TCRAP_Public/980317.MBX 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      

      Tuesday, March 17, 1998, Vol. 1, No. 20

                    Headlines


C H I N A   &   H O N G   K O N G  

H B INTERNATIONAL: Reports Losses
H K INTERNATIONAL: Financial Overview
HANSOM HOLDINGS: Transaction Completed

I N D O N E S I A

J A P A N  

MITSUBISHI ELECTRIC: Begins to Restructure
NOZAKI: Shares Down on Forecast
SANWA BANK: Link to BOJ Official Exposed
SEGA: Announces Huge Write-Off

K O R E A

CHUNGBUK BANK: Chief Under Pressure to Resign
DAEDONG BANK: Chief Under Pressure to Resign
DONGNAM BANK: Chief Under Pressure to Resign
DONGHWA BANK: Chief Under Pressure to Resign
KANGWON BANK: Chief Under Pressure to Resign

M A L A Y S I A

BANDAR RAYA DEVELOPMENTS: Reports Pre-tax Loss
EKRAN BHD: Suspends Flights
MALAYSIA MINING: KUB Confirms Acquisition
SIME BANK: BNM Investigating Sime Bank Losses

P H I L I P P I N E S

MITSUBISHI MOTORS PHILIPPINES: Announces Retrenchment
ISUZU PHILIPPINES CORP.: Announces Retrenchment
CONTINENTAL AUTOMOTIVE CORP.: Announces Retrenchment
UNIVERSAL RIGHTFIELD: OKs Private Placement

S I N G A P O R E

CAM INTERNATIONAL: Selects Director

T H A I L A N D

ALPHATEC: Details Restructuring Plan
BANGKOK BANK OF COMMERCE: Financial Overview
BANGKOK BANK OF COMMERCE: Suspension Continues
BANPU PUBLIC: No Dividend Pay-Out
BANPU PUBLIC: Financial Overview
CHAIPHYA MARBLE-GRANITE PCL: Not to Pay Dividend
DISTAR ELECTRIC: Not to Pay Dividend
GFPT PCL: Audited Financial Results
HUA THAI: Not to Pay Dividend
JACK CHIA INDUSTRIES: Not to Pay Dividend
KRUNGTHAI FEEDMILL: SET Lifts Suspension
MODERNFORM GROUP: Not to Pay Dividend
SRIVARA REAL ESTATE: Not to Pay Dividend
SIAM GENERAL FACTORING: Not to Pay Dividend
NAKORNTHAI STRIP: Details on Cash Deal



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


H K INTERNATIONAL: Financial Overview
-------------------------------------
Set out below is a summary of the audited consolidated
profit and loss account of the H K International Holdings
Ltd. for the year ended 31 July 1997 and the unaudited
management accounts of the Group for the five months ended
31 December 1997:

                                            Five months
                            Year ended      ended
                            31 July         31 December
                            1997            1997
                            HK$'000         HK$'000
                            (audited)      (unaudited)

Turnover                    1,233,401      488,642
(Loss) Profit before
   taxation                  (666,418)     (20,290)
Taxation                       (7,864)         960
(Loss) Profit before
   minority interests        (658,554)     (21,250)
Minority interests            (23,280)      (4,854)
(Loss) Profit attributable
   to shareholders           (635,274)     (16,396)

(HKSE 13-Mar-1998)


H B INTERNATIONAL: Reports Losses
---------------------------------
H B International Holdings Limited (the "Company") wishes
to announce further information in relation to the latest
financial position of the Company and its subsidiaries
(together, the "Group").

Based on the unaudited management accounts of the Group,
loss attributable to shareholders amounted to approximately
HK$16.4 million for the five months ended 31 December 1997,
and the Company had unaudited deficit on shareholders'
equity and unaudited net current liabilities of
approximately HK$123.3 million and HK$461 million
respectively as at 31 December 1997.

As at 9 March 1998, the Group has outstanding bank
borrowings and amounts due to trade creditors and finance
leasing companies ("Creditors") in aggregate of
approximately HK$604.1 million and approximately HK$265
million respectively. As at the date of this announcement,
no formal standstill agreement has been reached with the
banks of the Group (the "Banks") and the Board is still
negotiating with the Banks with a view to restructuring and
extending credit facilities available to the Group.

The Board is also in negotiation with the trade creditors
of the Group with a view of reaching a possible standstill
arrangement. As at the date of this announcement,
proceedings have been commenced by three Banks in Hong Kong
against the Company and H B Electronics Limited ("H B
Electronics"), a wholly owned subsidiary and also a major
subsidiary (as defined in The Rules Governing the Listing
of Securities on the Stock Exchange (the "Listing Rules"))
of the Company. Proceedings have also been commenced by The
Bank of East Asia, Shenzhen Branch in the People's Republic
of China ("PRC") against the Company, a 60 percent owned
subsidiary of the Company and a joint venture in the PRC in
which the Company is interested in. Writ of Summons have
been issued by 12 Creditors against the Company and H B
Electronics and two 21 day statutory demands ("Statutory
Demands") have also been served on H B Electronics by two
trade creditors.

Provided that negotiations with the Banks and the trade
creditors can be completed successfully and that sufficient
additional funding can be obtained, the Directors envisage
that the Group will be able to meet its obligations as they
fall due for the foreseeable future.

Shareholders and investors dealing in the shares of the
Company should exercise extreme caution and should beware
that the financial position of the Company may deteriorate
and the Group will not be able to meet its obligations as
they fall due if negotiations with the Banks and the
trade creditors cannot be completed successfully and that
sufficient additional funding cannot be obtained.

Trading in the shares of the Company on the Stock Exchange
may be suspended again if there is an insufficient level of
operations.

(HKSE 13-Mar-1998)


HANSOM HOLDINGS: Transaction Completed
--------------------------------------
Further to the joint announcement (the "Announcement")
dated 6th March, 1998 (TCRAP 12-Mar-1998) the respective
boards of Hansom Holdings Limited, South Hong Investment
Limited (the "Acquirer") and Waghorn Limited (the "Vendor")
wish to announce that all the conditions of the Agreement
have been fulfilled and that the Agreement has been
completed today.  Terms defined in the Announcement shall
have the same meanings when used in this announcement
unless the context requires otherwise.

In compliance with the Takeovers Code, the Acquirer is
required to make an unconditional cash offer for all the
Public Shares.  Accordingly, BNP PrimeEast will, on behalf
of the Acquirer, make an unconditional cash offer for all
the Shares (other than those already owned by the Acquirer
or agreed to be acquired by the Acquirer or parties acting
in concert with it) at the offer price of HK$0.44 per
Share.

A composite document containing, inter alia, the terms of
the Offer will be sent to the shareholders of the Company
as soon as practicable in accordance with the Takeovers
Code.  (HKSE 13-Mar-1998)


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




=========
J A P A N  
=========

MITSUBISHI ELECTRIC: Begins to Restructure
------------------------------------------
Mitsubishi Electric has started closing unprofitable lines
of business and realigning its manufacturing operations.  
Late last year, it stopped making ordinary television sets
at a U.S. factory in the state of Georgia. In January,
Mitsubishi shuttered a U.S. production line devoted to an
older version of memory chips. Last month, the company said
it would get out of the consumer market for personal
computers, a business it had pushed hard in hopes of using
it to bridge the world of consumer electronics and PCs.
(Wall Street Journal 16-Mar-1998)


NOZAKI: Shares Down on Forecast
-------------------------------
Nozaki & Co. (8055 JP ) fell 20 yen 130. The
processed food maker reversed its previous forecast to a
pretax loss of 600 million yen for the year ending March
31. That's 350 percent less than the most recent forecast
by Toyo Keizai.  (Bloomberg Japan Equity Movers 14-Mar-1998)


SANWA BANK: Link to BOJ Official Exposed
----------------------------------------
Yasuyuki Yoshizawa, a senior official of the Bank of Japan
(BOJ) arrested Wednesday in a ongoing bribery scandal,
allegedly influenced the BOJ's Osaka office to accept risky
collateral put forward by Sanwa Bank, prosecution sources
said. The new allegation may provide key evidence linking
the official to Sanwa Bank, according to prosecution
sources.
    
Yoshizawa was arrested Wednesday on suspicion of leaking
confidential financial information in exchange for 4.3
million yen worth of meals and entertainment from Sanwa
Bank and the Industrial Bank of Japan.

Prosecutors have also said the official may have also
interceded with the BOJ to lift a 300 billion yen penalty
levied against Sanwa.

In the latest allegations, Yoshizawa--the former chief of
the Capital Markets Division of the BOJ's Credit and Market
Management Department--is believed to have suggested that
Osaka BOJ officials review their conclusion that some of
Sanwa's collateral was invalid.

Yoshizawa's suggestion allegedly came after officials of
the Osaka-based Sanwa asked for his intercession. Sanwa
Bank had offered promissory notes, or written promises
to pay a certain amount, that were issued by an affiliated
company as collateral for loans extended by the BOJ.

In January 1996, Sanwa Bank announced plans to support the
affiliated company, which had been suffering from a serious
financial trouble, with bad loans amounting to about 300
billion yen. Following disclosure of the company's
financial crisis, BOJ Osaka officials reported to Sanwa
Bank they had decided the notes issued by the company were
worthless as collateral.

Sanwa Bank officials asked Yoshizawa for help to overturn
the decision, concerned they would be required to provide
additional collateral. Yoshizawa apparently succeeded in
persuading Osaka officials and told Sanwa Bank officials
that the notes would not be immediately regarded as
invalid. The Bank of Japan continued to accept the
company's notes as collateral for one more year, until
March of 1997.

Yoshizawa's arrest was prompted by allegations he leaked
insider information to banks in exchange for free meals and
entertainment.  (Asahi 15-Mar-1998)


SEGA: Announces Huge Write-Off
------------------------------
Sega Enterprises said it would take a special charge of 47
billion yen ($363.7m) in order to write off accumulated
losses of 40 billion yen at Sega of America Inc. and a
seven billion-yen loss at an Australian unit. Separately,
the company said it will also write down 10.5 billion yen
in inventories of excess parts and material, as well as 6.5
billion yen in goodwill related to several acquisitions.
The company said it may also reorganize it U.S. operations,
but didn't release any details.

Most of the losses are related to the dismal failure of the
Sega Saturn, Sega's current home video-game machine. While
the company denied reports that it will discontinue sales
of the Sega Saturn console in the U.S., it admitted that it
is likely to trim its hardware sales efforts in order to
limit further losses. Sega said it will continue to sell
Sega Saturn game software and to support existing users.

In trading Friday, Sega shares fell 80 yen, or 3.3%, to
2,310 yen on news of the loss.

Moody's Investor Service Inc. said it would put Sega's Baa2
credit rating on review for possible downgrade, saying the
move reflected its concern over Sega's ability to maintain
"its competitive position overseas in this highly faddish
business."  (Wall Street Journal 16-Mar-1998)



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


CHUNGBUK BANK: Chief Under Pressure to Resign
---------------------------------------------
The South Korean government are driving heads of
five financially-weak South Korean commercial banks to
resign voluntarily or face dismissal, a newspaper report
said Saturday.

"It is regrettable that those banking heads who are to
blame for insolvency refuse to be held responsible,"
Finance-Economy Minister Lee Kyu-Sung was quoted as saying
by Dong-A daily.
Dong-A said the five banks are Donghwa Bank, Dongnam Bank,
Daedong Bank, Kangwon Bank and Chungbuk Bank.

Should the banking heads refuse to resign, bank supervision
authorities would arrange shareholders' meetings to replace
them before the end of June, the daily said.

The five banks, whose Bank of International Settlement
(BIS) capital adequacy ratios are below six percent, have
been ordered to improve their financial status by the
Office of the Bank Supervision.  (Agence France-Presse
14-Mar-1998)


DAEDONG BANK: Chief Under Pressure to Resign
--------------------------------------------
The South Korean government are driving heads of
five financially-weak South Korean commercial banks to
resign voluntarily or face dismissal, a newspaper report
said Saturday.

"It is regrettable that those banking heads who are to
blame for insolvency refuse to be held responsible,"
Finance-Economy Minister Lee Kyu-Sung was quoted as saying
by Dong-A daily.
Dong-A said the five banks are Donghwa Bank, Dongnam Bank,
Daedong Bank, Kangwon Bank and Chungbuk Bank.

Should the banking heads refuse to resign, bank supervision
authorities would arrange shareholders' meetings to replace
them before the end of June, the daily said.

The five banks, whose Bank of International Settlement
(BIS) capital adequacy ratios are below six percent, have
been ordered to improve their financial status by the
Office of the Bank Supervision.
(Agence France-Presse 14-Mar-1998)


DONGNAM BANK: Chief Under Pressure to Resign
--------------------------------------------
The South Korean government are driving heads of
five financially-weak South Korean commercial banks to
resign voluntarily or face dismissal, a newspaper report
said Saturday.

"It is regrettable that those banking heads who are to
blame for insolvency refuse to be held responsible,"
Finance-Economy Minister Lee Kyu-Sung was quoted as saying
by Dong-A daily.
Dong-A said the five banks are Donghwa Bank, Dongnam Bank,
Daedong Bank, Kangwon Bank and Chungbuk Bank.

Should the banking heads refuse to resign, bank supervision
authorities would arrange shareholders' meetings to replace
them before the end of June, the daily said.

The five banks, whose Bank of International Settlement
(BIS) capital adequacy ratios are below six percent, have
been ordered to improve their financial status by the
Office of the Bank Supervision.
(Agence France-Presse 14-Mar-1998)


DONGHWA BANK: Chief Under Pressure to Resign
--------------------------------------------
The South Korean government are driving heads of
five financially-weak South Korean commercial banks to
resign voluntarily or face dismissal, a newspaper report
said Saturday.

"It is regrettable that those banking heads who are to
blame for insolvency refuse to be held responsible,"
Finance-Economy Minister Lee Kyu-Sung was quoted as saying
by Dong-A daily.
Dong-A said the five banks are Donghwa Bank, Dongnam Bank,
Daedong Bank, Kangwon Bank and Chungbuk Bank.

Should the banking heads refuse to resign, bank supervision
authorities would arrange shareholders' meetings to replace
them before the end of June, the daily said.

The five banks, whose Bank of International Settlement
(BIS) capital adequacy ratios are below six percent, have
been ordered to improve their financial status by the
Office of the Bank Supervision.
(Agence France-Presse 14-Mar-1998)


KANGWON BANK: Chief Under Pressure to Resign
--------------------------------------------
The South Korean government are driving heads of
five financially-weak South Korean commercial banks to
resign voluntarily or face dismissal, a newspaper report
said Saturday.

"It is regrettable that those banking heads who are to
blame for insolvency refuse to be held responsible,"
Finance-Economy Minister Lee Kyu-Sung was quoted as saying
by Dong-A daily.
Dong-A said the five banks are Donghwa Bank, Dongnam Bank,
Daedong Bank, Kangwon Bank and Chungbuk Bank.

Should the banking heads refuse to resign, bank supervision
authorities would arrange shareholders' meetings to replace
them before the end of June, the daily said.

The five banks, whose Bank of International Settlement
(BIS) capital adequacy ratios are below six percent, have
been ordered to improve their financial status by the
Office of the Bank Supervision.
(Agence France-Presse 14-Mar-1998)




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


BANDAR RAYA DEVELOPMENTS: Reports Pre-tax Loss
----------------------------------------------
Bandar Raya Developments Bhd has suffered a group pre-tax
loss of RM10.9mil in financial year ended Dec 31, 1997
against a profit of RM201.5mil in the previous year.
(The Star Online 14-Mar-1998)


EKRAN BHD: Suspends Flights
---------------------------
Malaysia's Ekran Bhd said it has suspended flight
operations at its Saeaga Airlines Sdn unit and cancelled an
order for five planes from Airbus Industrie. Ekran said it
halted the airline operations from March 1 because of the
slowing economy.
(BusinessTimes 14-Mar-1998)


MALAYSIA MINING: KUB Confirms Acquisition
-----------------------------------------
KUB Malaysia Bhd today confirmed that it has proposed to
acquire 32 per cent equity interest in Malaysia Mining
Corporation Bhd (MMC) from Permodalan Nasional Bhd (PNB)
(TCRAP 13-Mar-1998). KUB said in a two-paragraph statement
today that it has entered into a memorandum of
understanding with PNB for the acquisition of 267.565
million ordinary shares of 10 sen each representing 32 per
cent equity interest in MMC.

KUB, however, did not divulge details of the proposed
acquisition or how the purchase would be financed.
It said detailed announcement would be released upon the
signing of the sale and purchase agreement between KUB and
PNB.

KUB shares on the Kuala Lumpur Stock Exchange were
suspended at RM1.65 while MMC today sought to suspend its
shares effective tomorrow. MMC shares closed three sen
higher at RM2.30.

KUB recently proposed to sell its entire equity stake of
30.01 per cent in Sime Bank Bhd to RHB Bank Bhd for RM670
million to be paid by the issue of 268 million shares in
RHB Holdings Bhd for RM2.50.

KUB said in its earlier statement that RHB Holdings Bhd is
the company to be created for RHB Sakura Merchant Bankers
Bhd.
(The Star Online 16-Mar-1998)


SIME BANK: BNM Investigating Sime Bank Losses
---------------------------------------------
BANK Negara has initiated a full-scale investigation into
the Sime Bank group with regards to the RM1.81 billion
losses it posted for the six months to December 31 1997.
Deputy Finance Minister Datuk Dr Affifudin Omar said
yesterday the central bank has the powers to conduct an
investigation as provided for under the Banking and
Financial Institutions Act 1969 (Bafia). Sources said the
investigation was well under way and that it was "no
ordinary investigation".

Sime Darby Bhd acquired the bank about two years ago and
held a 60.35 per cent stake at the time the deal with
Rashid Hussain Bhd was struck on Tuesday night. KUB
Malaysia Bhd, which owned 30.01 per cent of the bank, also
sold its entire stake to RHB under the same agreement.
Affifudin made the disclosure about Bank Negara's
investigation when asked if the Government was going to
conduct an investigation into the losses incurred by Sime
Bank.
(BusinessTimes 14-Mar-1998)



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


MITSUBISHI MOTORS PHILIPPINES: Announces Retrenchment
-----------------------------------------------------
At least three major car companies have implemented
retrenchments and other cost-cutting schemes to keep afloat
during the currency crunch. Mitsubishi Motors Philippines,
Isuzu Philippines Corp. and Continental Automotive Corp.
have all filed notices with the Department of Labor and
Employment (DoLE) that they will either retrench or rotate
workers in order to keep losses at bay.

Mitsubishi has already served notice for the lay off of
some 537 employees out of its 1,700-strong workforce.
Originally, a Mitsubishi official said the company had a
sales forcast of about 44,400 for 1997. But by yearend, the
official said the company had only sold a total of 29,773
units. Based on the firm's unaudited financial statements,
the official estimated a net loss of 174 million Philippine
pesos (PhP) for the 1997 fiscal year.
(BusinessWorld 17-Mar-1998)


ISUZU PHILIPPINES CORP.: Announces Retrenchment
-----------------------------------------------
At least three major car companies have implemented
retrenchments and other cost-cutting schemes to keep afloat
during the currency crunch. Mitsubishi Motors Philippines,
Isuzu Philippines Corp. and Continental Automotive Corp.
have all filed notices with the Department of Labor and
Employment (DoLE) that they will either retrench or rotate
workers in order to keep losses at bay.

Isuzu Philippines Corp., based at the Laguna Technopark,
has also filed a notice with the DoLE Region IV for the lay
off of 20 employees and the rotation of its remaining
employees to cut down on costs
(BusinessWorld 17-Mar-1998)


CONTINENTAL AUTOMOTIVE CORP.: Announces Retrenchment
----------------------------------------------------
At least three major car companies have implemented
retrenchments and other cost-cutting schemes to keep afloat
during the currency crunch. Mitsubishi Motors Philippines,
Isuzu Philippines Corp. and Continental Automotive Corp.
have all filed notices with the Department of Labor and
Employment (DoLE) that they will either retrench or rotate
workers in order to keep losses at bay.

Continental said the reduced work-week would take effect
from February to April this year and would cover all its 32
workers.
(BusinessWorld 17-Mar-1998)


UNIVERSAL RIGHTFIELD: OKs Private Placement
-------------------------------------------
Listed firm Universal Rightfield Property Holdings, Inc.
has authorized a private placement worth 843.16 million
Philippine pesos (PhP) in the company, paving the way for
either the entry of a new investor or an increase in the
equity of existing shareholders.

In a disclosure to the Philippine Stock Exchange (PSE)
yesterday, Universal Rightfield said it will issue new
common shares totalling 843.16 million out of its unissued
capital stock for the private placement. The cross sale
will be transacted at a price of PhP1 per share. Universal
Rightfield, formerly Universal Petroleum Exploration, Inc.,
is engaged in property development. It is the surviving
entity from the merger between property developer
Rightfield Property Ventures, Inc. of the Consunji group
and oil and gas exploration firm Universal Petroleum.
(BusinessWorld 17-Mar-1998)




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

CAM INTERNATIONAL: Selects Director
-----------------------------------
CAM International Holdings has roped in former Malaysian
cabinet minister Tan Tiong Hong as a non-executive director
to help it find strategic business partners. CAM said Mr
Tan, 56, would also help lead the group in its     
negotiations with Malaysian banks and financial
institutions "for better banking support in respect of
liabilities owing by the company's Malaysian subsidiaries
to these banks and institutions".

He is executive chairman of Malaysian-listed Bescorp
Industries and director of Hongkong-listed Lamex Holdings.
He was a deputy minister in Malaysia's Prime Minister's
Department from 1985 to 1986.
(BusinessTimes 14-Mar-1998)


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

ALPHATEC: Details Restructuring Plan
------------------------------------
Alphatec Electronics PCL cannot continue as a going concern
unless in the near term it can restructure its debt and
obtain additional equity financing.  ATEC must increase its
revenues and productivity in order to generate the
operating cash flows to ensure viability.  The Company
believes it has adequate cash reserves to support its
business for the period of time necessary to complete
a debt restructuring.  If the ATEC creditors, however,
cannot agree upon and implement a restructuring plan in the
near term, the Company will be unable to exploit the
available business opportunities and will fail.

The Company continues to actively pursue a restructuring
plan with its creditors (TCRAP 16-Mar-1998) and believes a
debt restructuring will be completed before the Company fails,
with or without reliance upon the proposed reorganization
amendment to the existing Thai bankruptcy law.  A failure of
the Company as a going concern would result in a loss of the
customer base, leaving liquidation as the only option
available to realize value from the business.
(SET; ATEC 16-Mar-1998)


BANGKOK BANK OF COMMERCE: Financial Overview
--------------------------------------------
Bangkok Bank of Commerce Public Co. Ltd. reports audited
annual financial statements as follows.

                                (In thousands)
                              Ending December 31,
                                   For year

     Year                     1997        1996

Net profit (loss)        (15,643,868)                                        
EPS (baht)                     (4.40)                                        

(SET; BBC 16-Mar-1998)


BANGKOK BANK OF COMMERCE: Suspension Continues
----------------------------------------------
The  SET  had  placed  the notice pending (NP) and NR signs
on Bangkok  Bank  of  Commerce,  following  the  bank's  
submission fo the 1997 annual  financial results. Earlier,  
the  exchange had place a Notice Pending (NP) and
suspension  (SP)  sign  on  Bangkok  Bank  of  Commerce  
(BBC) since March 3 and March  10,1998, respectively,
waiting for the information. Though  the  NP  sign  is  
posted, BBC's share trading does not resume  immediately as
the bank is under delisting process. The SP sign remains.
(SET; BBC 16-Mar-1998)


BANPU PUBLIC: No Dividend Pay-Out
---------------------------------
There will be no interim dividend because Banpu had
negative earning over the 6-month period from 1 July 1997
to 31 December 1997 due to a one-time recognition of
foreign exchange loss.  Moreover, Banpu has cash equirement
for investment in various projects.

Banpu will give consent to a capital increase by The
Cogeneration Public Company Limited (hereinafter, +COCO"    
) of Baht 3,020 million by issuing 302 million new shares
at Baht 10 par value in addition to the Baht 5,810
existing registered capital raising total registered
capital to Baht 8,830 million.

The transaction will reduce Banpu+s foreign exchange loss
for the current financial year and will improve Banpu+s
debt to equity ratio as Banpu will no longer consolidate
COCO+s foreign exchange loss into its financial statements.
(SET 16-Mar-1998)


BANPU PUBLIC: Financial Overview
--------------------------------
Banpu Public Company Ltd. financial statement, required by
the Stock Exchange of Thailand.
                     
                      FINANCIAL STATEMENT (F 45-3)
                         AS OF 31 DECEMBER 1997
                            AUDITED YEARLY

    ITEM                           ANNUAL
                                   
                         1997                1996              
NET PROFIT(THOUSAND)     -15,400,540         452,100
EPS (BAHT)               -416.56             12.23

(SET 16-Mar-1998)


CHAIPHYA MARBLE-GRANITE PCL: Not to Pay Dividend
------------------------------------------------
Chaiphya Marble-Granite PCL announces its dividend payment  
as follows:
     
          Dividend/share: no payment
          For the period: 12 months
          Ending date   : Dec 31, 1997
          XD date       : -
          Payment date  : -

Note:  "XD"  date  is 3 official days prior to the date of
closing the share register.

(SET 16-Mar-1998)


DISTAR ELECTRIC: Not to Pay Dividend
------------------------------------
Distar Electric Corporation Public Co. Ltd. announces its
dividend  payment  as follows:
     
          Dividend/share: no payment
          For the period: 12 months
          Ending date   : Dec 31, 1997
          XD date       : -
          Payment date  : -

Note:  "XD"  date  is 3 official days prior to the date of
closing the share register.
(SET; Distar 16-Mar-1998)


GFPT PCL: Audited Financial Results
-----------------------------------
GFPT PCL reports audited annual financial statements as
follows.
                                (In thousands)
                              Ending December 31,
                                  For year

Year                          1997        1996

Net profit (loss)          (408,932)       2,660
EPS (baht)                    (7.17)        0.05

(SET; GFPT 16-Mar-1998)


HUA THAI: Not to Pay Dividend
-----------------------------
The board of directors of Hua Thai Manufacturing Public
Company Limited announced that the company will omit
dividend payment for the operation from 1 January 1997 to
31 December 1997 because the company had net loss   
totalling Baht330.6 million.
(SET; HT 16-Mar-1998)


JACK CHIA INDUSTRIES: Not to Pay Dividend
-----------------------------------------
Jack Chia Industries (Thailand) Public Co. Ltd. announces
its dividend  payment  as follows:
     
          Dividend/share: no payment
          For the period: 12 months
          Ending date   : Dec 31, 1997
          XD date       : -
          Payment date  : -

Note:  "XD"  date  is 3 official days prior to the date of
closing the share register.

(SET; JCT 16-Mar-1998)


KRUNGTHAI FEEDMILL: SET Lifts Suspension
----------------------------------------
The SET has first posted an "SP" sign on KT since March 9
because the  company  informed  that  it  has  considered
to seek ways to delist itself  from the bourse, which might
affect to its stock.

But  the company has clarified the required information to
the SET, so  that the SP sign will be lifted from now on.

The  Stock  Exchange  of  Thailand  lifts  the suspension
on Krungthai  Feedmill Plc's share trading, allowing the
trading to resume on March 16.
(SET; KT 16-Mar-1998)


MODERNFORM GROUP: Not to Pay Dividend
-------------------------------------
Modernform Group Public Co. Ltd. announces its dividend  
payment  as follows:
     
          Dividend/share: no payment
          For the period: 12 months
          Ending date   : Dec 31, 1997
          XD date       : -
          Payment date  : -

Note:  "XD"  date  is 3 official days prior to the date of
closing the  share register.

(SET; MODERN 16-Mar-1998)


SRIVARA REAL ESTATE: Not to Pay Dividend
----------------------------------------
Srivara Real Estate Group Public Co. Ltd. announces its
dividend payment as follows:
     
          Dividend/share: no payment
          For the period: 12 months
          Ending date   : Dec 31, 1997
          XD date       : -
          Payment date  : -

Note:  "XD"  date  is 3 official days prior to the date of
closing the share register.


SIAM GENERAL FACTORING: Not to Pay Dividend
-------------------------------------------
Siam General Factoring Public Co. Ltd. announces its
dividend payment as follows:
     
          Dividend/share: no payment
          For the period: 12 months
          Ending date   : Dec 31, 1997
          XD date       : -
          Payment date  : -

Note:  "XD"  date  is 3 official days prior to the date of
closing the share register.


NAKORNTHAI STRIP: Details on Cash Deal
--------------------------------------
As previously reported (TCRAP 16-Mar-1998), foreign
investors, including the financier George Soros, will
inject a total of $650m into the new Thai steel producer
Nakornthai Strip Mill. It is the biggest deal of its kind
since Thailand's slowing economy was hit by the baht's
flotation and subsequent fall last July.

Investors are calculating that the cash-strapped but modern
steel company will be able to export its way into profit
and later sell its output on the domestic market when the
big local vehicle industry revives. The Enron Corporation,
Steel Dynamic and a fund controlled by Mr Soros have
participate in a $50m injection of fresh equity.
(Financial Times 16-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 daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  This material is
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