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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      

      Monday, March 16, 1998, Vol. 1, No. 19

                    Headlines


C H I N A   &   H O N G   K O N G  

WHARF HOLDINGS: Posts Bond in Legal Dispute

I N D O N E S I A

PT ARUTMIN: Gov't Appoints Tambang Timah on Sale
PT MULIALAND: S&P Withdraws Corporate Rating

J A P A N  

ASAHI BREWERIES: Beer Shipments Lower
CORE PACIFIC: Agreement with Hiraoka Securities
KAWASHO CORP.: To Merge with Nozaki
KIRIN BREWERIES: Beer Shipments Lower
MITSUBISHI MOTORS: To Restructure Operations
NISSAN: Warning on Lower Profits
NOZAKI: To Merge with Kawasho Corp.
RICOH: Will Report Profit Unchanged
SEIKAGAKU CORP: Projects Lower Profits

K O R E A

DAEWOO CORP: Saudi Prince Likely Investor
HANBO STEEL: Details of Bankruptcy Proceedings
KIA MOTORS: Details of Bankruptcy Proceedings
KOREA TELECOM: Market Share Expected to Plunge
POHANG IRON: To Report Lower Profits

M A L A Y S I A

P H I L I P P I N E S

FILINVEST LAND: Lay-offs to Streamline Operations
NATIONAL POWER: Exploring Debt Repayment Options
ORIENT BANK: BSP Studying Rehabilitation Plan

S I N G A P O R E

HONG LEONG FINANCE: Posts Drop in Earnings

T H A I L A N D

ALPHATEC: May Lay Off 570 Employees
CENTRAL PAPER: Will Not Pay Dividend
GOLDEN LAND: Omits Dividend
KRUNGTHAI FEEDMILL: Report on Delisting of Shares
NAKORNTHAI STRIP: Allocates Shares
SINO-THAI RESOURCES: No Dividend Payout
THAI FISHERIES: Confirms Buyer
WONGPAITOON GROUP: Founds Overseas Subsidiary


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

WHARF HOLDINGS: Posts Bond in Legal Dispute
-----------------------------
Wharf (Holdings), the Hong Kong conglomerate at
the centre of a long-standing legal dispute, says
it was forced to post a US$170m bond--thereby
forfeiting certain legal rights--after being
"crippled" by sanctions imposed by a Denver
court.

The conglomerate maintains that the Denver court
exceeded its powers by calling a moratorium on
transactions with banks with a US presence. This
includes nearly all the financial institutions
with which Wharf has dealings. Wharf posted the
bond in late February, after nearly all of its 60
banks, acting on lawyers' advice, began to sever
relations. However, putting up the money meant
surrendering any legal recourse on
enforceability, the company claims.

The Wharf legal row centres on the disputed
existence of a cable TV partnership with United
International Holdings of Denver.
(Financial Times 13-Mar-1998)


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


PT ARUTMIN: Gov't Appoints Tambang Timah on Sale
---------------------------------
The Ministry of Mines and Energy has appointed
state tin miner PT Tambang Timah to coordinate
the purchase of the 17 percent stake in PT
Arutmin Indonesia.

PT Arutmin share prices are being evaluated by an
independent appraiser appointed by both parties.
PT Arutmin's General Affairs Manager, Frans
Affandi, said the letter of appointment from the
Director General for General Mines, Adjat
Sudradjat had been received some time ago.
80 per cent of the shares in PT Arutmin Indonesia
are presently held by Broken Hill Proprietary Co
Ltd (Australia) and 20 per cent by PT Bakrie
Brothers, he said. The company has coal mining
concessions near Laut Island, South Kalimantan
with the 1998 production target set at 6
million tonnes.
(Asia Pulse 13-Mar-1998)


PT MULIALAND: S&P Withdraws Corporate Rating
------------------------------
Global ratings agency Standard & Poors announced
today that it had withdrawn its CCC corporate
credit rating on Indonesian property investor
Mulialand (P.T.). Standard & Poors does not rate
any public debt issued by Mulialand and the
company has no intention of utilizing the    
ratings in the forseeable future. The credit
quality of this corporate entity was not affected
by the March 12, 1998 Standard & Poors rating
downgrade on the Republic of Indonesia, S&P said
in a statement.
(Asia Pulse 13-Mar-1998)



=========
J A P A N  
=========


ASAHI BREWERIES: Beer Shipments Lower
-----------------------------
Beer shipments in February totaled 29.08 million
cases, down 11.4% from the same month last year,
hit by weaker private consumption and larger
distributor stockpiles. Low-malt beer sales rose
4.6 percentage points year on year to 9.9% of all
beer sales, following the entry of a product by
Kirin Brewery Co.

Kirin Brewery, Japan's largest beer company, saw
a 20.6% year-on-year decline in shipments due to
falling sales of its two main products. Asahi
Breweries Ltd. remained in the second spot with a
35.4% market share, with shipment of its mainstay
Super Dry up by a mere 1.0%.
(Asia Pulse 13-Mar-1998)


CORE PACIFIC: Agreement with Hiraoka Securities
-----------------------------
The Hiraoka Securities Co. would sign an
agreement later this month with Core Pacific-
Yamaichi of Hong Kong to cooperate in sales of
Asian stocks, starting in April, company
officials said.

Core Pacific-Yamaichi, formerly a subsidiary of
now defunct Yamaichi Securities Co., was taken
over by Taiwan's Core Pacific Group in January.
Under the agreement, Hiraoka, based in Osaka,
will receive information on red chips, or
companies controlled by mainland China interests
but listed in Hong Kong, from Core Pacific-
Yamaichi. Core Pacific-Yamaichi, for its part,
will strive to entice Japanese investors through
Hiraoka's branch network and will start doing
business in Japan this summer.
(Asia Pulse 13-Mar-1998)


KAWASHO CORP.: To Merge with Nozaki
---------------------------
Kawasho Corp., a leading steel trader, and Nozaki
& Co., a trader of food and leather products,
plan to merge in April 1999, with Kawasho as the
surviving firm, company officials said Thursday.
Under a capital tie-up agreed between the two,
Nozaki will halve its 3.2 billion yen
capitalization to write off cumulative losses
estimated to total 1.5 billion yen by the end of
March.

Kawasho will become Nozaki's top shareholder
after purchasing an allocation of 2.15 million
new shares to be issued in August. The allocation
is equivalent to about 10% of Nozaki's equity.

The new company's sales are projected at about
1.4 trillion yen, with a payroll of some 2,200.
Nozaki is suffering sluggish business for its
mainstays leather and apparel. It is currently
trying to retreat from money-losing operations
under a restructuring plan. Kawasho wants to see
non-steel operations make up 50% of total sales
by fiscal 2004, from about 40% at present.
(Asia Pulse 13-Mar-1998)


KIRIN BREWERIES: Beer Shipments Lower
------------------------------
Beer shipments in February totaled 29.08 million
cases, down 11.4% from the same month last year,
hit by weaker private consumption and larger
distributor stockpiles. Low-malt beer sales rose
4.6 percentage points year on year to 9.9% of all
beer sales, following the entry of a product by
Kirin Brewery Co.

Kirin Brewery, Japan's largest beer company, saw
a 20.6% year-on-year decline in shipments due to
falling sales of its two main products. Asahi
Breweries Ltd. remained in the second spot with a
35.4% market share, with shipment of its mainstay
Super Dry up by a mere 1.0%.
(Asia Pulse 13-Mar-1998)


MITSUBISHI MOTORS: To Restructure Operations
---------------------------
Mitsubishi Motors Corp. will embark on a three-
year plan through fiscal 2000 to restructure
loss-making operations, president Katsuhiko
Kawasoe told a news conference on March 10.
Acknowledging the carmaker's poor performance
resulted from higher operating costs and failed
product development strategies, he said it would
consolidate domestic production bases and cut
personnel.

Kawasoe added he would set up a unit under his
direct control to take charge of developing eco-
friendly vehicles. The streamlining is aimed at
saving the automaker some 350 billion yen in
operating costs over the next three years.

The automaker will consolidate four domestic car
assembly plants, and close two factories in New
Zealand and Thailand. Mitsubishi Motors aims to
trim its 13,600 back office personnel to 12,000
by fiscal 2000 through attrition and hiring
cutbacks, as well as reduce the number of board
members and other top brass.

The automaker's poor performance is blamed
chiefly on a rapid expansion of worldwide
operations amid a weakening financial base. Some
analysts contend that Mitsubishi Motors'
strategy to give priority to parent-only earnings
has worsened its consolidated figure.

The three-year plan envisages reducing group
interest-bearing liabilities, including those at
financial institutions, by 300 billion yen from
the current 1.8 trillion yen.

Its U.S. production and marketing subsidiaries
recorded a combined 1.7 billion dollars in
accumulated losses as of the end of May 1997,
forcing the parent to shell out additional
money for write offs.

Although the U.S. production unit turned a profit
in the year ended December 1997, and the
marketing unit is expected to do so soon, such
lackluster performance in the world's largest
auto market must be seen as a weakness for
Mitsubishi Motors.
(Asia Pulse 13-Mar-1998)


NISSAN: Warning on Lower Profits
---------------------------
Nissan, Japan's second largest carmaker, warned
that net profits for the current year were likely
to fall short of its forecast because of a weak
domestic market and a deterioration in US sales.

Nissan has not revised its profits forecast but
said it was unlikely to achieve consolidated net
profits of Y100bn ($773m), as predicted. Sales
for the year are forecast to reach Y6,800bn.

The deterioration in Nissan's performance
reflects the impact of the Asian crisis, but the
company also pointed to a sharp decline in US
sales in January, which it blamed largely on a
flood of South Korean vehicles competing with its
volume-selling Sentra.
(Financial Times 13-Mar-1998)


NOZAKI: To Merge with Kawasho Corp.
----------------------------
Kawasho Corp., a leading steel trader, and Nozaki
& Co., a trader of food and leather products,
plan to merge in April 1999, with Kawasho as the
surviving firm, company officials said Thursday.

Under a capital tie-up agreed between the two,
Nozaki will halve its 3.2 billion yen
capitalization to write off cumulative losses
estimated to total 1.5 billion yen by the end of
March.

Kawasho will become Nozaki's top shareholder
after purchasing an allocation of 2.15 million
new shares to be issued in August. The allocation
is equivalent to about 10% of Nozaki's equity.
Nozaki shareholders are expected to approve the
deal at their annual meeting June 26.

The new company's sales are projected at about
1.4 trillion yen, with a payroll of some 2,200.
Nozaki is suffering sluggish business for its
mainstays leather and apparel. It is currently
trying to retreat from money-losing operations
under a restructuring plan.

Kawasho wants to see non-steel operations make up
50% of total sales by fiscal 2004, from about 40%
at present.
(Asia Pulse 13-Mar-1998)


RICOH: Will Report Profit Unchanged
------------------------
Ricoh Co. (7752 JP ) fell 60 yen to 1,290. The
office equipment maker is likely to report a
group net profit of 29 billion yen for the year
ending March 31, almost unchanged from the
previous fiscal year, the Nihon Keizai newspaper
said today, without citing sources. The company
had initially expected a group net profit of 32
billion yen. Sales of copy machines are
falling in Japan, the report said.
(Bloomberg Japan Equity Movers 13-Mar-1998)


SEIKAGAKU CORP: Projects Lower Profits
----------------------------
Seikagaku Corp., a leader in pharmaceuticals and
compound carbohydrates, is projecting pretax
profit for fiscal 1998 at 3.3 billion yen, down
3% from this year's estimate, marking a fourth
consecutive year of decline.

A 15% cut in prices set by the government for the
company's ARTZ arthritis medication (14.5% for
injection-type, 15.4% for ampules), which
comprises nearly 80% of its revenue, will be a
major cause of the fall.

The decline, however, will be partially offset by
an 800-million-yen gain from the redemption of a
leveraged lease on aircraft.

Operating profit is expected to drop 21%, to
about 2.3 billion yen.

With pricing competition from generic-drug makers
intensifying, sales are forecast at 17 billion
yen, a 2% drop from the 17.3 billion yen
projected for the current fiscal year.
(Asia Pulse 13-Mar-1998)



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

DAEWOO CORP: Saudi Prince Likely Investor
------------------------------
Saudi Prince Al Walid is likely to invest US$100
million in Daewoo Corp, the trading arm of Daewoo
Group. Daewoo Corp. and the Saudi tycoon are
engaged in negotiations and the two will be able
to sign a contract upon concluding the deal when
the prince arrives in Seoul on Sunday, a Daewoo
Group source said Friday.

Daewoo, however, declined to elaborate on the
exact size and content of the investment.

The prince-businessman, presently the largest
shareholder in Citibank Corp., also becomes the
largest individual stockowner in Daewoo Corp.
with a stake of 5.9 percent when he transfers the
convertible bonds worth $50.5 million he bought
in 1996 into stocks 10 years later.

If Al Walid makes additional equity investment,
his stake may exceed 10 percent.
(Asia Pulse 13-Mar-1998)


HANBO STEEL: Details of Bankruptcy Proceedings
---------------------------
Hanbo Steel Industry Co., which went bankrupt in
January 1997, still is waiting for the courts to
complete a payback plan for its debt. Hanbo
officials are hoping to persuade the courts to
permit Hanbo to pay zero interest on the debt
amassed before the courts granted protection.
Hanbo's creditors, meanwhile, have granted more
loans to allow the company to operate, even
though Hanbo isn't currently servicing any of its
prebankruptcy debt.
(Wall Street Journal 13-Mar-1998)

Hanbo Steel's final debt obligations totalled
Won7.92trn ($5.2bn). A company official said the
amount included principal debt of Won6.09trn,
interest payments of Won1.83trn and other
expenses. The company reported its debt total in
a court filing. Hanbo, the nation's second
biggest steelmaker, was declared insolvent in
January under debts that at the time totalled
Won6trn. The company is still operating but is
under court receivership and seeks a third party
to take it over.
(LLoyd's List International 18-Feb-1998)                     


KIA MOTORS: Details of Bankruptcy Proceedings
---------------------------
No operations at Kia Motors Corp. or any of its
affiliates have been closed, and only one small
parts-making venture has been sold. The courts
and creditors haven't even decided on a
restructuring plan for the company.
(TCRAP 02-Feb-1998)

But eventually they must, or a rescuer must come
along, for Kia to avoid closure. Kia has
approached Ford Motor Co., which already owns
9.4% of Kia, about expanding the relationship
between the two firms, but so far Ford hasn't
committed any new support. Meanwhile, Kia is
carrying on with business as usual. Like many
other victims of the financial turmoil, Kia is
benefiting from Korea's lingering willingness to
allow financially troubled major companies to
carry on indefinitely.

Until President Kim Dae Jung's inauguration last
month, the government led the way in protecting
troubled companies. State-owned Korea Development
Bank said in October that it would swap some of
its loans to Kia into equity in the car maker,
effectively making the government the largest
shareholder.

Korea's banks sometimes are willing to support
weak companies because bankruptcy laws favor the
debtor, not the creditor. Kia and its affiliates
that filed for court protection don't have to pay
anything on their debt until the courts grant
protection. So far, the process has taken over
four months, and a court decision isn't expected
until April at the earliest.
(Wall Street Journal 13-Mar-1998)


KOREA TELECOM: Market Share Expected to Plunge
-----------------------------
Korea Telecom is expected to see its share in the
country's total telecom market plunge to below 50
percent from this year due to advances by its
rivals and steep progress of the mobile telecom
business.

In a report to new Information and Communications
Minister Bae Soon-hoon, the state-run telecom
company said its share in the wired, wireless,
and value-added telecom market that had hit 71.9
percent in 1995, dropped to 61.9 percent in 1996,
and 55.3 percent last year.
    
KT predicted that its sales will account for 46.3
percent this year and 43 percent by 2000. KT
pledged to restructure its unefficient pay system
and improve business structure to raise
profitability, growth, and competitiveness.
(Asia Pulse 13-Mar-1998)


POHANG IRON: To Report Lower Profits
-----------------------------
Net profit at Pohang Iron and steel, South
Korea's largest steelmaker, is forecast to fall
to Won620bn ($392m) in 1998, compared with
Won728.9bn last year, the company said. In 1997
profits were boosted by higher sales process and
lower depreciation costs.
(Financial Times 13-Mar-1998)



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



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


FILINVEST LAND: Lay-offs to Streamline Operations
-----------------------------
Filinvest Land, Inc. (FLI) has begun streamlining
its operations in the hope of "undoing" the
mistakes it made last year. The real estate firm
had recently informed the Department of Labor and
Employment (DoLE) that it was letting go of its
casual and probationary employees mainly because
of the slump in market demand. In its letter to
the DoLE, the FLI management explained the
company had to lay-off a good number of its
people as the ongoing financial crisis not only
affected operations but more importantly, its
viability as a business.

Earlier, the company already laid-off about 30 of
its casual employees as the first batch of its
retrenchment program. An industry source
explained FLI's finances had begun faltering only
during the start of 1998 largely because of so
much inventory and not enough demand.

The situation was made worse when interest rates
continued to skyrocket because of the peso
depreciation -- further killing-off the already
waning demand.
(BusinessWorld 13-Mar-1998)


NATIONAL POWER: Exploring Debt Repayment Options
----------------------------
Geothermal developer, PNOC-EDC and the National
Power Corporation (Napocor) are now exploring a
repayment scheme to address the overdue payments
for PNOC-EDC's "stored steam" for its geothermal
steam fields in Tongonan, Leyte.

According to PNOC sources, there is a great
possibility that an extension will be granted to
Napocor for the settlement of the stored steam or
the geothermal steam that was not used on
schedule due to delays in the full commissioning
of the Tongonan geothermal power plants last
year.

The Leyte-Cebu interconnection lines which could
have transported power as early as 1996 was
energized only on November 15, 1997 after it
was damaged by Siemens.

The transmission project, which includes a 230-
kilowatt submarine cable that extends to about
32.5 kilometers from the 200 MW Tongonan
geothermal plant in Leyte, got hitched by a
Philippine Long Distance Telephone Co. project
subcontracted to Siemens.

Delays have thus resulted to unpaid stored energy
or the steam which could have been used to
Provide electricity to Metro Cebu and the Luzon
grid.

According to the PNOC official, the same is true
with the geothermal power that will supply power
to the Luzon grid.

The Leyte-Luzon transmission project should have
been completed in 1997 but will only be
commissioned in April this year.
(PNA 11-Mar-1998)


ORIENT BANK: BSP Studying Rehabilitation Plan
------------------------------
In a bid  to help rescue the cash-strapped Orient
Bank from permanent closure, the Bangko Sentral
ng Pilipinas (BSP) is now mulling over a
rehabilitation plan that will put it back into
full operation.

BSP Deputy Governor Alberto V. Reyes said in an
interview that the Monetary Board of the BSP is
now studying details of the rehab plan based on
the request of the Go family who expressed
willingness to infuse at least P2 billion to work
out a rehab program within two weeks.

But Reyes said that the BSP cannot wait tool long
in resolving the problem as to whether the bank
will be out of operation or not because there are
many depositors who want to find out the real
status of Orient Bank.

He added  that the MB will not allow  resolution
to the rehab plan without the owners furnishing  
the BSP a definite timetable of its completion
date so as not to keep the public waiting.

Reyes admitted that while the problem remains  
unresolved, it will only aggravate the
performance of the banking system in the country,  
considering that at least two banks are
experiencing financial problems at the moment.

As this developed, Reyes denied reports that the
Development Bank of the Philippines (DBP) has
taken over the operations of United Savings Bank
(USB), saying the BSP has yet to receive an
official report from the bank.

However, he admitted that BSP already sent a team  
of examiners that is now looking into the books  
of accounts of USB to find out the truth on the
matter. (PNA 11-Mar-1998)


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


HONG LEONG FINANCE: Posts Drop in Earnings
-----------------------------
Singapore's largest finance group, Hong Leong
Finance, yesterday posted a 16.6 per cent fall in
net earnings to $72.9 million for 1997, due to a
more than 50 per cent jump in provisions.

Hong Leong and its 75 per cent owned subsidiary,
Singapore Finance, were the last of the seven
listed finance companies to report 1997 results.
Singapore Finance has done better, with net
earnings up 5.9 per cent to $34.8 million on a 10
per cent rise in loans to $1.8 billion.

Hong Leong has no regional exposure as finance
companies are not allowed to venture offshore,
but in line with more difficult market conditions
its 1997 results took into account certain
specific provisions in addition to general
provisions and, as a result, total provisions
jumped 54 per cent to $27.5 million, said Hong
Leong chairman Kwek Leng Beng. He added that the
specific provisions are not expected to recur
substantially in the current year -- barring a
serious decline in the domestic stock and
property markets.
(Singapore BusinessTimes 13-Mar-1998)



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


ALPHATEC: May Lay Off 570 Employees
--------------------------
Alphatec Electronics PCL, a cash-strapped Thai
electronics company, may have to lay off up to
570 employees after a large US customer
terminated a contract. Cypress Semiconductor is
to shut a computer-chip testing plant in Thailand
that Alphatec operated under contract. The plant
generated 8 percent of Alphatec's revenues but
the group said the closure would have "little to
no effect on our total operations." It added that
Cypress continued to use Alphatec to assemble
computer chips.

Alphatec, once in the vanguard of Thailand's
campaign to become a high-tech, south-east Asian
manufacturing centre, is struggling for survival
and has been trying to obtain an agreement from
creditors to restructure about $450m in debt.
(TCRAP 13-Mar-1998)

Cypress uses Alphatec to test 17 percent of the
computer chips it manufactures. In January it
said worries that Alphatec would default on its
debt prompted Cypress to set up a separated
testing facility in Bangkok, in addition to the
one operated under contract by Alphatec.
(Financial Times 13-Mar-1998


CENTRAL PAPER: Will Not Pay Dividend
------------------------------
The Board of Directors of Central Paper Industry
Plc.(CPICO) at a meeting held on March 12, 1998
at 10 A.M. have resolved as follows:

1. That the Board of Directors considered and
approved the audited financial statements for the
year ended at 31st December 1997.

2. That no dividend shall be paid in 1997 due to
its loss in operation of the company.

3. That an Ordinary General Meeting of
Shareholders be held on April 24, 1998 at Monarch
Lee Gardens Hotel, 188 Silom Road Bangrak,
Bangkok to consider, among others, the following
agendas:

   (a) The result of operating business of the
company during 1997.

   (b) No payment of the dividend.

   (c) The appointment of new directors to
replace those who retire by rotation.  

4. That the date for closing the company share
register for the right to attend the meeting will
be on April 3,1998 at 12 A.M. until the
completion of the meeting.
(The Stock Exchange of Thailand 13-Mar-1998)


GOLDEN LAND: Omits Dividend
---------------------------
Golden Land Property Development Public Company
will omits the dividend payment for the operation
from 1 January 1997 to 31 December 1997 because
the Company's operation was at a loss.
(The Stock Exchange of Thailand 13-Mar-1998)


KRUNGTHAI FEEDMILL: Report on Delisting of Shares
              
-----------------------------
The meeting of the Board of Directors of the
Company, held on March 13, 1998 at 2.00 p.m. has
adopted a resolution to delist the shares of the
Company from the Stock Exchange of Thailand
with the following details:

1. Type of Securities of the Company
     1.1 Ordinary Shares
          1.1.1 In the amount of 30,000,000
shares, with the par value of Bt. 10 each,
totaling Bt.300 mil.
          1.1.2 Becoming listed securities in the
Stock Exchange of Thailand from November 11, 1988
          1.1.3 The latest trading price Bt.2.00
per share, on March 6, 1998.

Among the reasons and facts concerning delisting
of shares, the company cites the bear market,
which can be seen from the shrinkage of market
value with the low of trading volume and the
scarce liquidity within the country in the recent
period, has resulted in less opportunity for the
company to raise funds from the capital market.  
In addition, the company is also being affected
by the foreign exchange situation, causing the
drop in company's performance during 1998. So,
the company meets the SET's criteria to for
delisting.

For the company to be relisted in the SET, the
company needs to appoint a financial advisor to
co-work in rehabilitation plan of the company,   
reporting the steps taken by the company until
the plan is successful.

On  the  other hand, if the company is not
relisted in the SET and sets up its own recovery
plan, the company will have more flexibility to
monitor its plan to fit with the rapidly changing
business environment. In addition, there is no
financial advisor fee charge.

Hereto, the company will follow the process of
delisting with the so as to maximize all of the
shareholders' benefits.

The general offer to purchase shares and other
securities convertible into shares of the Company
from the shareholders and holders of securities
has been made by Khun Prasit Sirimongkolkasem,
Managing Director of Krungthai Feedmill Public
Company Limited. The offer price of shares is
Bt.2.00/share.
(The Stock Exchange of Thailand 13-Mar-1998)


NAKORNTHAI STRIP: Allocates Shares
--------------------------
Nakornthai Strip Mill Public Company Limited (the
Company) has reported the resolutions of the
Board of Directors meeting held on March 12,
1998. There was unanimous approval for allocation
of 64,417,180 shares as follows:

1. Allocate 27,551,239 shares to John Hancock
Life Insurance at a price of Baht 10 each.

2. Allocate  14,306,034  shares  to Mr. George
Soros at a price of Baht\ 10 each.

3. Allocate 10,911,382 shares to Enron
Corporation at a price of Baht 10 each.

4. Allocate 11,648,525 shares to Wisconsin County
at a price of Baht 10 each.
(The Stock Exchange of Thailand 13-Mar-1998)


SINO-THAI RESOURCES: No Dividend Payout
-----------------------------
Where as the Board of Directors of Sino-Thai
Resources Development PLC convened the Board of
Directors Meeting on March 12,1998. The Company
reported it will relinquish the declaration of
year end dividends for 1997 due to the loss
incurred by the Company last year.
(The Stock Exchange of Thailand 13-Mar-1998)


THAI FISHERIES: Confirms Buyer
----------------------------
Referring to the report released on Mar 5, 1998
that securities of Thai Fisheries Plc would be
delisted from the stock market, the company just
was informed of the tender offerers and preparer
offering price for its shares posted at Bt1.20
per share.
(The Stock Exchange of Thailand 13-Mar-1998)


WONGPAITOON GROUP: Founds Overseas Subsidiary
-----------------------------
The  board  of  directors of Wongpaitoon Group
Plc at a meeting held on Mar 12, 1998 passed the
following resolutions:

1. Setting  up  Wongpaitoon International located
C/o Deutsche Morgan  Grenfell  (Caynam)  Ltd  PO
Box 1984 GT, Elizabethan Square, Grand Cayman,
Cayman Islands with registered capital of
US$50,000.- and per value US$1. Wongpaitoon  
Group  Plc  shall  hold  100%  of  the  total
share which the purpose is to facilitate Account
Receivable Securities arranged by Daiwa  
Securities.

2. That the company will omit dividend payment
for the fiscal year 1997 because the company  
reported losses for the amount of Bt757,874,317.
(The Stock Exchange of Thailand 13-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

Troubled Company Reporter -- Asia Pacific is a
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Creditors' Service, Inc., Princeton, NJ USA, and
Beard Group, Inc., Washington, DC USA.  Debra
Brennan and Lexy Mueller, Editors.

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