOUTIQUE: Stock wanes in wake of cancelled offer
PHOTO TECHNOLOGIST LTD: Facing winding up petition
PRECIOUSFIELD LTD: Facing winding up petition
* J A P A N *
GODO STEEL LTD.: FY99 group net loss narrows to 3.3B Yen
HAZAMA CORP.: Asks creditors to forgive debts
HAZAMA CORP.: Books 25.5B Yen net loss for FY99
KAWADEN: Shares fall below face value on TSE
LIFE CO.: Failure puts 159.7B Yen from 11 lenders at risk
MERRILL LYNCH & CO.: Settles Sumitomo copper case
NICHIBOSHIN LTD.: Court OK's rehab process
NIPPON SIGNAL CO.: Expects 4.8B Yen group net loss
SEIYO CORP.: Creditors creating liquidation framework
TAKASAGO INT'L CORP.: Records FY99 group net loss
TONAMI TRANSPORTATION CO.: Expects FY2000 group net loss
TSUMURA & CO.: Takes 2.5B Yen group net loss in FY99
* K O R E A *
DAEWOO GROUP: 41 affiliates to be put up for sale
DAEWOO MOTORS: Agrees on share amounts for small investors
KOREAN AIR LINES CO.: Posts first quarter loss
TONGYANG SECURITIES: FSS disciplines for rumor spreading
YEUNGNAM MERCHANT BANKING CO.: Ops ordered suspended 3 mos.
* P H I L I P P I N E S *
ATLAS MINING CORP.: To diversify ops as part of rehab
CONTINENTAL CEMENT: Closure, layoffs threatened
FR CEMENT: Closure, layoffs threatened
HI-CEMENT: Closure, layoffs threatened
PHILIPPINE NATIONAL BANK: RP to ask Tan to lower sale price
PHILIPPINE NATIONAL BANK: Gov't may hold on to 12% stake
REPUBLIC CEMENT: Closure, layoffs threatened
SOLID CEMENT: Closure, layoffs threatened
UNIWIDE HOLDINGS: SEC eases acquisition rules
VICTORIAS MILLING CO.: 3 firms offer to manage it
* T H A I L A N D *
AYUDHYA INVEST.& TRUST: Posts Q1 net loss
BANK OF AYUDHYA: Posts Q1 net loss
BOOK CLUB FINANCE: Posts Q1 net loss
CAPETRONIC INT'L: Posts Q1 net loss
CASTLE PEAK HOLDINGS: Posts Q1 net loss
DBS THAI DANU BANK: Posts Q1 net loss
HEMARAJ LAND & DEVELOP.: Posts Q1 net loss
INTER FAREAST ENGINEERING: Posts Q1 net loss
KUANG PEI SAN FOOD PRODUCTS: Posts Q1 net loss
MANAGER MEDIA GROUP: Posts Q1 net loss
MDX: Posts Q1 net loss
M.K. REAL ESTATE DEVELOP.: Posts Q1 net loss
NAKORNTHAI STRIP MILL: Posts Q1 net loss
NAWARAT PATANAKARN: Posts Q1 net loss
PAE (THAILAND): Posts Q1 net loss
PREECHA GROUP: Posts Q1 net loss
RAIMON LAND: Posts Q1 net loss
ROCKWORTH: Posts Q1 net loss
ROYAL CERAMIC INDUSTRY: Posts Q1 net loss
SAFARI WORLD: Posts Q1 net loss
SAMITIVEJ: Posts Q1 net loss
STP&I: Posts Q1 net loss
SRIVARA REAL ESTATE GROUP: Posts Q1 net loss
SUPALAI: Posts Q1 net loss
THAI CENTRAL CHEMICAL: Posts Q1 net loss
THAI DURABLE TEXTILE: Posts Q1 net loss
THAI-GERMAN CERAMIC INDUSTRY: Posts Q1 net loss
THAI-GERMAN PRODUCTS: Posts Q1 net loss
THAI MELON POLYESTER: Posts Q1 net loss
THAI TEL. & TEL.: Posts Q1 net loss
=================
A U S T R A L I A
=================
GASTLEREAGH REGIONAL ABATTOIR: GST forces abattoir to close
-----------------------------------------------------------
The Castlereagh Regional Abattoir at Coonamble in central-
northern New South Wales has announced it will be forced to
close as a result of the goods and services tax (GST),
leaving 50 people out of work.
The abattoir's managing director, Bill Scott, says the
family-owned company would need to find $200,000 a month to
pay the tax. He says the only option is to apply for a bank
loan to keep the company afloat while waiting for the GST
refund from the government. But Mr Scott says it is an
unrealistic idea.
"It's ridiculous. I was told by one of the members of one
of the departments that the easy way is to go to the bank
and ask for a loan," he said. "Well, we go to the bank and
ask for a loan and they say, 'yes, you want half a million,
put up collatoral, do this and that. Now what is this going
to return you?' And you say, oh nothing, it's only to fund
the GST. Good Lord, what's the bank manager going to say
about that?" (ABC News Online 25-May-2000)
MITSUBISHI MOTORS AUSTRALIA: Mission to save it proceeding
----------------------------------------------------------
A Toyota marketing executive has been charged with the job
of saving Mitsubishi Motors Australia from the threat of
closure.
Tom Phillips, 53, Toyota's sales and marketing director,
has taken the job of managing director of the Adelaide-
based car company. He has just six months to turn $130
million losses recorded in 1999 into profitability at
year's end to save the Clovelly Park plant from shutting
down. The jobs of 3500 workers will hinge on Mr Phillips'
management expertise as the new "face" of Mitsubishi
Motors.
Mr Phillips' last major project for Toyota was to
mastermind next week's release of the company's new large
car which will challenge Commodore, Falcon and Magna.
Yesterday he described the Magna and Verada as "fine cars
with good export potential particularly in the Middle
East."
"I am very optimistic I can steer Mitsubishi Motors to
better times," Mr Phillips said. "I won't have time to
play myself into the new job with a deadline set for
December 31 I'll have to blast off the line on day one."
Mr Phillips said he had mixed emotions about leaving Toyota
after 17 years. He was to have made the keynote
presentation to Toyota dealers at Sunday's national launch
of the Avalon in Sydney.
"I would have liked to have seen Avalon on to the market I
think it's going to be a big success," he said. "I've been
privy to pricing which is lower than I would have liked in
my new role."
Mitsubishi Motors Australia chairman and managing director
Norio Takehara said the company was "delighted to have
obtained the services of such a prominent Australian auto
executive". An executive recruitment consultancy is
understood to have short-listed car company managers in
Australia and overseas. Mr Phillips, who will take up his
new role on June 23, said he received the offer contract on
Monday evening and accepted immediately.
"My first task is to convince the dealers things are going
to get better and to encourage the staff to feel confident
about their future," he said.
Mitsubishi Motors Corporation of Japan has given Mitsubishi
Australia until the end of the year to become profitable or
face closure. The edict was announced this month when the
Australian offshoot reported its $130 million after-tax
loss for 1999. The company is negotiating separation
packages with 600 workers mainly white-collar as part of
wholesale restructuring to achieve profitability.
Last week, a source within DaimlerChrysler in Stuttgart
said the car conglomerate was examining a plan to produce a
new vehicle in Adelaide to be aimed at Asian markets.
DaimlerChrysler is set to take control of Mitsubishi Motors
Corporation in mid-year. (The Advertiser 25-May-2000)
TELSTRA: Looking for foreign money
----------------------------------
Telstra Corp Ltd plans to push ahead with plans to raise up
to $7.5 billion in offshore and local borrowings this year
despite the downturn in the telecommunications sector
worldwide.
Telstra, which will next month launch its first Euro bond
issue in almost two years, said yesterday it would turn to
the euro, yen market later this year to raise funds.
Telstra corporate treasurer Mr Cliff Davis said he was
confident of raising between $5.75 billion to $7.5 billion
this calendar year.
However, Mr Davis admitted the downturn in the sector and
increasing number of capital raisings following the huge
prices paid for mobile phone spectrums in Europe would make
it more difficult.
"There is no doubt we will be able to undertake all those
borrowings," Mr Davis said. "It's just a question of how
difficult will it be and what pricing we will encounter."
Following meetings with European investors this month,
Telstra will launch a one billion euro bond issue worth
$1.5 billion on June 5. Telstra is now investigating the
possibility of following this up with a yen private
placement, to raise up to another $1.5 billion.
"Private placements in the yen market is offering pretty
good funding," Mr Davis said. "The Japanese cashflow is
very strong and they are starting to recover as an
investor."
In September-October, Telstra will turn to the U.S. global
markets to raise the funds needed for its major investment
in Hong Kong's Pacific Century Cyberworks Ltd. (The Border
Mail 25-May-2000)
==============================
C H I N A & H O N G K O N G
==============================
CENTURY CITY INT'L HLDGS.: To pay HK$93.5M over dispute
-------------------------------------------------------
Century City International Holdings has agreed to pay
HK$93.5M to Shenyin Wanguo (HK) over a dispute in the
Chengmian Expressway project in Sichuan.
According to an announcement, Century City has settled with
Shenyin over a row relating to the project's share
distribution. Shenyin considered the distribution was
wrongful and caused it a loss. Shenyin said the
distribution caused the company's attributable interest in
the expressway project to be diluted to 15.71% from 20.66%.
The expressway links Chengdu and Mianyang in Sichuan.
Century City agreed to pay HK$93.5M for compensation with
interest at prime rate plus 4% from January 16, 1999.
However, the announcement indicated that Century City was
experiencing liquidity problems and that Shenyin, or a
third party nominated by Shenyin, would provide a one-year
loan at prime rate plus 4% to Century City to finance the
payment.
CHINA RESOURCES (HOLDINGS): Court finds liable,to dissolve
----------------------------------------------------------
Red chip China Resources (Holdings) resorted to foul play
to seize exclusive control of a subsidiary from a cash-
strapped shareholder, a judge has ruled.
Madam Justice Maria Yuen Ka-ning found China Resources
engineered a 250-fold increase in the share capital of Max
Share to deliberately dilute the stake of businessman Ng
Yat-chi. The judge has taken the drastic step of ordering
the immediate dissolution of the loss-making company -
shunning the option of a buy-out by China Resources.
Her decision closes the books on an eight-year legal battle
waged by China Resources - even going to Hong Kong's
highest court - to stymie the winding-up petition.
The saga started in 1992 when Mr Ng filed for the winding
up of Max Share, alleging an increase in share capital
earlier that year was unnecessary and served only to
diminish his stake in the company.
Max Share was engaged in construction and property
development and jointly owned by China Resources and Mr Ng.
China Resources was the majority shareholder with 51 per
cent to Mr Ng's 49 per cent. Madam Justice Yuen dubbed the
relationship a "quasi-partnership".
However, in May 1992 when the company was effectively
controlled by China Resources, a resolution was passed to
increase the share capital by creating 50 million new
shares. At the time, Mr Ng had vested beneficial control
of his stake in the hands of Choy Bing-wing, a stranger to
China Resources.
Mr Ng was also absent from Hong Kong and did not subscribe
for the new issue. China Resources did. If Mr Ng was to
keep his shareholding at 49 per cent, he would have had to
come up with nearly HK$ 25 million. However, Mr Ng was in
dire financial straits at that time, ultimately being
declared bankrupt later that year. The net result of the
increase in share capital was to dilute Mr Ng's stake
from 49 per cent to a mere 0.4 of a per cent, Madam Justice
Yuen said.
"It was obvious that China Resources acted as it did when
it thought Mr Ng was powerless to subscribe for additional
capital," the judge said.
The manoeuvre effectively seized the company exclusively
for China Resources by diminishing Mr Ng's stake. At the
time of the new issue, Max Share had been under a
substantial debt burden to China Resources, the judge
stressed.
"In my judgment, the respondents' conduct in engineering
the resolution to increase the capital, thereby diluting Mr
Ng's shareholding, was unfair and prejudicial," Madam
Justice Yuen ruled. "In my judgment, it warrants an order
to wind up the company on the ground that it would be just
and equitable to do so."
There had been a previous agreement for Mr Ng to transfer
his shares to Strong Progress in December 1990, the judge
noted. However, this agreement was subsequently terminated.
China Resources fought the winding-up petition all the way
to the Court of Final Appeal. However, attempts to
challenge Mr Ng's right to present the petition were thrown
out.
Madam Justice Yuen snubbed the potential redress of China
Resources buying out Mr Ng's stake: "It is clear that this
is not an appropriate relief in this case. A valuation of
the shares would prove extremely difficult given the
uncertainties surrounding the company's financial position,
particularly taking into account the possibility of
recovering profits diverted to other entities," she ruled.
(South China Morning Post 25-May-2000)
FARMERS BANK OF CHINA: S&P lowers currency ratings
--------------------------------------------------
Rating agency Standard & Poor's yesterday lowered its long-
term foreign and local currency ratings on Taiwan-based
Farmers Bank of China from triple-B to triple-B-minus.
The downgrade reflects the impact of recent asset quality
problems on the bank's financial profile, it said. While
the level of non-performing loans appeared to have
stabilised in recent months, loan loss provisioning and
write-offs would continue to press on the bank's already
weak profitability and modest capitalisation into the
medium term.
JOYCE BOUTIQUE: Stock wanes in wake of cancelled offer
------------------------------------------------------
Upmarket retailer Joyce Boutique has seen two straight
falls since Tuesday's announcement of the collapse of a
HK$236 million takeover and the loss of its Armani
franchises.
Yesterday, the counter slumped 29.78 per cent, making it
the market's fifth biggest loser for the day. It followed
an 8.16 per cent decrease on Tuesday, when the company said
the Italian fashion house had confirmed it was not
extending the franchise agreement with Joyce after the
autumn/winter season.
The decision triggered the termination of last month's
HK$236 million takeover proposed by investors Strategic
Capital Group and Elliott Yuen Wai-kuen. Joyce had slumped
more than 76 per cent from its high of 66 HK cents since
the deal was announced.
"Without the Armani franchises, I think they will lose
about 50 per cent of their earnings," an analyst said,
advising investors to avoid the share for a while. "It
really hurts the company."
Celestial Research associate director Herbert Lau Chung-
kwan said that although the recent fall seemed to have
reflected the negative news, the share price could see
further downside pressure. He said the company had lost
upmarket brands such as Prada and Gucci one after another
in recent years, worsening the company's financial status -
which had suffered losses since 1998.
It lost HK$207.23 million in 1998, HK$87.85 million to
March last year and HK$12.85 million to December 31.
Between 1998 and last year, Joyce sold its stake in the
Prada distributor and was no longer distributing Gucci
products. According to last year's annual report, labels
left with the company include Yves Saint Laurent, Pierre
Balmain and Burberry Prorsum. (South China Morning Post
25-May-2000)
PHOTO TECHNOLOGIST LTD: Facing winding up petition
--------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for June 28 on the petition of Lau
Po Sang, Bertie for the winding up of Phote Technologist
Limited. A notice of legal appearance must be filed on or
before June 27.
PRECIOUSFIELD LTD: Facing winding up petition
---------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for June 7 on the petition of Lam
Bik Chu for the winding up of Preciousfield Limited. A
notice of legal appearance must be filed on or before June
6.
=========
J A P A N
=========
GODO STEEL LTD.: FY99 group net loss narrows to 3.3B Yen
--------------------------------------------------------
Godo Steel Ltd. (5410) said Tuesday its consolidated net
loss was 3.3 billion yen in fiscal 1999, narrowing from a
13.7 billion yen loss the year before.
Falling unit prices for steel products hurt profitability,
and the company recorded a 1.9 billion yen charge to close
a subsidiary in the city of Kita Kyushu, but it offset part
of its losses by selling 5.3 billion yen in fixed assets.
(Nikkei 24-May-2000)
HAZAMA CORP.: Asks creditors to forgive debts
---------------------------------------------
For the second time in just a few weeks, a large Japanese
company appealed to its banks today to forgive billions of
dollars in debts, intensifying pressure on Japan's stressed
financial system.
The decision by the Hazama Corporation, a general
contractor, to request 400 billion yen, or $3.7 billion at
current exchange rates, worth of debt forgiveness is yet
another sign that the bad-loan problems of Japanese banks
are far from over. On April 26, Sogo, a faltering Japanese
retail company, astonished its bankers by asking them to
write off 639 billion yen, or roughly $6 billion, in
debts. That was the largest amount of debt forgiveness ever
sought in Japan, where the practice is far from standard.
The shock of Sogo's request was magnified a few days later
when the senior executive in charge of the retailer's
restructuring plans was found dead in his home, apparently
having committed suicide. On Tuesday, the company's
lenders postponed a decision on the request for debt
forgiveness, although its largest lender, the Industrial
Bank of Japan, has said it is willing to do so.
Sogo's outstanding debts to the Industrial Bank -- 180
billion yen, or $1.7 billion -- are roughly equivalent to a
year's worth of operating profit, according to James P.
Fiorillo, senior banking analyst at ING Barings here. Nor
does the bank have sizable unrealized gains on its
securities portfolio to offset such a write-off.
"The question of whether to forgive these debts or not is a
big one," Mr. Fiorillo said.
Hazama's largest lender, Dai-Ichi Kangyo Bank, is
apparently willing to waive 90 billion yen of the
construction company's loans, according to Nihon Keizai
Shimbun, Japan's leading business daily. Changes in
accounting standards are intensifying the pressure on
troubled companies.
In the fiscal year that began on April 1, they must value
their real estate and securities holdings at market levels.
The new rules also strictly limit their ability to hide
their debts in the accounts of affiliates, requiring that
they report their financial results on a consolidated
basis.
Including Hazawa and Sogo, more than 10 large companies
have asked for debt relief this year. The greatest number
seeking such forgiveness have come from the construction
industry, and analysts warn that many more contractors are
in similarly weak shape. Like Hazama, they took on loads
of debt to finance real estate purchases in the 1980's,
only to watch the value of that real estate plummet when
Japan's economic bubble burst.
But whether debt forgiveness will in fact help such ailing
companies regain their footing is a matter of much debate
here. Unlike in the United States, where creditors of
distressed companies can force radical changes on
businesses in exchange for debt relief, Japanese creditors
have very little power to do that.
"It would be much better if these companies went bankrupt,"
said Tadashi Nakamae, a prominent economist here. "Debt
forgiveness is only going to prolong their problems."
What drove Hazama to the move was the tightening in local
accounting rules regarding depreciated assets. Beginning
the year ending next March, the Japanese Institute of
Certified Public Accountants had decided companies must
immediately take losses on their for-sale real estate
assets, the market value of which has fallen to 50% or less
of book value, instead of spreading them over future
periods as was commonly practiced in the past.
Hazama appears to have posted extraordinary losses
exceeding 20 billion yen for the last fiscal year after
recording such appraisal loss. But analysts estimate
actually needed charges at tens of billions of yen more,
this by a company whose shareholders' equity amounted to
less than 30 billion yen as of March 1999. Moreover, Hazama
has to account for many more rotten apples on a newly
limelighted consolidated basis, like a golf-course
subsidiary that is chronically in the red.
Without the debt relief being sought, going a meaningful
distance toward cleaning up its balance sheet would plunge
the company into insolvency. Negotiations with the banks
can be grueling, though. In an inauspicious parallel,
similar talks over Sogo Co. (8243), the struggling
department-store firm, have been dragging on for weeks. As
with Sogo, the outcome will depend crucially on the
attitudes of second-tier main creditors, such as Long-Term
Credit Bank (which is also a semi-main bank to Sogo) and
Nippon Credit Bank.
In any event, of overriding importance is whether Hazama
will be able to present the creditors with a far-reaching
yet realistic restructuring package. (Nikkei 24-May-2000,
New York Times 25-May-2000)
HAZAMA CORP.: Books 25.5B Yen net loss for FY99
-----------------------------------------------
Hazama Corp. (1837) announced Wednesday that it has posted
a net loss of 25.5 billion yen for fiscal 1999 after
booking 46 billion yen in extraordinary charges.
The major construction firm booked 1.5 billion yen in net
profit the year before. The one-time charges include 9.8
billion yen in latent losses incurred on real estate held
for sale, whose market value fell more than 50% from book
value at the time of purchase.
Hazama also saw 22.5 billion yen in losses on loans
extended to a golf course operator subsidiary and costs
associated with guaranteeing its debt. It also booked 5.6
billion yen against its loan-loss reserves after its
investments in its U.S. real estate subsidiary went sour.
This fiscal year, Hazama plans to write off the 8.1 billion
yen in losses remaining as of the end of fiscal 1999 by
tapping into reserves and reducing capital. (Nikkei 25-
May-2000)
KAWADEN: Shares fall below face value on TSE
--------------------------------------------
Shares of debt-laden switchgear maker Kawaden fell below
the face value of 50 yen on the Tokyo Stock Exchange's
second section Monday morning.
The stock briefly fell by a daily limit 30 yen to 36 yen,
slipping below the previous year-to-date low of 55 yen
marked on Feb. 16. Market players placed massive sell
orders from the outset of trading amid uncertain prospects
for the company's business recovery, a market source said.
Kawaden on Friday announced plans to reduce capital by 6.9
billion yen and ask Long-Term Credit Bank of Japan and
other creditor banks to forgive loans worth 3.5 billion
yen. (Jiji Press English News Service 22-May-2000)
LIFE CO.: Failure puts 159.7B Yen from 11 lenders at risk
---------------------------------------------------------
Nine banks including Fuji Bank and two nonlife insurers
said Monday that 159.7 billion yen in their combined
loans to the failed Life Co. will be uncollectable or
delinquent.
The consumer finance company filed for protection from
creditors with Tokyo District Court Friday under the
corporate rehabilitation law, with liabilities of 966.3
billion yen, the fourth biggest sum in Japanese corporate
failure history.
Fuji, which has 46 billion yen in outstanding loans to
Life, and Yasuda Trust and Banking Co. with 19.1 billion
yen said the possible default would have a slight impact on
their business results, but the other lenders denied any
effect. The other banks are Mitsubishi Trust and Banking
Corp. with 33.2 billion yen, Sumitomo Trust and Banking Co.
with 22 billion yen, Sakura Bank with 10.8 billion yen,
Toyo Trust and Banking Co. with 8.1 billion yen, Industrial
Bank of Japan with 5.1 billion yen, Dai-Ichi Kangyo Bank
with 4.4 billion yen and Chuo Mitsui Trust and Banking Co.
with 3.4 billion yen.
The two insurers are Nippon Fire and Marine Insurance Co.
with claims worth 3.8 billion yen and Nichido Fire and
Marine Insurance Co. with 3.4 billion yen. (Jiji Press
English News Service 22-May-2000)
MERRILL LYNCH & CO.: Settles Sumitomo copper case
-------------------------------------------------
Merrill Lynch & Co. will pay $275 million to Sumitomo Corp.
to settle a dispute over losses run up by a Sumitomo
commodities dealer who made unauthorized copper trades
through the U.S.-based brokerage, the companies said
Wednesday.
Merrill Lynch is one of several brokerages that conducted
trades on behalf of Yasuo Hamanaka, a Sumitomo copper
dealer who was fired in June 1996 after it was revealed
that he had lost $2.6 billion in off-the-book transactions.
The Japanese trading company is suing four banks for $1.7
billion in connection with the losses, alleging they knew
that Mr. Hamanaka was acting without authorization.
Although Merrill Lynch was not named in the lawsuit, it
decided to settle with Sumitomo to rebuild their business
relationship, a Merrill executive said Wednesday. The
payment will not have a significant impact on its second-
quarter earnings, he said. Sumitomo will book the sum as
an extraordinary profit for the year ending in March of
next year, a company official said.
The exposure of Mr. Hamanaka's dealings rocked the metals
markets and plunged Sumitomo into a legal maelstrom.
Mr. Hamanaka, who was known as "Mr. Five Percent" for his
rumored control of that much of the world's copper supply,
is currently serving an eight-year prison term for forgery
and fraud. He depended on London Metal Exchange brokers to
conduct trades because Sumitomo was not a member of the
exchange.
Merrill and Sumitomo said they would now resume ordinary
business. "We are very pleased to be able to resolve this
matter without resorting to expensive and protracted
litigation," they said in a joint statement.
On Wednesday, Sumitomo Corp. shares closed down 27 yen, or
2.4 percent, at 1,098 yen ($10.31). The announcement was
made after Tokyo's stock market closed. Merrill Lynch
shares closed Wednesday in New York at $100.125, up 75
cents. (The International Herald Tribune 25-May-2000)
NICHIBOSHIN LTD.: Court OK's rehab process
------------------------------------------
Tokyo District Court Monday decided to start corporate
rehabilitation procedures for Nichiboshin Ltd. under
new legislation effectuated on April 1, the nonbank lender
said.
Nichiboshin, which had a negative net worth of 232.8
billion yen at the end of last March, filed for court
protection from creditors under the corporate revival law
on April 25. (Jiji Press English News Service 22-May-
2000)
NIPPON SIGNAL CO.: Expects 4.8B Yen group net loss
--------------------------------------------------
Nippon Signal Co. (6741) on Tuesday said it expects to post
a consolidated net loss of 4.8 billion yen in fiscal 2000
after having posted a 2.3 billion yen profit for fiscal
1999.
Assuming a discount rate of 3.5%, unfunded groupwide
retirement and severance liabilities are expected to come
to 15.9 billion yen, which the major signal manufacturer
plans to write off this fiscal year.
The resulting loss will be partly offset by a 3 billion yen
extraordinary profit that will be generated from
contributing shareholdings to a dedicated trust, as well as
the cushion provided by deferred tax accounting. (Nikkei
24-May-2000)
SEIYO CORP.: Creditors creating liquidation framework
-----------------------------------------------------
The Saison Group and main bank Dai-Ichi Kangyo Bank (8311)
have agreed to the framework of a plan by which ailing real
estate developer Seiyo Corp., whose liabilities outstrip
its assets, will file for special liquidation as early as
July, The Nihon Keizai Shimbun learned Wednesday.
Under the agreement, the Saison Group is slated to repay
80-90 billion yen to financial institutions in about two
years. Seiyo is affiliated with Seibu Department Stores
Ltd., which will sell shareholdings and securitize its
flagship store in Ikebukuro, Tokyo, so it can procure about
70 billion yen.
Under those terms, eight main banks are expected to give
the go-ahead to Seiyo being legally liquidated. In a
special liquidation, creditors share part of the burden of
liquidating bankrupt firms so that they can be disbanded
quickly. The deal paves the way for a resolution of the
Saison Group's main troubles.
Seiyo is expected to hold more than 400 billion yen in
liabilities. DKB, Bank of Tokyo-Mitsubishi (8315) and other
main banks that the Saison Group has been negotiating with
are expected to agree to the deal, on the assumption that
the group will be responsible for 80-90 billion yen of the
losses. (Nikkei 25-May-2000)
TAKASAGO INT'L CORP.: Records FY99 group net loss
-------------------------------------------------
Takasago International Corp. (4914) announced Tuesday that
it recorded a consolidated net loss of 1.55 billion yen for
the fiscal year ended March 31.
In fiscal 1998, the company, a major fragrance producer,
posted a group net profit of just over 1.2 billion yen.
Takasago International incurred an extraordinary loss of
roughly 5.7 billion yen as it made up entirely for a
pension fund shortage. The extraordinary loss led to the
consolidated net loss. (Nikkei 24-May-2000)
TONAMI TRANSPORTATION CO.: Expects FY2000 group net loss
--------------------------------------------------------
Tonami Transportation Co. (9070) announced Tuesday that it
anticipates a consolidated net loss of 9.5 billion yen for
the fiscal year ended March 2001.
In fiscal 1999, the trucking service company recorded a
group net profit of 1.3 billion yen. The company faces a
pension fund shortage of 20.6 billion yen. It will book an
extraordinary loss of just under 20 billion yen to write
off the entire shortfall. (Nikkei 24-May-2000)
TSUMURA & CO.: Takes 2.5B Yen group net loss in FY99
----------------------------------------------------
Tsumura & Co. (4540) on Wednesday reported a consolidated
net loss of 2.5 billion yen for the fiscal year ended March
31, narrowing from an 18.4 billion yen loss the previous
year.
Pretax profit jumped 290% to 4.5 billion yen. But the major
producer of traditional Chinese medicines took an
extraordinary loss of 6.9 billion yen after expanding loan-
loss provisions. Group sales declined 16% to 71.9 billion
yen, hurt partly by a 3% drop at the pharmaceuticals
division. But downsizing helped operating profit advance
120% to 7.1 billion yen. (Nikkei 25-May-2000)
=========
K O R E A
=========
DAEWOO GROUP: 41 affiliates to be put up for sale
-------------------------------------------------
The Restructuring Council on the insolvent Daewoo Group has
decided to put up 41 affiliates at home and abroad for
sale, including Daewoo Motor, Ssangyong Motor and Daewoo
Capital, business sources said Tuesday.
But Daewoo's overseas car assembly lines, including Daewoo
Motor Poland, are excluded from the sales list. Five
bidders - General Motor, Ford, Daimler-Chrysler, Fiat and
Hyundai - are required to submit a bid describing the
takeover method and whether or not to form a purchase
consortium, guarantee the job security of workers and
continue using sub-contractors, and two priority bidders
will be then selected from among them for the final
decision on the successful bidder in September.
Affiliates in the country, excluding Daewoo Motor Sales,
will be sold by giving up assets and overseas units by
transferring shares. The five bidders started Monday
assessing the values of these Daewoo units for sale in
Daewoo Center's data room for about two weeks. (Asia Pulse
24-May-2000)
DAEWOO MOTORS: Agrees on share amounts for small investors
----------------------------------------------------------
Daewoo Heavy Industries Ltd. has agreed with its small
investors on the new proportions of their stock allocations
in two companies that will be formed after separating from
Daewoo Heavy later this year.
The agreement came after a court rejected last month the
company's earlier decision to give small investors fewer
shares of the two companies. The two firms, undertaking
Daewoo Heavy's shipbuilding and machinery operations, are
scheduled to be launched Aug. 1.
The company had decided to give 13.5 shares and 12.8 shares
of the shipbuilding and machinery companies, respectively,
to a small investor holding 100 shares of Daewoo Heavy
Industries. But the latest agreement calls for the
company to give 21.34 shares and 18.08 shares,
respectively. Daewoo Heavy is among Daewoo Group's 12
affiliates under a debt-workout program with creditors.
The court battle between Daewoo Heavy and its small
investors had raised concerns that restructuring of the 12
companies may be delayed, undermining foreign confidence in
Korea's reform efforts. (The Asian Wall Street Journal 24-
May-2000)
KOREAN AIR LINES CO.: Posts first quarter loss
----------------------------------------------
Korean Air Lines Co. reported a loss of 41.7 billion won
($37.3 million) in the first quarter, largely because of
higher prices for fuel imports.
A Korean Air official said the airline posted a pretax loss
of 56.6 billion won on sales of 1.23 trillion won.
The official said prices of Singapore jet kerosene had
almost doubled from a year ago. Asset-depreciation charges
and higher personnel costs also hurt the company's
performance, she added. (The Asian Wall Street Journal 23-
May-2000)
TONGYANG SECURITIES: FSS disciplines for rumor spreading
--------------------------------------------------------
The Financial Supervisory Service (FSS) took strict
disciplinary action against Tongyang Securities (KSE:03470)
for spreading a rumor last month that Hyundai was
experiencing severe financial trouble.
The FSS said Wednesday the brokerage house and its CEO were
reprimanded for uploading baseless theories about a Hyundai
liquidity problem on the company's intranet and later
leaking the information on to its homepage where the public
could read it. Hyundai's image was percieved to have been
damaged by Tonyang's unsubstantiated reports. The FSS also
requested the company to withhold pay from the two
employees directly involved in the incident.
"Tongyang's reporting went back on even the basics a
securities company should keep, so we decided to take
severe action against the company for causing the
securities sector at large to lose credibility," said Lee
Chun-won, chief director of an investigative department at
the FSS.
The authority will take severe measures to punish any
similar incidence in the future regardless of original
intent. Meanwhile, Lee Yong-keun, chairman of the
Financial Supervisory Commission, said Monday that the
government will take strong measures aginst any unfair
activities, including spreading false rumors on Internet
sites that offer stock information. (Asia Pulse 25_may-
2000)
YEUNGNAM MERCHANT BANKING CO.: Ops ordered suspended 3 mos.
-----------------------------------------------------------
The Yeungnam Merchant Banking Co, which suffers from
liquidity problems, has been ordered to suspend its
operations for three months.
The Financial Supervisory Commission (FSC) said Wednesday
that the Taegu-based merchant bank had been ordered to
temporarily close its operations until Aug 25 and that the
bank's board of directors was banned from their offices.
The merchant bank's problem can be traced to the collapse
of the Daewoo Group. It holds a large amount of the
bankrupt conglomerate's bonds, so its liquidity position
has been drained to the extent that it requested
authorities for the suspension.
The merchant bank owes some 1.1 trillion won in various
deposit certificates, including 300 billion won (US$ 265
million) to individuals, 300 billion won to corporations
and 500 billion won to financial institutions. The FSC
assured depositors and holders of commercial papers issued
by the merchant bank that savings and investments are
secure under the depositor protection law.
The merchant bank will be closed down if it is unable to
survive the current crisis, but will be allowed to reopen
if it regains ability to continue operating on its own.
The company alleged that it had total assets of 1.34
trillion won against total liabilities of 1.31 trillion
won, with 218 billion won in capital. (Asia Pulse 24-May-
2000)
=====================
P H I L I P P I N E S
=====================
ATLAS MINING CORP.: To diversify ops as part of rehab
-----------------------------------------------------
ATLAS Consolidated Mining and Development Corp. is planning
to diversify into non-mining businesses, including
construction projects and a possible e-commerce venture in
China.
This developed as Atlas signed a preliminary working
agreement with China Non-Ferrous Metals Industry's Foreign
Engineering and Construction Co. (CNFC) in Beijing to
obtain financing for its rehabilitation.
Part of the rehab plan, aside from the reopening of its
biggest mining operations in Cebu, is to capitalize on its
non-mining and underutilized assets. For instance, it said
excess potable water from the Malubog Dam was capable of
supplying water-starved Cebu.
"The development of a new industrial base at Sangi port
where there is ample land, surplus power, water, piers and
other existing infrastructure owned by Atlas, is to be
studied jointly with CNFC," Altas said.
In 1996, Atlas signed a debt-for-equity swap agreement with
an unlisted Filipino company, Minoro Mining & Exploration
Corp. (Minoro), which has financially supported Atlas since
that date. Moreover, the settlement agreement with the
Creditor Banks of Atlas has yet to be signed.
Upon completion of the deal with Minoro, some P7.1 billion
in liabilities will be retired, leaving the company almost
debt-free.
After its rehabilitation, Atlas, which is already listed at
the PSE, plans to list at the Australian Stock Exchange.
Other potential projects being studied with CNFC were the
following:
ú A business-to-business (B2B) e-commerce venture in China
and internationally;
ú Joint construction projects between CNFC and Atlas
Ventures Inc., the engineering and construction subsidiary
of Atlas; and,
ú Forestry, fishing and other ventures in Papua New Guinea.
Atlas plans to resume the operations of its Toledo mine in
Cebu, which once made it the largest copper mine in Asia.
The Toledo mine was closed in 1994 due to mine flooding
caused by two closely spaced tropical disturbances and
other factors. Atlas said a bankable feasibility study of
reopening the mine has been conducted and that the capital
cost to bring the Toledo mine back into commercial
production is $75 million.
"Of this amount, the foreign component is $48 million. The
rehabilitation of the mine will give a significant boost to
the local industry and employment, which has suffered since
operations were suspended. Many of the former employees
have remained in the Toledo district, waiting for the mine
to reopen," Atlas said.
"The Toledo mine will generate direct employment for 3,000
persons and using a multiplier effect, indirect employment
for a further 20,000. The mine in the past has trained a
large number of highly skilled professionals, many of whom
have gone overseas," it said. "It is hoped that the
reopening of the Toledo mine will be a first step in
reactivating foreign and domestic investment in the
Philippine exploration and mining industry."
The Asian crisis and the slump in world metal prices have
delayed the reopening of the Toledo mine by three years.
"World economic conditions are now favorable and it is
expected that production will commence within 12 months
after project financing is obtained," it noted. (Philippine
Daily Inquirer 25-May-2000)
CONTINENTAL CEMENT: Closure, layoffs threatened
FR CEMENT: Closure, layoffs threatened
HI-CEMENT: Closure, layoffs threatened
REPUBLIC CEMENT: Closure, layoffs threatened
SOLID CEMENT: Closure, layoffs threatened
-----------------------------------------------
The Philippine Cement Manufacturers Corp. has warned of
more plant closures and layoffs by yearend unless the
government heeds the local cement industry's appeal to curb
the dumping of cheap imports from Taiwan and Japan.
"We are bleeding and the government is not helping because
it thinks (importation) is a popular decision. Just wait
until members of the cement industry can no longer hold the
line and we have to lay off maybe soon," Philcemcor
managing director Lupo Feliciano said.
The surge in imports from Taiwan and Japan has been focused
mainly in Metro Manila. Cheap cement imports from these
countries have taken up a 45-percent share of the market,
according to Philcemcor. Philcemcor warned that unless the
government listens to the complaints of local cement
manufacturers, the share of imported cement sold here at
dumped prices could balloon to 75 percent by December.
The industry has filed an anti-dumping suit against Taiwan
and Japan for selling cement here at prices lower than in
their home markets. The government has not yet acted on its
petition. Hard hit by the imports are five local cement
firms serving the capital: Solid Cement, FR Cement,
Republic Cement, Continental Cement and Hi-Cement.
Feliciano said the reduction in cement prices due to
importation was only temporary. Once Taiwan and Japan
weaken the local industry, he explained, "they would jack
up their prices or even constrict supply to justify any
price they want."
"Ultimately, there will be no price and supply stability
and the country will once again be dependent on imports,"
he said.
Feliciano said the Department of Trade and Industry's
apparent support of cement importation virtually meant the
"demise of the strategically important cement industry."
This is doubly troubling considering the government is
sending mixed signals on whether it wants foreign investors
to come into the country. Philcemcor claimed that the
trade department had encouraged foreign investors to invest
in cement companies to bail them out from their financial
troubles caused by the 1997 Asian financial crisis.
"We must convince the world that the system in the
Philippine works and that investors can have faith in the
ability of the government to enforce its trade laws,"
Feliciano said.
Taiwanese and Japanese cement makers have steadily built up
their market share in the country from virtually nil in
January 1999 because of their shrewd pricing strategy of
offering their products at a P10-discount to the retail
prices of local cement manufacturers currently pegged at
P108 to P115 per bag. (Philippine Daily Inquirer 25-May-
2000)
PHILIPPINE NATIONAL BANK: RP to ask Tan to lower sale price
-----------------------------------------------------------
Philippine Finance Secretary Jose T. Pardo said Wednesday
the government will ask Philippine National Bank (PNB)
majority shareholder Lucio Tan to reduce his preferred
selling price for PNB shares.
"The next hurdle is to get Lucio Tan to agree with the
government on the price. Surely, we will not agree with 160
pesos" as it is not a reasonable selling price, Pardo said,
adding that he expects the agreed price to be a "certain
percentage" below that.
The PNB bidding date is set on June 9 and although there is
no indicative price, the government and Tan will agree on
an undisclosed floor price. The government, which holds
30% of the PNB, will auction off its shares along with
tycoon Lucio Tan which has a 46% interest in the former
national bank. A 3.8% stake held by a PNB pension fund
will also be included in the sale.
Pardo said the Rizal Commercial Banking Corp. (RCBC) has
prequalified for the PNB bidding while a U.S.-based
investor and an Indonesian group have also expressed
interest. On Tuesday, Finance Undersecretary Cornelio
Gison said two bidders beat the May 22 deadline set by the
government for the sale of PNB. Aside from RCBC, the other
qualified bidder is said to be Beatrice Foods Corp., a US-
based conglomerate. PNB shares closed unchanged at P62
Wednesday. (ABS/CBN News Channel 25-May-2000)
PHILIPPINE NATIONAL BANK: Gov't may hold on to 12% stake
--------------------------------------------------------
The government may end up holding a 12 percent equity in
Philippine National Bank (PNB) even after it disposes of
its remaining 30 percent stake in the bank if it goes ahead
with its plan to tender an offer to PNB minority
shareholders, Finance Secretary Jose T. Pardo said
yesterday.
Pardo said the government has to make an offer to buy the
shares of PNB's minority stockholders, particularly the
Hong Kong-based Templeton Asset Management, just to appease
them. The firm complained to the International Monetary
Fund (IMF) early this month that it was not included in the
negotiation for the sale of PNB shares. The minority
shareholders hold a 20 percent equity in the bank of which
12.9 percent belongs to Templeton, a global fund manager
based in Hong Kong.
"We are hard-pressed to respond to the minority
shareholders group," he said. "We are studying a formula
that will allow us to make a tender offer to minority
shareholders."
Three firms -- the Yuchengco-controlled Rizal Commercial
Banking Corp., a US consortium led by Filipina billionaire
Loida Nicolas Lewis, and a European bank-- have been
qualified to join the bidding for PNB on June 9. Under the
plan being worked out, Pardo said the government will have
to acquire the shares of Templeton and other minority
shareholders in the bank at a price similar to what it
would get from the winning bidder.
However, Pardo explained not all of the 20 percent shares
held by the minority shareholders will have to be bought by
the government. Under existing rules, government has to
acquire only a portion of the entire 20 percent which based
on the formula drawn up by the finance department is
equivalent to 12 percent.
"If the plan is accepted by the minority shareholders, at
the most, we will be holding a 12 percent share in the
bank," he explained.
Pardo said the government will make the offer to the other
shareholders after the June 9 bidding is over. After the
bid price has been opened and the winner has been declared,
Pardo said the government will then offer to buy the
remaining shareholders of the bank. (Philippine Star 25-
May-2000)
UNIWIDE HOLDINGS: SEC eases acquisition rules
---------------------------------------------
The Securities and Exchange Commission (SEC) has exempted
the planned acquisition by Casino Guichard Perrachon SA of
89.2 percent of Uniwide Holdings Inc. from the application
of the agency's tender offer rules.
An SEC official said the commission has decided to exempt
UHI from the operation of the tender offer rules due to the
company's effort to recover from its deep financial mess
and since the proposed acquisition forms part of the
Uniwide Group's wide-ranging financial mess and since
proposed acquisition forms part of the Uniwide Group's
wide-ranging rehabilitation plan which has been duly
approved by the corporate watchdog.
Under SEC rules, a tender offer is required if 51 percent
of a listed company is acquired through a privately-
negotiated purchase. This means that the buyer will have to
make a tender offer to buy the remaining shares held by
minority stockholders at the same price offered to the
majority shareholder.
In its request for exemption, Uniwide said the act of
Casino in acquiring the UHI shares owned by the Gow family
does not amount to a hostile takeover that would put the
tender offer rules into play. "A hostile takeover by Casino
or any other investor for that matter at this point in the
corporate live of UHI is inconsistent, if not illogical, to
the very concept of rehabilitating the company," said
Monico Jacob, chairman of the management committee for
Uniwide.
Jacob also stressed that the acquisition forms part of the
Uniwide group's rehabilitation plan. "What is involved in
the case of UHI is merely the implementation of a
rehabilitation plan within the boundaries of "friendly
investment negotiations," the terms and conditions of which
have already been recognized and approved by the Commission
when it approved the plan on April 11."
He said the application of the tender offer rules to the
transaction would only defeat the purpose of the amended
rehab plan and would result in the undue delay of the rehab
plan which may cause the very lives of the companies within
the Uniwide Group.
Jacob said Casino will be acquiring the UHI shares at an
average price of P0.41 per share which is clearly below the
market price of the UHI shares at the Philippine Stock
Exchange which ranges from P.44 to P.48 per share. "As
such, this fact disputes one of the favors which may give
rise to the possible application of the tender offer
rulesthat an offer to purchase must be made at a premium
over the prevailing market price," he said.
Casino, a century-old leading global retailer based in
France, ranks among the top seven food retailers in the
world. With a workforce of 100,000 people worldwide, Casino
has become the biggest retailer in Thailand with the
successful rehabilitation of the Big C hypermarket.
It has agreed to invest P3.57 billion in the discount
retail chain in exchange for the acquisition of Uniwide's
retail business and selected real estate assets.
As a result of the entry of Casino, UHI will be
restructured to wholly own Uniwide Sales Realty and
Resources Corp. or a new company which will be the property
development company. The Uniwide Sales Warehouse Club Inc.
will also be folded into UHI to serve as the retail
company.
In addition to the P3.57-billion investment, Casino will
also raise working capital to refurbish and upgrade the
existing warehouse clubs. It intends to construct five
additional warehouse club stores over the next several
years in various parts of the country.
Uniwide said the proposed investment of Casino Guichard
represents a vote of confidence in the long-term growth
prospects of the Philippine and is expected to spur
economic activity benefiting and supporting related
industries.
Casino Guichard operates 112 hypermarkets, 473 supermarkets
and 2,230 convenience stores in France. It also has
operations in Poland, the United States, Argentina, Brazil,
Columbia, Venezuela, and until recently in Taiwan and
Thailand. Owned by businessman Jimmy Gow, the Uniwide Group
sought reprieve from the SEC in June last year on its
P11.1-billion debts owing to severe liquidity problems as a
result of an ill-timed expansion and a failed
diversification program. (Manila Times 25-May-2000)
VICTORIAS MILLING CO.: 3 firms offer to manage it
-------------------------------------------------
Three groups had expressed interest in managing cash-
strapped Victorias Milling Co. Inc., Equitable PCI Bank
executive vice president Walter Wassmer said yesterday.
Wassmer, a member of the management committee overseeing
Victorias' rehabilitation, said Jardine Davies Inc., a Hong
Kong-based conglomerate, has submitted a written proposal
to manage the debt-laden sugar firm. Two other groups,
each a joint venture of foreign and local companies, were
also said to be interested in managing Victorias as soon as
the Securities and Exchange Commission approves a
rehabilitation plan for the sugar firm. They, however, have
yet to submit a written proposal to Victorias'
rehabilitation committee.
Jardine Davies earlier proposed an operational merger
between its sugar refiner, Hawaiian Philippines Co., and
Victorias. Despite losses and over P5 billion worth of
debt, Victorias still accounts for nearly half of the
country's sugar output.
Last week, Victorias' management committee, consisting of
creditors that lent without collateral, filed with the SEC
an alternative recovery plan after an auction for a 53-
percent stake in Victorias failed. The bidding was part of
the committee's original rehabilitation plan for Victorias.
Under the new rehabilitation plan, the management committee
proposes the entry of a joint-venture partner that will
manage Victorias and provide some P300 million in
additional capital. The cash infusion will be used to
reduce the sugar firm's (Philippine Daily Inquirer 25-May-
2000)
===============
T H A I L A N D
===============
AYUDHYA INVEST.& TRUST: Posts Q1 net loss
-----------------------------------------
Ayudhya Investment and Trust reported Q1 net losses of 6bn
bt. (Bangkok Post 22-May-2000)
BANK OF AYUDHYA: Posts Q1 net loss
----------------------------------
Bank of Ayudhya reported Q1 net losses of 2.7bn bt compared
with net losses of 1bn bt last year. (Bangkok Post 22-
May-2000)
BOOK CLUB FINANCE: Posts Q1 net loss
------------------------------------
Book Club Finance reported Q1 net losses of 37.6m bt
compared with net losses 81.4m bt last year. (Bangkok Post
22-May-2000)
CAPETRONIC INT'L: Posts Q1 net loss
-----------------------------------
Capetronic International (Thailand) reported Q1
consolidated net losses of 61m bt compared with net losses
of 22m bt last year. (Bangkok Post 22-May-2000)
CASTLE PEAK HOLDINGS: Posts Q1 net loss
---------------------------------------
Castle Peak Holdings reported Q1 consolidated net losses of
27m bt compared with net losses of 34m bt last year.
(Bangkok Post 22-May-2000)
DBS THAI DANU BANK: Posts Q1 net loss
-------------------------------------
DBS Thai Danu Bank reported Q1 net losses of 174.6m bt
compared with net losses of 347.3m bt last year. (Bangkok
Post 22-May-2000)
HEMARAJ LAND & DEVELOP.: Posts Q1 net loss
------------------------------------------
Hemaraj Land and Development reported Q1 net losses of 93.8
m bt compared with net losses of 740m bt last year.
(Bangkok Post 22-May-2000)
INTER FAREAST ENGINEERING: Posts Q1 net loss
--------------------------------------------
Inter Fareast Engineering reported Q1 net losses of 38m bt
compared with net losses of 39m bt last year. (Bangkok
Post 22-May-2000)
KUANG PEI SAN FOOD PRODUCTS: Posts Q1 net loss
----------------------------------------------
Kuang Pei San Food Products reported Q1 net losses of 36m
bt compared with net losses of 24.3m bt last year.
(Bangkok Post 22-May-2000)
MANAGER MEDIA GROUP: Posts Q1 net loss
--------------------------------------
Manager Media Group reported Q1 consolidated net losses of
33.7m bt compared with net losses of 309.6m bt last year.
(Bangkok Post 22-May-2000)
MDX: Posts Q1 net loss
----------------------
MDX reported Q1 net losses of 158m bt compared with net
loses of 102.7m bt last year. (Bangkok Post 22-May-2000)
M.K. REAL ESTATE DEVELOP.: Posts Q1 net loss
--------------------------------------------
M.K. Real Estate Development reported Q1 net losses of
44.6m bt compared with net losses of 45.5m bt last year.
(Bangkok Post 22-May-2000)
NAKORNTHAI STRIP MILL: Posts Q1 net loss
----------------------------------------
Nakornthai Strip Mill reported Q1 net losses of 1.3bn bt
compared with net losses of 6.4bn bt last year. (Bangkok
Post 22-May-2000)
NAWARAT PATANAKARN: Posts Q1 net loss
-------------------------------------
Nawarat Patanakarn reported Q1 net losses of 119m bt
compared with net losses of 38m bt last year. (Bangkok
Post 22-May-2000)
PAE (THAILAND): Posts Q1 net loss
---------------------------------
PAE (Thailand) reported Q1 net losses of 90m bt compared
with net losses of 117m bt last year. (Bangkok Post 22-
May-2000)
PREECHA GROUP: Posts Q1 net loss
--------------------------------
Preecha Group reported Q1 net losses of 193m bt compared
with net losses of 941m bt last year. (Bangkok Post 22-
May-2000)
RAIMON LAND: Posts Q1 net loss
------------------------------
Raimon Land reported Q1 consolidated net losses of 225.4m
bt compared with net losses of 262.7m bt last year.
(Bangkok Post 22-May-2000)
ROCKWORTH: Posts Q1 net loss
----------------------------
Rockworth reported Q1 consolidated net losses of 11.5m bt
compared with net losses of 33.7m bt last year. (Bangkok
Post 22-May-2000)
ROYAL CERAMIC INDUSTRY: Posts Q1 net loss
-----------------------------------------
Royal Ceramic Industry reported Q1 net losses of 57.5m bt
compared with net losses of 80m bt last year. (Bangkok
Post 22-May-2000)
SAFARI WORLD: Posts Q1 net loss
-------------------------------
Safari World reported Q1 net losses of 92.4m bt compared
with net losses of 254.2m bt last year. (Bangkok Post 22-
May-2000)
SAMITIVEJ: Posts Q1 net loss
----------------------------
Samitivej reported Q1 net losses of 101m bt compared with
net losses of 108.4m bt last year. (Bangkok Post 22-May-
2000)
STP&I: Posts Q1 net loss
------------------------
STP&I reported Q1 consolidated net losses of 38.4m bt.
(Bangkok Post 22-May-2000)
SRIVARA REAL ESTATE GROUP: Posts Q1 net loss
--------------------------------------------
Srivara Real Estate Group reported Q1 net losses of 209.5m
bt compared with net losses of 1.8bn bt last year.
(Bangkok Post 22-May-2000)
SUPALAI: Posts Q1 net loss
--------------------------
Supalai reported Q1 net losses of 105m bt compared with net
losses of 111m bt last year. (Bangkok Post 22-May-2000)
THAI CENTRAL CHEMICAL: Posts Q1 net loss
----------------------------------------
Thai Central Chemical reported Q1 net losses of 89.8m bt
compared with net losses of 205.7m bt last year. (Bangkok
Post 22-May-2000)
THAI DURABLE TEXTILE: Posts Q1 net loss
---------------------------------------
Thai Durable Textile reported Q1 net losses of 5.4m bt
compared with net losses of 78.7m bt last year. (Bangkok
Post 22-May-2000)
THAI-GERMAN CERAMIC INDUSTRY: Posts Q1 net loss
-----------------------------------------------
Thai-German Ceramic Industry reported Q1 net losses of 135m
baht, compared with net losses of 67m bt last year.
(Bangkok Post 22-May-2000)
THAI-GERMAN PRODUCTS: Posts Q1 net loss
---------------------------------------
Thai-German Products reported Q1 net losses of 340m bt
compared with net losses of 549m bt last year. (Bangkok
Post 22-May-2000)
THAI MELON POLYESTER: Posts Q1 net loss
---------------------------------------
Thai Melon Polyester reported Q1 net losses of 448m bt
compared with not losses of 477m bt last year. (Bangkok
Post 22-May-2000)
THAI TEL. & TEL.: Posts Q1 net loss
-----------------------------------
Thai Telephone & Telecommunication reported Q1 net losses
of 759m bt compared with net losses of 850m bt last year.
(Bangkok Post 22-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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Inc., Trenton, NJ USA, and Beard Group, Inc., Washington,
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Jover and Cristina Pernites, Editors.
Copyright 2000. All rights reserved. ISSN: 1520-9482.
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