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                     A S I A   P A C I F I C      

             Tuesday, March 10, 1998, Vol. 1, No. 15

                            Headlines

C H I N A

H O N G   K O N G  

MANSION HOLDINGS: Lenders Sell Shares While Reviewing Plans

I N D O N E S I A

PT TAMBANG BATUBARA: Coal Briquette Maker's Demand Falls 30%

J A P A N  

ASAHI BREWERIES: Moody's Assigns Baa3 Debt Rating
HASEKO CORP.: Moody's Withdraws Debt Ratings
INDUSTRIAL BANK: Moody's Assigns Baa1 Debt Rating
KAWASAKI STEEL: Moody's Assigns Baa1 Debt Rating
KONICA CORP.: Moody's Assigns Baa1 Debt Rating
MAEDA CORP.: Moody's Assigns Baa3 Debt Rating
MITSUBISHI MATERIALS: Moody's Assigns Baa2 Debt Rating
NIPPON SHEET: Moody's Assigns Baa1 Debt Rating
OKI ELECTRIC: Moody's Assigns Baa3 Debt Rating
SANRIO CO.: Shares Slide; Announces Yen17 billion Loss
SUMITOMO REALTY: Moody's Assigns Ba1 Debt Rating
TORAY INDUSTRIES: Moody's Assigns Baa1 Debt Rating
TOYOBO CO.: Moody's Assigns Ba1 Debt Rating
YAMAICHI SECURITIES: Prosecutors Raid Affiliate for Evidence
YOKIGAWA ELECTRIC: Moody's Assigns Baa2 Debt Rating

K O R E A

HOUSING & COMMERCIAL: Heading to Tokyo for Debt Rollovers
KIA GROUP: Company to Conduct Second Reform
NONNO INC.: Shares to Be Delisted on KSE
SAMSUNG ELECTRONICS: Moody's Assigns Ba1 Debt Rating

M A L A Y S I A

SIME BANK: MARC Reviewing Long and Short-Term Ratings
SIME DARBY: RM400 Million Loss Projected; Selling Bank Stake

P H I L I P P I N E S

ANVA LAND: Real Estate Firm Seeks Debt Relief
GRAND INTERNATIONAL:  Files Notice of Retrenchment with DOLE
ORIENT BANK: Unrecorded Loans to Bank officers Discovered

S I N G A P O R E

LIANG COURT: Properties to be Written-Down by S$30 Million
UNITED ENGINEERS: Selling 20% Stake to Pay Debts

T H A I L A N D

ABICO HOLDINGS: 1997 Losses; No Plan; Delisting Threatened
ADVANCE AGRO: 1997 Operating Results
CHAOPHYA MARBLE-GRANITE: Facing Delisting from the SET
EASTERN WIRE: Facing Delisting from the SET
EKACHART FINANCE: Baht 387 Million 1997 Loss Reported
EASTERN PRINTING: Accounting Irregularities Suspected
KIATNAKIN FINANCE: Progress Report on Rehabilitation Plan
KIATNAKIN FINANCE: December 31, 1997 Financial Results
KRUNG THAI: Explains 1997 Operating Losses
LAEM THONG: 1997 Operating Results
NAKORNTHAI STRIP: Announces Losses Will Grow Under GAAP
SAHAMITR PRESSURE: Taking Steps to Avoid Delisting
SIAM AGRO: Losses Mount as Sales Continue to Decline
SIAM CITY CEMENT: Halts Debt Payments
SWEDISH MOTOR: Negotiating Extension for Debt Repayment
STA GROUP: 7th Debenture Interest Payment Postponed
THAI PUBLIC PORT: Searching for Capital to Pay Down Debts
VIDHAYAKOM PUBLIC: 1997 Opearating Results


=========
C H I N A
=========


=================
H O N G   K O N G  
=================


MANSION HOLDINGS: Lenders Sell Shares While Reviewing Plans
-----------------------------------------------------------
As previously reported, Mansion Holdings said it is
experiencing liquidity problems and projected difficulty
servicing some US$513 million of bank borrowings.  Last
month, Mansion said it was discussing a restructuring with
bankers and had appointed Coopers & Lybrand as independent
reporting accountants to evaluate its financial position and
future cash flow projections. (TCRAP 09-Feb-1998)

Last week, Mansion stated that the Company and its bankers
are now reviewing the details of various restructuring
proposals submitted to the Company.  The Company reminded
shareholders that such proposals may or may not lead to a
general offer for the shares of the Company and that no
formal and binding rescue plan has been established yet.  
(SEHK 06-Mar-1998)

Additionally, Mansion's Board has been informed by Mr. Jason
Yip Chi Fun that on 5th March, 1998, the shareholding of Mr.
Yip and Silver Lotus Ventures Ltd. in the Company was
reduced to approximately 3% of the issued share capital of
the Company as a result of further share disposal by
Mansion's Lenders in the market.  Immediately after the
Lender's disposal of Mansion Shares, Mr. Yip and Silver
Lotus hold a total of 62,058,200 shares, representing
approximately 12.3% of the issued share capital of the
Company, Mr. Yip has informed the Company that of the
Remaining Shares, only 10,403,800 shares (representing
approximately 2.1% of the issued share capital of the
Company) were pledged to the Lenders as security and he is
not aware whether the Lenders will foreclose and dispose the
said shares.  (SEHK 06-Mar-1998)



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


PT TAMBANG BATUBARA: Coal Briquette Maker's Demand Falls 30%
------------------------------------------------------------
The domestic demand for coal briquettes produced by PT
Tambang Batubara (BA) has fallen by around 30 per cent,
following the bankruptcy of a number of poultry breeders,
the biggest coal briquette users.  BA president director
Tommy Isnutomo told the press here over the weekend that
sales volume of BA's coal briquette in 1997 stood at 10,919
tonnes or 85 per cent of its total production of 14,500
tonnes.  According to him, 1998 was even worse for sales of
coal briquettes by his company, which has enjoyed around 200
per cent increase in annual sales since 1993.

BA has two briquette-making plants in Tanjung Enim and South
Sumatera, with annual capacities of 7,500 tonnes and 120,000
tonnes, respectively, and one in Lampung with a capacity of
5,000 tonnes annually.  (ANTARA and AsiaPulse 09-Mar-1998)



=========
J A P A N  
=========


ASAHI BREWERIES: Moody's Assigns Baa3 Debt Rating
-------------------------------------------------
Moody's Investors Service assigned its Baa3 rating to Yen     
10,000,000,000 of Japan Bonds 2% Series 13 due 2001
issued by Asahi Breweries, Ltd.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


HASEKO CORP.: Moody's Withdraws Debt Ratings
--------------------------------------------
Without comment, Moody's Investors Service announced that it
has withdrawn its debt ratings on securities issued by
Haseko Corp.


INDUSTRIAL BANK: Moody's Assigns Baa1 Debt Rating
-------------------------------------------------
Moody's Investors Service assigned its Baa1 rating to US$     
1,000,000,000 of 8.79% Series A Junior Suboordinated Credit
Linked Certificates due 2049 issued by Industrial Bank of
Japan, Ltd.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


KAWASAKI STEEL: Moody's Assigns Baa1 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
10,000,000,000 of 2.30% Series 28 Japan Bonds due 2003
issued by Kawasaki Steel Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.

Additionally, Moody's assigned its Baa1 rating to Yen     
10,000,000,000 of 3% Series 29 Japan Bonds due 2008
issued by Kawasaki Steel.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.

In trading Monday, shares in Kawasaki Steel Corp. (5403 JP )
rose 4 yen to 223, although the steelmaker Friday cut its
net profit forecast 2.2% percent to 9 billion yen for the
year ending March 31, 1997.  (Bloomberg L.P. 09-Mar-1998).


KONICA CORP.: Moody's Assigns Baa1 Debt Rating
----------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
5,000,000,000 of 2.75% Series 20 Japan Bonds due 2003
issued by Konica Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.

Additionally, Moody's assigned its Baa1 rating to Yen     
5,000,000,000 of 2.50% Series 21 Japan Bonds due 2002
issued by Konica Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


MAEDA CORP.: Moody's Assigns Baa3 Debt Rating
---------------------------------------------
Moody's Investors Service assigned its Baa3 rating to Yen     
3,000,000,000 of Floating Rate Series 1 Japan Bonds due 2008
issued by Maeda Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.

Additionally, Moody's assigned its Baa3 rating to Yen     
10,000,000,000 of 3% Series 2 Japan Bonds due 2002 issued by
Maeda Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


MITSUBISHI MATERIALS: Moody's Assigns Baa2 Debt Rating
------------------------------------------------------
Moody's Investors Service assigned its Baa2 rating to Yen     
10,000,000,000 of 2.425% Series 9 Japan Bonds due 2003
issued by Mitsubishi Materials Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


NIPPON SHEET: Moody's Assigns Baa1 Debt Rating
----------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
25,000,000,000 of Debt Securities due 2000 issued by Nippon
Sheet Glass Co., Ltd.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


OKI ELECTRIC: Moody's Assigns Baa3 Debt Rating
----------------------------------------------
Moody's Investors Service assigned its Baa3 rating to Yen     
10,000,000,000 of 2.625% Series 27 Japan Bonds due 2001
issued by Oki Electric Industriy Co., Ltd.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


SANRIO CO.: Shares Slide; Announces Yen17 billion Loss
------------------------------------------------------
Shares in Sanrio Co. (8136 JP ) fell 50 yen to 1,160 in
trading Monday.  The character goods maker reversed its
previous profit forecast to a net loss of 17.1 billion yen
for the year ending March 31, 1998 -- a whopping 914.3% less
than the most recent forecast by Toyo Keizai.  The results
were announced after the markets closed.  (Bloomberg News
09-Mar-1998)


SUMITOMO REALTY: Moody's Assigns Ba1 Debt Rating
------------------------------------------------
Moody's Investors Service assigned its Ba1 rating to Yen     
7,000,000,000 of 2.50% Series 5 Japan Bonds due 2001
issued by Sumitomo Realty & Development Co., Ltd.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.


TORAY INDUSTRIES: Moody's Assigns Baa1 Debt Rating
--------------------------------------------------
Moody's Investors Service assigned its Baa1 rating to Yen     
15,000,000,000 of 2.275% Series 16 Japan Bonds due 2004
issued by Toray Industries, Inc.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


TOYOBO CO.: Moody's Assigns Ba1 Debt Rating
-------------------------------------------
Moody's Investors Service assigned its Ba1 rating to Yen     
10,000,000,000 of 2.625% Series 25 Japan Bonds due 2002
issued by Toyobo Co., Ltd.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured. Often the protection of interest and principal
payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future.
Uncertainty of position characterizes bonds with Moody's Ba
rating.


YAMAICHI SECURITIES: Prosecutors Raid Affiliate for Evidence
------------------------------------------------------------
Prosecutors last week raided an affiliate of Yamaichi
Securities Co. to gather evidence supporting their
allegations that Yamaichi used the company to hide huge off-
the-book losses that led to the collapse of the brokerage.
The Tokyo District Public Prosecutors Office suspects that
three former top executives instructed Yamaichi Enterprise
to set up five dummy companies from 1991 through O92 and
transferred some of the parent firm's 260 billion yen losses
to the front companies.  

Former Yamaichi Chairman Tsugio Yukihira, ex-President Atsuo
Miki and one-time Vice President Ryuji Shirai were arrested
on Wednesday for the alleged cover-up. The trio allegedly
omitted the losses from financial statements the brokerage
filed with financial authorities last year in violation of
the Securities and Exchange Law.  

Following those arrests, prosecutors searched the Chuo-ku,
Tokyo headquarters of Yamaichi Enterprise and more than 10
other locations, including the homes of former Yamaichi
executives allegedly involvedin the window-dressing scandal.

Yamaichi decided last November to fold its entire operations
due to the massive losses.  The company has already fired
some 60 percent of its 7,500 employees and closed 70 percent
of its offices. The company is scheduled to shut down at the
end of March.  Prior to its decision to voluntarily close
down its business, Yamaichi had been hit with a payoff
scandal involving a corporate racketeer.  The securities
house allegedly compensated the racketeer for losses he had
suffered in stock trading conducted by the brokerage.  
(Mainichi Daily News 09-Mar-1998)


YOKIGAWA ELECTRIC: Moody's Assigns Baa2 Debt Rating
---------------------------------------------------
Moody's Investors Service assigned its Baa2 rating to Yen     
10,000,000,000 of 2.475% Series 3 Japan Bonds due 2003
issued by Yokigawa Electric Corp.

Bonds rated as Baa by Moody's are considered as medium-grade
obligations (i.e., they are neither highly protected nor
poorly secured).  Interest payments and principal security
appear adequate for the present but certain protective
elements may be lacking or may be characteristically
unreliable over any great length of time.  Such bonds lack
outstanding investment characteristics and in fact have
speculative characteristics as well.


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


HOUSING & COMMERCIAL: Heading to Tokyo for Debt Rollovers
---------------------------------------------------------
Shin Myoung-ho, president of Housing & Commercial Bank
(H&CB), left for Tokyo yesterday to forge deals with
Japanese banks to roll over its short-term external debts
into long-term loans.  Shin is scheduled to meet officials
of such banks as Dai-ichi Kangyo Bank and Asahi Bank to
discuss the details of the debt-restructuring deals.  The
visit is a follow-up step after the government and
international creditors reached an agreement on the
rescheduling of debts this January in New York.  The H&CB
head met with a group of representatives from foreign banks
operating in Korea in an attempt to get new loans and to
increase the lines of credit to the Korean bank.  (The Korea
Times 09-Mar-1998)


KIA GROUP: Company to Conduct Second Reform
-------------------------------------------
The Kia Group plans to conduct a second reform this week to
refresh the work atmosphere, before Kia Motors is put under
court receivership scheduled for around March 23.   All 95
executives of Kia Motors Corp. and Kia Motor Sales Corp.
tendered resignations at a management meeting last Friday to
give a freer hand to Kia assets manager and president Park
Je-hyuk, a Kia executive said.  He said, "In the vacuum that
followed the departure of chairman Jin Nyum, who was
appointed to the Planning and Budgetary Committee under
President Kim Dae-jung, all executives tendered resignations
to give a free hand to president Park."  He said that Kia
will introduce outside board directorship, sell more
subsidiaries to raise funds and decide whether Kia Steel and
Asia Motors Co. should be sold off, he said.  (The Korea
Times 09-Mar-1998)


NONNO INC.: Shares to Be Delisted on KSE
-----------------------------------------
Garment-maker Nonno Inc. will be delisted on the Korea Stock
Exchange (KSE) today, the KSE said yesterday.  The KSE
decided to delist Nonno as the court ruled last month that
the company would no longer receive court protection from
creditors as it has no chance of survival.  The troubled
firm was declared bankrupt in 1992 and has been under court
receivership since then.  (The Korea Times 09-Mar-1998)


SAMSUNG ELECTRONICS: Moody's Assigns Ba1 Debt Rating
----------------------------------------------------
Moody's Investors Service assigned its Ba1 rating to US$     
100,000,000 of 7.70% Global Bonds due 2027 issued by Samsung
Electronics Co., Ltd.

Bonds which are rated Ba by Moody's are judged to have
speculative elements; their future cannot be considered as
well-assured.  Often the protection of interest and
principal payments may be very moderate, and thereby not
well safeguarded during both good and bad times over the
future.  Uncertainty of position characterizes bonds with
Moody's Ba rating.



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


SIME BANK: MARC Reviewing Long and Short-Term Ratings
-----------------------------------------------------
Malaysian Rating Corporation Bhd (MARC) has lowered the
long-term and short-term financial institution ratings of
Sime Bank Bhd.  The bank's long term ratings were lowered
from A- to C and short-term from MARC-1 to MARC-4, said MARC
in a statement issued last week.  MARC said the rating
reflected the bank's critical need for fresh capital and the
asset quality problems, both at the bank and at its
subsidiaries.

A "C" rated company's financials suggest obvious weaknesses,
most likely created by asset quality considerations and/or a
poorly structured balance sheet.  MARC also said that a
meaningful level of uncertainty and vulnerability existed
and that the ability to further address unexpected problems
must be questioned.

Sime Bank has recorded an interim loss of more than RM1.5
billion, which has wiped out a substantial part of the
bank's shareholders' funds, reducing the risk-weighted
capital ratio to 2.9 per cent.  The bank required a minimum
capital injection of RM1.2 billion to restore the capital
adequacy ratio to the regulatory minimum of eight per cent.
Until the bank is recapitalised, its income generating would
be seriously impaired, said MARC.  Sime Bank's huge loss
stemmed from the significant asset quality deterioration at
the bank and its subsidiaries.

A total of RM1.6 billion in provision for bad and doubtful
debts was made for the six-month period due to the declining
collateral values, financial difficulties faced by
borrowers, tighter provisioning requirement for non-
performing loans, significant trading and unrealised losses
at SimeSecurities as well as losses on holding of Indonesian
papers and problem loans booked at the Labuan Offshore
banking unit.  The bank's already weak capitalisation would
place it in a vulnerable position in the event of a
further deterioration in economic conditions.

In the meantime, Bank Negara has announced that deposit
liabilities of Sime Bank and its subsidiaries in Malaysia
and overseas, including interbank deposits, are guaranteed
in full by the government.  (The Star Online 05-Mar-1998)


SIME DARBY: RM400 Million Loss Projected; Selling Bank Stake
------------------------------------------------------------
Malaysia's oldest conglomerate, Sime Darby Bhd, could post a
pre-tax loss in excess of 400 million Malaysian ringgit
(S$166.2 million) for its full year ending June 30, analysts
reckon, the first annual loss in its 88-year history.
Disclosing the group's interim loss over the weekend, chief
executive Nik Mohamed Nik Yaacob conceded that the company
would make a net loss for the full-year, but declined to say
how deep in the red Sime Darby would be.  For the half-year
ended Dec 31, 1997, all but one of the company's businesses
made profits. But the one that did not was enough to pull
Sime Darby into the red at group level.  

Provisions totalling RM1.6 billion at Sime Bank and its
suspended brokerage SimeSecurities left Sime Darby with a
pre-tax loss of RM1.1 billion, against a pre-tax profit of
RM850 million in the previous year. Interim net loss came to
RM676.2 million, compared to a net profit of RM463.2 million
previously.  Excluding the pre-tax loss from its financial
services arm, Sime Darby, which was once a core holding for
fund managers, would have made a pre-tax profit of RM624.7
million, up from RM551 million previously.  Nik Mohamed said
Sime Darby, which posted full-year pre-tax profits of more
than RM1 billion in the past three years, would now "go back
to basics".

The company will sell its 60.34 per cent stake in troubled
Sime Bank.  "Obviously, we are not very good at banking," he
said. "We are good in planting, selling motor and vehicle
equipment, manufacturing tyres and building houses."  He
added that the divestment would also conserve Sime Darby's
cash. Otherwise, the company would have had to pump in more
than RM760 million into the bank to raise its capital
adequacy ratio to meet statutory requirements.  The
prospective buyer of Sime Bank is Rashid Hussain Bhd, which
is eyeing a merger with its own RHB Bank. Yesterday, Finance
Minister Anwar Ibrahim said that negotiations for the deal
are in the final stages.  Nik Mohamed said Sime Darby may
take a minority stake in the merged unit. "We have to flesh
it out," he said.  Sime Bank's next biggest shareholder is
KUB Malaysia, which is controlled by members of the dominant
political party, Umno. It has about 30.01 per cent. Former
Sime Bank CEO Ismail Zakaria owns 5 per cent. The rest is
held by other investors and employees.  Analysts said
problems at the troubled financial services arm would
continue to affect Sime Darby in the short term.

For one thing, Sime Darby will be letting go of its bank at
a bargain basement price -- after spending more than RM2
billion to muscle into the financial services sector. The
amount includes the RM1.3 billion it paid in 1996 for the
former United Malayan Banking Corporation.  Sime Bank's
shareholders' funds, however, have shrunk to RM368 million
due to a massive provision of RM1.6 billion to cushion the
effects of its aggressive lending policy.  At half-time,
Sime Bank's NPL ratio hit an industry high of 18.4 per cent,
no thanks to its exposure to the once-bubbly bourse and the
property market. It is still uncertain whether its assets
would deteriorate further in the second half. Officials
declined to give an estimate of its NPL ratio for the year
ended June 1998.  The decision to divest its banking
business drew mixed reactions from analysts. "They could
have waited for things to recover in two to three years,"
said an analyst.  Patrick Tan, assistant director of ABN
Amro Hoare Govett, disagreed. He said: "The group is taking
a sensible step to concentrate on its core operations."  
(Singapore Business Times Online 09-Mar-1998)



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


ANVA LAND: Real Estate Firm Seeks Debt Relief
---------------------------------------------
Another real estate firm is asking the Securities and
Exchange (SEC) for protection from its creditors. In its
petition, Anva Land Development Corp. said it is
"experiencing illiquidity problems" at present and foresees
the "impossibility of timely and seasonably meeting all its
obligations." Anva is a real estate firm primarily concerned
with housing development. The firm asked the SEC for a
moratorium on the payment of loans amounting to 17.8 million
Philippine pesos (PhP) plus PhP5.4 million in interest
payments and other charges.  Anva counts as its biggest
creditor Westmont Bank and Philippine Veterans Bank. The
firm also asked the SEC to appoint a management committee
which would oversee its operations until it recovers.  Anva
said its financial woes were aggravated by "high financing
costs and the suspension of its credit facilities.  Its
debts and liabilities, both secured and unsecured, have
matured or are gradually maturing, and its creditors are not
only demanding payment but threatening to file law suits."  
(BusinessWorld 09-Mar-1998)


GRAND INTERNATIONAL:  Files Notice of Retrenchment with DOLE
------------------------------------------------------------
Grand International Airways GrandAir recently filed notice
with the Department of Labor and Employment of retrenchment
citing "severe financial reverses" as the cause.  GrandAir
stated "plunging financial condition" was the cause to
initiate the retrenchment program.  In its letter to DOLE,
GrandAir said its retrenchment program would be based on (a)
whether or not the position is urgently needed, (b)
performance record as reflected in the employees' personnel
or 201 file and (c) seniority.

Already, some 35 workers are said to have been affected by
the program.  These include three A300 captains, several
first officers, flight engineers, flight attendants, ground
crew, customer service staff and administrative clerks.   
Earlier, GrandAir Caterers, Inc., also filed a notice of
retrenchment with the DOLE regarding the layoff of 12
regular employees in its operations and finance departments.
(PNA 02-Mar-1998)


ORIENT BANK: Unrecorded Loans to Bank officers Discovered
---------------------------------------------------------
The Bangko Sentral ng Pilipinas-led (or central bank-led)
task force formed to examine the financial records of Orient
Commercial Banking Corp. (Orient Bank) discovered some 5.44
billion Philippine peso (PhP) in unrecorded loans to the
bank's directors, officers, shareholders and other related
interests (DOSRI) including loans to eight newly formed
companies of PhP50 million each.  BusinessWorld sources in
the task force said the true amount of the DOSRI loans,
earlier estimated at PhP5.8 billion, remains "incoherent" as
most of these were unearthed only during the one-week
examination of the bank's books.  There are also indications
that out of the total PhP6.1 billion loan portfolio of the
bank, only PhP365 million have been identified as recorded
DOSRI loans.  The rest, amounting to close to PhP300
million, were lent elsewhere or have been considered non-
performing loans (NPLs) or loans whose interest or principal
payments have been delayed for the past six months.  The
source said the DOSRI loans included those extended to eight
newly registered companies with the Securities and Exchange
Commission. The loans, given at lots of PhP50 million each,
were granted by the bank under the "New Zealand Group."

"The bank's disbursements to these companies were done even
before registration (with the SEC). These were discovered as
among the 'disguised' DOSRI loans in the bank," the source
claimed, adding that a number of these firms are engaged in
property development, one of the biggest concerns of the
Gotesco group of companies.  At the same time, the task
force found two other types of DOSRI loans within Orient
Bank's portfolio: those granted using the name of a
consenting borrowing firm and those granted to companies
whose names were used without their knowledge.  

It is not known if the PhP5.44 billion in DOSRI loans are
covered by collaterals. Under Philippine banking rules,
directors and other officials of a bank cannot borrow more
than 15% of the aggregate loan portfolio or 100% of the
adjusted networth, whichever is lower. For unsecured DOSRI
loans, the borrowers are allowed to remain within the 30%
allowable ceiling for outstanding direct or indirect loans.  
In statement faxed to BusinessWorld last February 22, Mr. Go
said top officials of the holding companies for his retail
and real estate concerns had written to the Philippine Stock
Exchange to say that "they were not aware of any
relationship between Orient Bank and their respective firms
other than the fact that they have been depositors in the
bank."  Orient bank's total assets -- the sum of its loans,
excluding real estate assets -- were estimated at PhP6.1
billion as of the end of last week, according to the task
force.

Meanwhile, Orient Bank's liabilities have been placed at
PhP6.54 billion after taking into account its deposit level
of PhP2.3 billion as of February 13, its collateralized
emergency loans to the Bangko Sentral worth PhP2.3 billion,
overdrafts of PhP1.03 billion and floating manager's checks
issued to other banks of PhP910 million.  From these
figures, the Bangko Sentral and the Philippine Deposit
Insurance System (PDIC) is working to come out with
rehabilitation package that would entail the least cost to
the national government. (BusinessWorld 09-Mar-1998)



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


LIANG COURT: Properties to be Written-Down by S$30 Million
----------------------------------------------------------
Property group Liang Court Holdings is expected to write
down around S$30 million on its investment properties
following a recent revaluation, sources said.  On the bright
side, no provisions are likely to be made and the company is
expected to post a modest profit growth.  Contacted by BT,
Liang Court chief executive officer Paul Chain confirmed
that a revaluation had been done.  "We are still finalising
the numbers but the amount is expected to be around 5 per
cent of our book net asset value of $635 million as at the
end of 1996," said Mr Chain.  The write-down will be
reflected in the company's balance sheet and no provisions
will be made, he added.  

"The revaluation was done because of the regional currency
turmoil and we wanted to reflect the latest valuations on
our properties," he said.  Liang Court's investment
properties, with a book value of $483 million as at end
1996, make up 71 per cent of its entire property portfolio.
With the revaluation, the investment properties' value will
be trimmed to around $453 million.  Mr Chain said half of
the write-downs for 1997 will be for investment properties
in Singapore including Liang Court complex, a 40 per cent
stake in Junction 8 and an apartment at Sarkies Road.
The rest of the write-downs are for investments in assets
like service apartments, condos and offices in Thailand,
Malaysia and Indonesia.  Liang Court's write-down comes as
no surprise as the market is expecting several property
companies to provide for an erosion in values of their
assets and on unsold properties in the wake of the region's
economic debacle.  However, Liang Court's revaluation did
not include its development properties like the Spinnaker
apartments here and projects in Australia, China, Vietnam
and the UK.

G K Goh broking analyst Ng Yeow Tong said Liang Court's
write-down was much less than his projection of a $100
million write-down on the group's entire portfolio including
trading properties. "They may not have taken the worst case
scenario in computing the write-down," said Mr Ng.  Nava
Securities analyst Alan Cheong does not expect Liang Court's
write-down to have any impact on its shares, which closed at
40 cents last Friday, as it is trading way below its net
tangible asset per share of $1.33 as at end 1996.  As for
the impact of the regional currency turmoil on Liang Court's
1997 financial results, Mr Chain said the impact will be
minimal. "Although there will be a slight forex loss on our
US dollar loans, this is mitigated by the fact that most of
our rental income is in US dollars," he said.  (Singapore
Business Times Online 09-Mar-1998)


UNITED ENGINEERS: Selling 20% Stake to Pay Debts
------------------------------------------------
Debt-laden construction group United Engineers        
(Malaysia) Bhd (UEM) is selling a 20 per cent stake in        
Projek Lebuhraya Utara-Selatan (PLUS), the toll operator of
the North-South Expressway, for not less than 1.5 billion
Malaysian ringgit cash (S$623 million), according to sources
close to the company.  Although there are several suitors
for the stake, the market is expecting the buyer to be the
state-owned Employees Provident Fund, which seems to be
getting to be a rather active corporate player of late.
Just last week when Sime Bank announced a heavy interim
loss, the EPF was touted to be a possible buyer of new
shares expected to be issued by Rashid Hussain Bhd, which
will in turn use the cash to buy a stake in the bank.
For UEM, a sale will still leave it with an 80 per cent
stake in PLUS and proceeds from the deal will immediately
slash its outstanding debts totalling RM2.7 billion.

UEM's heavy debt arose following the controversial RM2.34
billion purchase of a 32.6 per cent stake in its associate
Renong Bhd last November.  Apart from divesting a chunk of
PLUS, UEM is also proposing to issue US$400 million (S$654.6
million) in Yankee bonds, sources say. The issue is
understood to be still subject to a rating exercise.
The move to tap low-coupon, long-dated financing is aimed at
restructuring the balance of its debts without resorting to
further asset sales.

UEM borrowed heavily to finance the Renong purchase. At
prevailing interest rates of between 12 and 15 per cent, its
interest servicing would amount to at least RM324 million
annually.  While interest expense will not show up
significantly in its year-end results due late today, the
group is still likely to post lower-than-expected earnings
for 1997, sources say.  UEM's earnings are expected to
decline due to two major provisions.  It is expected to
provide for an exceptional item of RM200 million in forex
translation losses as well as a significant provision for
deferred taxation.  UEM provided RM91 million in deferred
taxes up to its third-quarter results, and is likely adopt
an aggressive accounting policy on this in its 12-month
results.  

The construction group raked in earnings of RM513.2 million
in 1996 and made RM243.9 million at the end of the first
nine months ended Sept 30, 1997.  Analysts are expecting
UEM's earnings to ease by a slight one per cent to RM508.7
million (or an earnings per share of 63.8 sen) for 1997,
according to the March edition of The Estimate Directory.  
(Singapore Business Times Online 09-Mar-1998)



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


ABICO HOLDINGS: 1997 Losses; No Plan; Delisting Threatened
----------------------------------------------------------
The Abico Holdings Public Company Limited (ABICO) submitted
its audited financial statements for the year ended 31
December, 1997 to the SET yesterday.  The company's
financial statements shows a net loss of Baht 246.86
million.  The company cannot improve the operation as it has
been announced in the rehabilitation plan within the
specified time and still facing possible delisting.

The SET will require the company to:

  (1) Prepare a rehabilitation plan to solve the causes of
      delising according to Clause 30/4 of the Notification
      of the SET regarding the Rules, Conditions, and
      Procedures Governing the Listing and Delisting of
      Securities.  The company and financial advisor must
      jointly prepare a rehabilitation plan to propose to     
      its shareholders within 4 months of the date of
      notice-recevied or by 8 July, 1998.

  (2) Report on the progress of the company's operations,
      comparing the results of its operations to the
      rehabilitation plan every 3 months to the SET, until
      the causes of delisting have been eliminated.

to avoid delisting of its shares.  (SET 09-Mar-1998)


ADVANCE AGRO: 1997 Operating Results
------------------------------------

              Advance Agro Plc and Subsidiaries
                       Income Statement
                      As at Dec 31, 1997
                    (in thousands of Baht)
Revenue                                   6,424,432
Less: Cost of goods sold                  3,851,287
       Operating and interest expenses     1,648,539
Plus: Loss on portion of minor interest      41,162
Operating profit before dedecting
    exchange rate loss                       965,768
Less: Exchange rate loss - realised         180,160
Net income before deducting unrealised
    exchange rate loss                       785,608
Less: Exchange rate loss - unrealised     7,797,511
Net loss                                 (7,011,903)


CHAOPHYA MARBLE-GRANITE: Facing Delisting from the SET
------------------------------------------------------
The Chaophya Marble-Granite Plc has submitted its audited
financial statements for the year ended Dec 31, 1997 to the
SET.  The company's financial statements shows a net loss of
Bt443.34 million and net tangible assets of Bt95.48 m.  This
means NTA are equal to 24% per cent of the company's 400    
million baht paid-up capital.  As a result, the company
faces possible delisting under Clause 30(6)(d) and (e) of
the SET's rules, conditions, and procedures governing
listing and delisting of securities. (SET 05-Mar-1998)


EASTERN WIRE: Facing Delisting from the SET
-------------------------------------------
Eastern Wire Plc has submitted its audited financial
statements for the year ended Dec 31, 1997 to the SET.  The  
company's financial statements shows a net loss of Bt476.67
million and net tangible assets of Bt(210.85) million.  This
means NTA are equal to (117.55) per cent of the company's
179.37 million baht paid-up capital.  As a result, the
company faces possible delisting under Clause 30(6)(e) of
the SET's rules, conditions, and procedures governing
listing and delisting of securities. (SET 05-Mar-1998)


EKACHART FINANCE: Baht 387 Million 1997 Loss Reported
-----------------------------------------------------
Ekachart Finance and Securities Plc informed the Stock
Exchange  of Thailand of its business performance for the
year ending 1997 last week.  The Company reported a net loss
of Bht. 386.61 mil. for 1997, compared to a net profit of
Bht 272.26 mil. for 1996.  Ekachart explained that net
profit declined from the previous year of Bht. 658.87 mil.
is attributable to increased interest expense and a 134%
increase in reserved for bad debts and doubtful accounts to
Bht. 709.86 mil. as a result of slowdown in economy and
tight monetary policy from the government with high interest
rate. (SET 06-Mar-1998)


EASTERN PRINTING: Accounting Irregularities Suspected
-----------------------------------------------------
Referring to its audited consolidated financial statements
for the period ending Dec 31, 1997, Eastern Printing Plc
disclosed last week that its auditors suspect that "account
recording of one oversea subsidary did not comply with
account standard which formulates that date mentioned in
consolidated financial statements must be all the same."  

In response to this disclosure, The Stock Exchange of
Thailand released notice to the company for rectification by
Apr 3, 1998. (SET 06-Mar-1998)


KIATNAKIN FINANCE: Progress Report on Rehabilitation Plan
---------------------------------------------------------
Kiatnakin Finance and Securities Public Company Limited,
reminding shareholders that the Financial Sector
Restructuring Authority (FRA) approved the Company's
rehabilitation plan on 8th December 1997, the Company
announced last week that on 4th March 1998 it submitted a
progress report to the FRA so as to obtain approval to
resume normal operations.  The FRA is reviewing the
Company's progress report at this time.


KIATNAKIN FINANCE: December 31, 1997 Financial Results
------------------------------------------------------
For the year ending December 31, 1997, Kiatnakin Finance and
Securities Public Company Limited reported a net loss of
Baht 1,402,360,000,000 on total interest and dividend income
of Baht 2,926,660,000,000. (SET 06-Mar-1998)


KRUNG THAI: Explains 1997 Operating Losses
------------------------------------------
Krung Thai Feedmill Plc, observing that it meets the
criteria for delisting of its shares, told the SET yesterday
that the "main cause of huge loss it incurred was loss on
exchange rate valued approximately Bt382.4 m.  The company  
cited its core operation needed imported raw materials  as  
those at home were not sifficient.  Moreover, the severe  
weakness of the baht accounted for a decrease in net tangble  
assets to minus Bt58.45 m or 19% of paid-up capital.  If
excluding foreign exchange loss, the company would have
recorded net tangible assets at Bt323.9 m."

The company pointed out that the plunging performance was
not absolutely the responsibility of management but  
uncontrolled factor, the battered currency.  However, to  
prevent future damage, the company hedges the risks from
exchange rate by contracting swap or forward.  Nontheless,  
the  company considers among current economic troubles it is  
suitable for its securities to be delisting from the SET
which will pave the way for it to have more potential and
reduce expenses.  The company, therefore, will convoke its
board members for the meeting to be held on Mar 12, 1998.  
After the board resolves, it will publicise all turnout
imediately.  (SET 09-Mar-1998)


LAEM THONG: 1997 Operating Results
----------------------------------
For the year ending December 31, 1997, Laem Thong Bank Plc
reports a net loss of Baht 891,229,000 from operations.  
Laem Thong attributed the loss to amortised investments
valued Bt660 m mostly in permanently closed financial
institutions.


NAKORNTHAI STRIP: Announces Losses Will Grow Under GAAP
-------------------------------------------------------
Nakornthai Strip Mill Public Company Limited, for the year
ending December 31, 1997, reported a Bht. 1,294,542,000 net
loss.  

Last week's disclosure of its 1997 loss was accompanied by a
remonder that the Company is procuring US$600 million in
funds for production in the form of debentures, capital and
loans.  The Company must adjust its financial statement to
be in compliance with the US GAAP in order to comply with
the requirements of the US Securities and Exchange
Commission for the sale of debentures. To comply with US
GAAP, the Company will create a doubtful loss reserve of
Baht 1,294 million.  The Company said that the promissory
notes invested by the Company has been approved by the
shareholders meeting in terms of lending and repayment
conditions, and such promissory notes are not yet due for
repayment and do not constitute bad debt. In order that
information disclosed to foreign investros in the same as
that of Thai investors, the Company make the profit and loss
statement in the same manner.

The Company indicated in its announcement last week that the
raising of funds from the US has attracted a wide spread of
interest from foreign investors. (SET 06-Mar-1998)


SAHAMITR PRESSURE: Taking Steps to Avoid Delisting
--------------------------------------------------
Referring  to  the  criteria  of  delisting  concerning  
poor business results,  Sahamitr  Pressure  Container  Plc  
asks the SET to not delist its common stocks.  The company
foresees it  can  conduct  the  measures  to eliminate
causes leading the delisting which are illutrated below:

   1. To appoint financial adviser as much qualified as
      sepecified by the SET in a bid to compile
      restructuring plan which will be proposed to
      shareholders for approval by Jul 2, 1998.

   2. The  company  in  conjuction  with  financial  adviser
      will hold a presentation,  in  which the restructuring
      plan will be showed, at least 7 days ahead of
      shareholders meeting.
  
   3.  The company and financial adviser will report on the
       progress once every 3 months.

(SET 09-Mar-1998)

SIAM AGRO: Losses Mount as Sales Continue to Decline
----------------------------------------------------
Siam Agro-Industry Pineapple and Others Plc announced last
week a Year Ended Financial Statement as at Dec 31, 1997 net
loss of 253.66 M.BHT -- an increase of 76.37 M.BHT (43.09%)
over the last year.  

SAICO attributed the loss to:

   1. exchange rate totalling M.BHT 44.24 after the
      government set off the floatation of the baht.

   2. Revenues from sales was drastically lower by 69% from
      last year because  of  70%  drop in productions   
      resulted from liquidity crunch since the first quarter    
      in 1997.

   3. Interest  expenses  are  over  150  M.BHT because of
      higher of the interest rate.

SAICO says it is "trying to solve these problem and hope to
be getting better  in the near future because of the great
demand for these goods and the prices are expected to be
stable during the next two years." (SET 06-Mar-1998)


SIAM CITY CEMENT: Halts Debt Payments
-------------------------------------
In a clear sign that the economic crisis is far from over
for many Thai companies, Siam City Cement Plc, the country's
second largest cement producer, announced yesterday it had
suspended debt payments.  (The Nation 10-Mar-1998).

The Company reminded the SET that, on February 16, 1998,
SCCC appointed International Finance Corporation,
Commerzbank (South East Asia) Ltd. and Tokyo-Mitsubishi
International (Singapore) Ltd. as business and financial
advisors.  

SCCC told the SET that it believes a standstill  arrangement
is necessary to allow its Consultants time to advise on the
business and financial condition of the Company and for the
Company to consider what steps should be taken as a result
of this review.  It has accordingly advised its bank
creditors and other financial institutions that, with effect
from February 16, 1998, a standstill is in place.

Additionally, SCCC said, in the interim period, the Company
believes that it would be incompatible with the proposed
standstill arrangements for it to make principal payments
due to such bank creditors and other financial institutions
with effect from February 16, 1998.  However, interest
payments will continue to be made.  (SET 09-Mar-1998)


SWEDISH MOTOR: Negotiating Extension for Debt Repayment
-------------------------------------------------------
Swedish Motor Corporation Plc, posting realized and
unrealized foreign exchange losses totalling Baht
1,097,350,555 as of December 31, 1997, announced that it is
negotiating with its creditors to postpone the repayments of
debts to 1998 and 1999:

                 Swedish Motor Corporation Plc
            Outstanding Debts in Foreign Currencies
                     as at 31 December 1997
                                           
                          Foreign Currencies      Thai Baht
Loan                      USD   47,971,907     2,281,352,002
Debentures                USD   15,854,667       753,984,523
                          JPY  286,030,058       104,852,899
                          DEM    2,121,850        56,488,520
Accounts payable          USD   18,370,231       111,402,591
Interest payable          USD      435,881        20,728,749
                          JPY      894,738           327,993
                          DEM        6,637           176,693
         Total                                 3,329,313,970

(SET 06-Mar-1998)


STA GROUP: 7th Debenture Interest Payment Postponed
---------------------------------------------------
STA Group (1993) Plc, implementing a board resolution made
at its 2/1998 meeting on Mar 5, 1998, postponed the 7th
instalment of interest payment for 1,100 convertible
debentures due on Mar 28,  1998.  The company reasoned that
because it faced huge losses and cash inflow.  (SET
06-Mar-1998)


THAI PUBLIC PORT: Searching for Capital to Pay Down Debts
---------------------------------------------------------
Thai Public Port Co (formerly Si Chang port), the country's
largest liquid cargo deep-sea port, is looking to raise
capital in order to pay down its debts.  The company has not
paid any interest since early 1997 on its overseas debts of
US$44 million.  The outstanding interest is now $4 million
and is likely to top $8 million by the end of this year.   
It is also more than three months behind on interest
payments on its 1.6 billion baht in debts to local creditor
banks.  The accumulated interest from January to March is 78
million baht, vice president Surapon Tangpatjaroen said.

"We are in a wait-and-see situation in terms of how long the
port can survive because no revenue has come in since
January," he said.  The company has been in the red since
mid-1997, due to a combination of heavy interest burdens as
well as rising port maintenance costs.  Since early this
year, no customers have visited the port. They blame a new
law stipulating that oil importers must have import licences
if they want to re-export their products, Mr Surapon said.  
As well, imported oil stored at refineries is now subject to
tax. Mr Surapon said local oil traders had relocated their
oil-storage facilities to other countries, mainly Singapore,
where there were no such restrictive laws. Consequently,
Thai Public Port has lost revenue from the port operators -
Charoen Mankong Co and Siam Chemical Co - which have been
unable to break even and suspended business there in
January.

Both companies had signed three-year contracts, due to end
on July 31, 2000, at a monthly rental fee of 22 million baht
for Charoen Mankong and eight million for Siam Chemical.
Most of the company's revenue is derived from its tank farm
facilities, which represent a 1.2-billion-baht investment.
Mr Surapon said Thai Public Port was negotiating with
several overseas oil traders from the United States and
Britain, which now stored their oil products in Singapore.
It wants them to consider taking a share in the port.

The company has proposed three options.

   * First would be a joint venture with Thai Public Port.

   * In the second case, the partner would become a customer
     entitled to use the oil storage facilities in a return
     for holding a partial share.

   * The third option would involve selling the entire port
     business at Si Chang for 1.25 billion baht.

Mr Surapon said he expected a deal to be concluded by April.
He declined to say how much the capital increase would be,
but said the plan was to raise enough to keep Thai Public
Port operating for at least two more years.  This would buy
time for the company to pay back its local and overseas
debts, he said, while some of the new capital would be
reserved for operations.  (Bangkok Post 09-Mar-1998)


VIDHAYAKOM PUBLIC: 1997 Opearating Results
------------------------------------------
Vidhayakom Public Company Limited reported yesterday that it
posted a net loss of Baht 218,104,000 for the year ending
December 31, 1997.  The Company attributed Baht 127 million
the loss to interest on short term loan from the financial
firms (most of them closed) and Baht 68 million on account
of ForEx losses.  (SET 09-Mar-1998)


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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