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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, April 12, 1998, Vol. 1, No. 38

                         Headlines

C H I N A   &   H O N G   K O N G

BILLION INTERNATIONAL: Proposes New Rights Issue
CHINA EVERBRIGHT: Studying Exchangeable Bond Issue
DAIDO CONCRETE: Provides Public Update & Trading Resumes

J A P A N  

DAI-ICHI CORP.: Finance Company Shuts Down
DAIDO CONCRETE: Firm Wants to Resume On-Going Operations

K O R E A

HALLA PULP: Sold to Bowater for US$175 Million
HANYANG CORP.: Obtains Licensing for Overseas Construction
HYUNDAI MOTORS: First Chaebol to Announce Layoffs
KOREA FIRST: Goldman Sachs & Union Bank Express Interest
NEW CORE: Court Mediation Rejected; Receivership Probable
SAMSUNG GROUP: Group Structure Dismantled
SEOUL BANK: Signs Accord with Bankers Trust

M A L A Y S I A

ALOR SETAR: Hearing on Wind-Up Petition Adjourned 3 Months
MALAYSIAN RESOURCES: Malakoff to Buy Power Plant, Ease Debts
PACIFIC CARRIER: Put Under Liquidation by English Court
SIME BANK: RHB Takes Over the Reins
TA SECURITIES: Firms' Dealings via TA Sec Under Probe
TDM BERHAD: Company Showing Progress in Turnaround
UNITED ORIX:  Equity Restructuring Moving Forward
WEMBLEY INDUSTRIES: Ekran Denies Liability for Wembley Debts

P H I L I P P I N E S

INTERNATIONAL CONTAINER: Completes Equity for Debt Swap

T H A I L A N D

BANGCHAK PETROLEUM: Kuwait Petroleum Denies Deal in Works
KIATNAKIN FIANNCE: Return to Bourse Looks Grim
NAKORNTHORN BANK: Upbeat on Securing K I Woo Partnership
SEMICONDUCTOR VENTURES: Hambrecht Dominates New Board


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


BILLION INTERNATIONAL: Proposes New Rights Issue
------------------------------------------------
Billion International Holdings Limited aims to raise
approximately HK$36.6 million before expenses by issuing
731,286,047 new Shares by way of a rights issue at a price
of HK$0.05 per Rights Share.

Presently, the Company has an authorised share capital of
HK$150,000,000 divided into 3,000,000,000 Shares of which  
1,462,572,094 Shares have been issued and are fully-paid.    
The Company will provisionally allot one Rights Share for
every two existing Shares held by Qualifying Shareholders.
The Rights Issue is not available to Overseas Shareholders.
The Directors believe that the net proceeds from the Rights
Issue will strengthen the capital base of the Company and
alleviate the cash flow difficulties which the Group has
been facing recently.  In addition, the easing of the cash
flow difficulties will also allow the Group to reactivate
its development plans, which were suspended due to the
Group's financial crisis.

As of last week, 19 writs claiming a total of approximately
HK$16.7 million have been served on the Group by its trade
creditors. The amount payable under the claims have yet to
be finalised as the Group is currently in dispute with the
trade creditors on the amount payable and the Directors are
negotiating with them to formulate a settlement plan.

The Rights Issue is conditional. In particular, it is
subject to the Underwriters not terminating the Underwriting
Agreement. The Company has confirmed that it has sufficient
authorised share capital for issuing the Rights Shares.  
(SEHK 09-Apr-1998)


CHINA EVERBRIGHT: Studying Exchangeable Bond Issue
--------------------------------------------------
China Everbright Group is gearing up to launch an
exchangeable bond issue to raise up to US$400 million.  

Although investment banks have been keen to help the company
sell bonds exchangeable into China Telecom (Hong Kong)
shares, sources said a key question hindering the proposal
had yet to be solved.  It concerns a lock-up agreement which
restricts the group's listed flagship China Everbright from
selling its China Telecom shares or equity-linked
instruments for 12 months after it purchased 174 million
shares during its listing last October.  The agreement also
restricts the company from selling more than 50 per cent of
its holding, representing about 1.5 per cent of the China
Telecom's share capital, in the second year.  It is
understood the company has been studying how to issue the
bonds and has yet to make a final decision on the terms and
structure.

It has been reported ABN-Amro Rothschild ha been testing the
market with a view to issuing bonds exchangeable into China
Telecom (Hong Kong) shares for China Everbright this month.  
It is said the five-year bond would carry a 0.5 per cent
coupon rate with a redemption rate of between 180 and 240
basis points over US five-year treasury notes.  The bonds
would be converted into the shares at between a 18 and 22
per cent premium to the share price.  (South China Morning
Post 11-Apr-1998)


DAIDO CONCRETE: Provides Public Update & Trading Resumes
--------------------------------------------------------
Daido Concrete (H.K.) Limited released a statement providing
public investors with an update concerning the status of the
Company as of late last week:

     Further to the announcement of the Company dated 2
March 1998, the board of Directors of the Company wishes to
provide to its shareholders the following up-date of the
position of the Company and its subsidiaries (excluding (a)
Kam Wo which is in voluntary liquidation, (b) Daido Steel
Works & Engineering Ltd., the sale of which shares by a
subsidiary of the Company to Mr Lee Kwok Leung is subject to
an agreement dated 12 March 1998 as disclosed in the
previous announcement of the Company dated 16 March 1998,
and (c) D & D, the sale of which shares by another
subsidiary of the Company is described in this
announcement).

     - Based on the unaudited management accounts of the
Company as announced on 27 February 1998, there was a loss
attributable to shareholders amounted to approximately
HK$46.6 million for the six months ended 31 October 1997 and
a shareholders' deficit amounted to approximately HK$479
million as at 31 October 1997.

     - The Hinsome Loan which was originally due on 3 April
1998 has been rescheduled to be repaid by instalments, the
last of which is payable on 15 May 1998.

     - The Company has received various share and debt
restructuring offers for the Group. The Company is in the
final stage of negotiating the terms on which to accept a
non-legally binding proposal from a potential rescuer, Paul
Y.-ITC Construction Holdings Limited.  The terms for
settlement with financial creditors of the Group under the
Rescue Offer will be subject to their approval.

     - The Group's informal and temporary standstill
arrangements with its financial creditors still continue.

     - DCML and DACL, both wholly-owned subsidiaries of the
Company have entered into the Deed with, inter alia, the
Acquiror for (a) the disposal of DCML's entire shareholding
in one of its indirect subsidiaries, namely D & D; (b) the
assignment of all accounts receivable of D & D as at 30
March 1998 of approximately HK$472,124.62 in principal
amount in aggregate to the Acquiror; and (c) the assignment
to the Company of the net debts of approximately HK$10.8
million in principal amount in aggregate owed by Kam Wo to D
& D as at 30 March 1998.

     - As at the date of this announcement, there have been
no legal proceedings commenced against, and no steps taken
to enforce any security granted by, any member of the Group.

     - The voluntary liquidation of Kam Wo is in progress
and the first creditors' meeting was held on 18 March 1998.

     - The voluntary liquidation of DCCL has been suspended
and the Tokyo District Court received an official
application from DCCL on 31 March 1998 to resume DCCL as an
on-going concern.

     - Based on the current financial condition of the
Group, assuming the current informal standstill arrangements
relating to the payment of interest and principal due to
financial creditors of the Company will continue and the
successful refinancing of the Hinsome Loan, the Directors
are of the opinion that the Company will have sufficient
working capital for its present requirements. Shareholders
of the Company should note that the negotiation process
between the Company, the Group's financial creditors and the
Rescuer respectively is proceeding rapidly and the situation
may be very fluid during the course of such negotiations,
and that the outcome of any rescue/bank standstill
arrangements is extremely uncertain.  The Group's financial
position may deteriorate if the informal and temporary
standstill arrangements between the Group and its financial
creditors cannot be maintained before completion of the
Rescue Offer or other offers from other rescuers, in which
case the Group may be forced into liquidation and trading of
the shares of the Company will be suspended.

     - As the Company is in a net liabilities position at
present, shareholders and investors dealing in the shares of
the Company should exercise extreme caution. Application has
been made to the Stock Exchange for resumption of trading of
the shares of the Company with effect from 10:00 a.m. on 9
April 1998.  (SEHK 09-Apr-1998)


=========
J A P A N  
=========


DAI-ICHI CORP.: Finance Company Shuts Down
------------------------------------------
Dai-Ichi Corp., the Tokyo-based finance company saddled with
$3.3 billion in debt, has decided to shut down, a leading
Japanese financial daily said this month.  The real estate
lender, which has suffered from the decline in Japanese  
property prices, decided to close after its lender banks cut
off financial support, the Nihon Keizai newspaper said.  The
company refused to comment.  (Orange County Register 01-Apr-
1998)


DAIDO CONCRETE: Firm Wants to Resume On-Going Operations
--------------------------------------------------------
The voluntary liquidation of Daido Concrete Company Limited
has been suspended and the Tokyo District Court received an
official application from DCCL on 31 March 1998 to resume
DCCL as an on-going concern.

An administrator, Mr Akira Watanabe, a Japanese lawyer, was
appointed on the same date to regulate DCCL's affairs. The
Directors believe the impact of DCCL's state of affairs on
the restructuring of the Group to be minimal.  (SEHK 09-Apr-
1998)


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


HALLA PULP: Sold to Bowater for US$175 Million
----------------------------------------------
Halla Pulp and Paper has been sold to Bowater of the United
States for US$175 million, helping the Halla Group raise the
cash necessary to tide over its financial difficulties.
Halla officials said Bowater has agreed to keep the current
management and workers on its payroll to sustain the
activities of the paper company located in Yongam, Cholla-
namdo.  Halla completed negotiations with Bowater in four
months in its hope to get at least US$200 million to offset
loans of over 250 billion won poured into the facilities,
they explained.

The paper mill, completed in March last year on a lot of
122,000 pyong at the Taebul industrial complex, has an
annual production capacity of 250,000 tons. One pyong is 3.3
square meters.  Bowater currently operates five
manufacturing facilities with a total processing capacity of
1.8 million tons of paper for newsprints and 880,000 tons of
pulp.  Its turnover last year was US$1.7 billion.

The sell-off of Halla Pulp and Paper is in line with Halla's
overall restructuring program, the main part of which is the
acquisition of a bridge loan of US$1 billion from
Rothschild.

Through the injection of the syndicated loan, Halla is
hoping to regain financial stability at such main
subsidiaries as Mando Machinery, Halla Engineering and
Construction and Halla Cement.  Halla went bankrupt at the
end of last year under debts totaling some 6.5 trillion won,
incurred mainly in the course of constructing the new
shipyard in the southern Cholla province.  (The Korea Times
12-Apr-1998)


HANYANG CORP.: Obtains Licensing for Overseas Construction
----------------------------------------------------------
Eleven years after it returned its license, Hanyang Corp.
has again received a license from the government for
construction business abroad, company officials said
yesterday.  The officials said that Hanyang acquired the
license so that it move once again into foreign markets and
find relief from its economic troubles in the weakened
domestic market.  

Hanyang, which was well-known for its overseas business
performance in the late 1970s, returned its license to the
government in the mid-1980s, when the foreign construction
market experienced slump.

In 1993, Hanyang went bankrupt, and it has been under court
protection since.  Last year, the construction firm posted a
net profit of 800 million won.  (Korea Herald 10-Apr-1998)


HYUNDAI MOTORS: First Chaebol to Announce Layoffs
-------------------------------------------------
Hyundai Motors, South Korea's largest carmaker, Friday
announced plans to cut its 30,000-man work force 20 percent.
Hyundai is the first major conglomerate to announce layoffs
since South Korea adopted a new labor law in February under
pressure from the International Monetary Fund.  (Arizona
Republic 10-Apr-1998)


KOREA FIRST: Goldman Sachs & Union Bank Express Interest
--------------------------------------------------------
Goldman Sachs and Co. has expressed its desire to purchase
stakes in two troubled domestic banks scheduled to be sold
through international bidding, a senior government official
said last week.  The Seoul government, following the World
Bank's recommendation, recently asked eight foreign
financial institutions to submit applications to underwrite
the takeover process for Korea First Bank and Seoul Bank,
said an official involved in the bank's privatization task.   
But Goldman Sachs and Union Bank of Switzerland (UBS), which
were on the list, turned down offers to serve as
underwriter.

Their rejection indicates their interest in taking over of
purchasing stakes in the two commercial banks, because they
cannot participate in bidding while overseeing the process
as an underwriter, he said.

Goldman Sachs has unofficially conveyed its interest in
buying stakes in the two banks to a government official, he
added.  Vulture fund, DLJ, was excluded from the candidate
list because it was late in submitting its application.

Accordingly, the privatization committee of the Ministry of
Finance and Economy will screen offers from the remaining
five underwriter candidates -- JP Morgan, Merrill Lynch,
Morgan Stanley, Salomon Smith Barney and CS First Boston --
and announce a winner within the month.

Besides Goldman Sachs and UBS, Citibank is also showing a
deep interest in participating in international bidding for
the takeover of the banks, market analysts here said.
Citibank Vice Chairman William R. Rhodes, who was in Seoul
last week for the signing of the rollover on Korea's short-
term debts, said the U.S. bank is moving on plans to expand
its business in Korea, including the takeover of a Korean
commercial bank.

The Seoul government has announced its plans to privatize
Korea First Bank and Seoul Bank as soon as possible through
international bidding and choose an underwriter to oversee
the sales process within the month.  After selecting a sales
underwriter, the government will register buying candidates
and conduct bidding in the hope of privatizing the banks by
Nov. 15, as agreed with the International Monetary Fund.  
(Korea Herald 10-Apr-1998)


NEW CORE: Court Mediation Rejected; Receivership Probable
---------------------------------------------------------
Creditor banks of retail giant New Core Group are expected
to suffer from deteriorating asset quality due to bad loans
as the group's application for court mediation was rejected
Wednesday.  "It is inevitable that the creditors' capital
adequacy ratio will be lowered because their loans to the
insolvent New Core Group must be classified as loan losses,"
said an official at one of the banks.  

About 1.2 trillion won in loans extended to the troubled
distribution group will become bad loans as it has no other
choice but to file for court receivership, resulting in its
debt service being frozen.  Banks only have to set aside 20
percent of their capital for loan-loss coverage for loans
extended to firms which are protected under court mediation
following their insolvency.  However, banks are required to
cover 100 percent for loan-loss  provisions for loans to
companies which are protected under court receivership or in
the process of liquidation.

Therefore, court mediation was favored by most of New Core's
creditor banks as they will have to set aside less loan-loss
coverage.  The distribution group also wanted to be
protected under court mediation.  In a desperate effort to
avoid incurring massive bad loans, the creditor banks sent a
letter March 27 to ask the court to grant court mediation to
New Core. However, the court did not accept the demand.

Under court mediation, the management of a troubled firm can
maintain managerial rights while implementing self-rescue
measures.  However, under court receivership, the current
management of a firm must relinquish its managerial rights
to court-appointed administrators.  Fearing that many
bankrupt business conglomerates might abuse court mediation
in order to maintain their current management without
implementing radical self-rescue plans, the government
revised the court mediation law last year to ban big
conglomerates owing more than 250 billion won to banks from
benefiting from court mediation.

The court's rejection of New Core's application for court
mediation was in line with the amended law and the
government moves to strictly  enforce the court mediation
law.  The ill-fated New Core group immediately expressed its
intention to apply for court receivership.  If the court
approves of New Core's court receivership, all of its
creditor banks will have to accumulate 1.2 trillion won for
the full 100 percent loan loss requirements under the
current banking laws.  In that case, Donghwa Bank is
required to set aside 81.4 billion won for loan-loss
coverage, followed by Hanil Bank with 77 billion won and  
Korea Long Term Credit Bank with 76 billion won.  The
potential provision loss for Hana Bank will reach 40 billion
won.  

Banks' loan loss problems will go from bad to worse as four
more ailing conglomerates, all with bank loans exceeding 250
billion won, filed for court mediation.  They are Halla,
Midopa, Chonggu and Ssangbangwool.  If they suffer the same
fate as New Core it will result in some 6 trillion won worth
of bad loans.  As of the end of last year, shipbuilder Halla
Group borrowed  3.03 trillion won from financial
institutions, underwear giant Ssangbangwool Group, 727
billion won, construction group Chonggu, 595 billion won,
and retail firm Midopa Co., 525 billion won.  There are
growing fears that many creditor banks will not meet the
capital adequacy ratio of 8 percent, the minimum requirement
set by the Bank for International Settlements (BIS).  The
International Monetary Fund (IMF) demanded Korean banks to
live up to the BIS ratio in order to boost their asset
quality and reduce risky assets.  The Office of Bank
Supervision (OBS) ordered banks with less than 8 percent BIS
ratio to map out restructuring plans to expand the capital
adequacy standard by the end of this month.  The bank
watchdog plans to take harsh action against banks with less
than 2 percent BIS ratio by the end of June. The actions
will include the shutdown of reeling banks and the
revocation of their licenses.  Banks with the BIS ratio of
2-8 percent are to be subject to partial business
suspension, third party takeover, and mergers and
acquisitions by other financial institutions, according to
the supervisory agency.  (The Korea Times 10-Apr-1998)


SAMSUNG GROUP: Group Structure Dismantled
-----------------------------------------
The Samsung Group last week put an end to its group
structure after four decades, dismantling the secretariat
under the direct control of the chairman and providing
greater independence to subsidiaries.  Under the
restructuring initiative, Samsung is also abolishing this
system of operating subgroups and all that will be left as a
consolidated management body will be a temporary
restructuring committee.  Samsung officials said the
secretariat, the oldest in the country, is being abolished
although there will be a team of around 20 personnel for
supporting  the activities of Lee Kun-hee, now chief
executive of Samsung Electronics.

"The breaking up of the secretariat is basically designed to
terminate the integrated management of Samsung subsidiaries,
thus making them more independent," said one Samsung
official.  The first initiative to break up the group
structure was taken by LG which dismantled its group
planning office from the beginning of this month as it
celebrated its 51st anniversary.  The Samsung officials said
the establishment of the restructuring committee on a
temporary basis under the leadership of Samsung Electro-
Mechanics chairman Kang Jin-ku is needed for expediting
other restructuring measures.

"There are a number of unresolved issues, including the
termination of cross repayment guarantees and the
improvement of the financial structure of Samsung
subsidiaries," the official explained.  

Meanwhile, The Kolon Group said it is establishing a
restructuring task force under the Kolon Corp. now that it
has taken apart its group planning and coordination office.  
(The Korea Times 10-Apr-1998)


SEOUL BANK: Signs Accord with Bankers Trust
-------------------------------------------
Seoul Bank and Bankers Trust New York Corp., a holding
company of Bankers Trust Co., have entered into a strategic
business collaboration, a Seoul Bank spokesman said Friday.   
The signing ceremony for the collaborative agreement was
held between Shin Bok-young, chairman and president of the
Korean commercial bank, and George J. Vojta, vice chairman
of Bankers Trust Co., at the Seoul Bank's headquarters in
downtown Seoul Friday.  

This is the first time that a Korean financial institution
has concluded such an agreement with a world-famous
financier, he said.  Under the agreement, the two banks will
enhance cooperation in such business sectors as the Seoul
Bank's domestic asset-backed securitization (ABS), overseas
businesses and other services.   At the same time, Seoul
Bank and Bankers Trust will make a mutual minority equity
investment that will not affect the management control of
each bank, he said.

Bankers Trust's expertise in strategic restructuring,
advanced financial technology and securitization will also
enable Seoul Bank to restructure its portfolio, including
its non-performing assets secured by domestic real estate,
while providing Seoul Bank with an opportunity to gain
sophisticated knowledge in ABS and credit management.   
Through Bankers Trust's assistance in developing superior
credit analysis and risk management, Seoul Bank expects to
become a leading Korean bank and improve its confidence in
international financial markets, he said. (Korea Herald 11-
Apr-1998)


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


ALOR SETAR: Hearing on Wind-Up Petition Adjourned 3 Months
----------------------------------------------------------
Last December, Landmarks Bhd filed a petition to wind up
Alor Setar Securities for failure to repay a RM35 million
debt.  The hearing on March 30  was adjourned for three
months.  (Business Times 11-Apr-1998)


MALAYSIAN RESOURCES: Malakoff to Buy Power Plant, Ease Debts
------------------------------------------------------------
Independent power producer Malakoff Bhd has agreed to buy a
power plant operator -- majority-owned by parent Malaysian
Resources Corporation Bhd -- for 421.5 million Malaysian
ringgit (S$183.6 million).  Analysts said the move to take
over Teknik Kuasa would  alleviate debt-worries at MRCB.   
MRCB said Malakoff would issue 47 million new shares at RM9
apiece to pay for its acquisition. Of that,  MRCB gets 27.8
million shares, raising its stake in Malakoff to 44.62% from
37%, the company said. The rest goes to MRCB's two partners
in Teknik Kuasa.

Industry sources expect MRCB to place out 10-15% of its
enlarged stake in Malakoff to UK-based National Power  at a
slight discount to Malakoff's recent closing price of
RM9.30.  "The sale of Teknik is to enable MRCB to improve
our  liquidity and to minimise our reliance on our banks as
much as  possible," said MRCB executive chairman Khalid
Ahmad at a press briefing.  Mr Khalid disclosed that MRCB
was in talks with foreign  investors, such as National
Power, which are interested in  acquiring minority stakes in
power projects in Malaysia.

MRCB said in a statement that a placement of its shares in  
Malakoff to strategic investors would see the "company's  
equity interest in Malakoff fall below 33%".  An analyst
said: "It's a good deal for both parties. It removes  
shareholder risk associated with Malakoff, and gives
Malakoff a strong strategic partner."  Analysts expect MRCB
to retire some of its short-term  obligations with proceeds
from the placements.   MRCB's financial position has been
severely battered as a  result of the financial turmoil.  
The company took out a US$250 million (S$399.1 million)  
loan to pay for a 27 per cent stake in Rashid Hussain Bhd
last  year but found it could not service this short-term
debt. Forex  translation losses on that loan alone amounted
to RM347  million at the end of last year, analysts said.  
MRCB declared in December that its foreign creditors had  
decided to restructure 35 per cent of the loan into one with
a  longer tenure. Since then, however, there has been no
news of  further restructuring such that a bigger portion of
the loan is  stretched over a longer tenure. The company has
put its total  debt at RM1.6 billion.

Analysts expect MRCB -- which secured a three-month  
extension on the release of its financial results -- to sell
off  more assets so it can retire more of its debts.
Minority stakes  in TV3 and its banking assets are expected
to be auctioned  off.  Following the share placement, the
company's debt-to-equity  ratio is expected to improve from
roughly 80% to 70%.  (Business Times 10-Apr-1998)


PACIFIC CARRIER: Put Under Liquidation by English Court
-------------------------------------------------------
Pacific Carriers yesterday announced that its Panama-
incorporated associate company Pac-Line SA has been put
under liquidation under an English Court order. Pac Carriers
started liquidation proceedings following Pac-Line SA's
failure to settle outstanding charter hire of about US$1.9
million (S$3 million), for which Pac Carriers got an
arbitration award of US$0.59 million and interest.  
(Business Times 10-Apr-1998)

The liquidation will have no significant effect on Pacific
Carrier's earnings per share and net tangible assets as full
provision was made for the losses of its investment in the
Panamanian-registered shipping line in the last financial
year, the company said.  (The Straights Times 10-Apr-1998)


SIME BANK: RHB Takes Over the Reins
-----------------------------------
Rashid Hussain Bhd (RHB) has taken over the management of
Sime Bank, indicating that its acquisition of the
financially-troubled bank is well on track.   Late last
week, RHB Bank chief executive officer Yvonne Chia was
appointed Sime Bank CEO, taking over from Tunku Ahmad Tunku
Yahaya.  Tunku Ahmad, who remains Sime Bank chairman, said
RHB took over the management of the bank after a formal
management agreement was sealed by the two parties. He added
that, with RHB taking over the reins, confidence in Sime
Bank would be restored.

The management agreement retains RHB to manage the Sime Bank
group's businesses, operations and affairs. This includes
all major subsidiaries.  However, as a result of the
management takeover, Sime Bank has terminated its technical
service agreement with Australia and New Zealand Banking
Group Ltd. The termination was by mutual consent, it said.  
Meanwhile, the announcement yesterday is likely to clear
doubts over RHB's ability to carry out its proposed
acquisition of Sime Bank. Doubts were raised after RHB
failed to follow up on its proposal which was disclosed last
month, on March 10.

The delay sparked rumours that RHB was having trouble in
financing its acquisition. Sime Bank requires a capital
injection of M$1.2 billion (S$523 million). It suffered a
loss of M$1.8 billion for the half-year ended Dec 31, 1997.  
Finance Minister Anwar Ibrahim on Thursday dismissed rumours
that the deal was on the verge of falling through.  "This is
absolutely not true and not the case . . . the delay is
partly due to my instruction that they should not make any
announcement until everything is in order. I want the
announcement to be totally open and transparent," Mr Anwar
said.  The RHB stock and those of RHB Capital Bhd and RHB
Sakura Merchant Bankers Bhd have been suspended and will
remain so until April 13, pending details of RHB's funding
scheme for its purchase of Sime Bank.  (Business Times 11-
Apr-1998)


TA SECURITIES: Firms' Dealings via TA Sec Under Probe
-----------------------------------------------------
The Kuala Lumpur Stock Exchance (KLSE) is conducting
investigations into four stockbroking houses, believed to be
in relation to transactions placed through TA Securities.   
The four are Halim Securities, Alor Setar Securities, and
Omega Holdings Bhd's WK Securities and Omega Securities.  

Industry sources said the KLSE "has opened a file" on the
firms - all of which have been placed under trading
restrictions - and is in the process of ascertaining the
deals placed through TA Securities which may have led to
their cash flow problems.  A source confirmed that a KLSE
investigation is indeed under way, noting however that "it
is a huge task" and expected to be quite time consuming as
every single transaction has to be scrutinised.  

TA Enterprise Bhd had reported an 84 per cent drop in net
profit to RM38.6 million for the year ended January 31 1998,
due largely to the market downturn which had led to
unfavourable operating conditions for its stockbroking  
business.  In particular, the second half saw a significant
contraction of trading volumes, a spike-up in funding costs,
and higher provisions for doubtful debts and diminution in
investment value.

The KLSE has thus far placed 10 stockbroking firms under
trading restrictions. Apart from the four, the others are
SimeSecurities, MGI Securities, Labuan Securities, MBf
Northern, Capitalcorp Securities and Kin Khoon & Co Sdn Bhd.    
They have to undertake remedial measures to strengthen their
financial positions or face merger, acquisition or even
closure.  (Business Times 11-Apr-1998)


TDM BERHAD: Company Showing Progress in Turnaround
--------------------------------------------------
TDM Berhad, which owns the A&W fast food franchise in
Malaysia, has taken over the management of Pertima
Terengganu Sd Bhd, the food and drinks plant run by
Perbadanan Memajukan Iktisad Negeri Terengganu (PMINT), said
TDM chairman Datuk Mohd Zaki Haji Yusoff today.  Since the
operations were taken over by TDM from the middle of last
year, the new management team had managed to reduce
Pertima's losses to RM346,000 last year from RM1.4 million
in 1996.  "We are confident that with the corrective
measures, Pertima is capable pf reporting a profit this
year," he told Bernama here.

Pertima was set up in 1972 and has a paid up capital of
RM7.4 million. It has a plant in the Chendering industrial
area which produces canned food like sardines, chicken and
beef curry, beef kurma and juice drinks.   Mohd Zaki said
Pertima would now reduce its food and drinks production and
instead concentrate on producing items needed by the A&W
chain such as chilly and tomato sauces and other pre-packed
items.   "The plant will continue with its sardine
production which has received good response and will produce
other items if there was a request or if the company won a
government tender," said Mohd Zaki. He said TDM expected to
reduce its purchasing costs by 20% under this new programme
since it spent RM1 million on chilli and tomato sauces each
year.  Mohd Zaki said production of certain products would
rise in stages including curry powder and chicken food
preparations for its restaurant chain.

"In this regard, Pertima's plant, which is located next to
TDM's chicken processing factory, will help in the
delivery," he said. Mohd Zaki said the products would also
be supplied to A&W restaurants in Singapore and Brunei. TDM
also holds the A&W franchise in those two countries as well
as Bangkok in Thailand.  (The Star Online 09-Apr-1998)


UNITED ORIX:  Equity Restructuring Moving Forward
-------------------------------------------------
Antah Holdings Bhd has entered into a conditional share sale
agreement to sell its 13 per cent stake comprising 6.5
million shares in United Orix Leasing Bhd (UOL) to Orix Corp
of Japan for RM25.03 million, or RM3.85 per share.  Upon
completion of the proposed disposal, Antah will have a 20
per cent interest in UOL.  Antah, in a statement, said the
proposed disposal is part of UOL's equity restructuring
exercise, to strengthen its financial position and to enable
Orix to hold an eventual 80 per cent interest in UOL.  Antah
said as a new major shareholder in UOL, Orix will be able to
provide substantial financial support to the UOL Group.

The equity restructuring also involves the proposed
acquisition by Orix of  the entire 22.5 per cent equity in
UOL from Amanah Capital Partners Bhd and the  subscription
by Orix of one million redeemable preference shares in UOL
at a  subscription rate of RM100 per share, for a total cash
subscription of RM100  million.  The proposed disposal is
expected to be completed after the financial year  ending
June 30 and it will not have any effect on the earnings and
net tangible  asset of the Antah Group.  It is, however,
expected to improve Amanah Capital's net tangible asset per  
stock unit from RM2.35 to RM2.38.  It will also realise
exceptional gains of RM22.4 million and RM2.4 million at the
company and group level respectively for the next financial
year end.  The sale consideration, which is to be satisfied
by cash, was arrived at on  a willing-buyer-seller basis
after considering the net tangible asset of UOL  Group.

The disposal is conditional upon the approval of Bank Negara
Malaysia to UOL  from compliance with with ECM8 - Credit
Facilities to Non-Resident Controlled  Companies - in
respect of UOL's existing credit facilities.  It is also
subject to approval of the Foreign Investment Committee, the  
Securities Commission - for a waiver to Orix from having to
undertake a mandatory general offer for the remaining shares
in the company - and the shareholders.  

Antah said the sale proceeds will be used to reduce its bank
borrowings  and/or finance the other businesses of the
group.  (Business Times 10-Apr-1998)


WEMBLEY INDUSTRIES: Ekran Denies Liability for Wembley Debts
------------------------------------------------------------
Malaysian construction group Ekran Bhd said Thursday is not
responsible for any of the obligations of the collapsed
Wembley Industries Holdings Bhd, the national Bernama news
agency reported.  "As Wembley is a distinct separate legal
entity, Ekran shall not be responsible to assume any
obligations, liabilities and claims whatsoever of Wembley
and its subsidiaries," Bernama quoting a statement by Ekran.  
On March 30, Wembley was placed under receivership by
PhileoAllied Bank (Malaysia) Bhd for failing to meet its
debt obligations with the bank.  Wembley owes PhileoAllied
Bank around 130 million Malaysian ringgit (S$56.6 million).  

Ekran owns a 32.8 per cent stake in Wembley.  Ekran said
losses, if any, can only be attributed to Ekran in the  form
of diminution in the value of its investments in Wembley.  
Ekran said its shares would remain suspended. They were last  
traded at RM1.18 on March 30.   (Reuters and Business Times
10-Apr-1998)


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


INTERNATIONAL CONTAINER: Completes Equity for Debt Swap
-------------------------------------------------------
A wholly-owned subsidiary of International Container
Terminal Services, Inc. (ICTSI) recently turned its
Philippine peso (PhP) convertible notes into common shares
in the port operator valued at PhP255 million.  ICTSI Manila
Holdings, Inc. gained an additional 100 million common
shares in ICTSI at a conversion price of PhP2.55 per share
effective last April 1, a disclosure to the Philippine Stock
Exchange (PSE) yesterday said.  As of January 1996, ICTSI
Manila Holdings had a 9.98% stake in the port operator.
ICTSI has a contract to operate the Manila International
Container Terminal (MICT) for 25 years.  It was tasked to
transform the MICT into a world-class port terminal using
state-of-the-art equipment and computer services.  
(BusinessWorld 10-Apr-1998)


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


BANGCHAK PETROLEUM: Kuwait Petroleum Denies Deal in Works
---------------------------------------------------------
Kuwait Petroleum Corp (KPC) last week denied that it had
struck a deal to purchase a 72% share in Bangchak Petroleum
Plc, the majority state-owned oil refiner and marketer.
Arnooparp Charmnikorn, acting managing director of Kuwait
Petroleum (Thailand), yesterday denied the reports at the
request of the Finance Ministry, which is offering to sell
its 48% stake in Bangchak.  Some stock analysts suggested
earlier that KPC had purchased a 40% stake from the ministry
and 24% from the Petroleum Authority of Thailand (PTT) at 20
baht a share with a three-baht-a-share commission included
in the price.  Commission became a sensitive word that
annoyed Thai and Kuwaiti officials because it could imply
corruption.  Mr Arnooparp insisted there had not been any
informal or official negotiations involving KPC, the
ministry and PTT on the Bangchak share issue.
However, he did not rule out KPC buying the Bangchak shares
since the company had expressed an interested in investing
in Thailand's oil refining industry.  "We need to look at
their proposals to determine if they were attractive
enough," the executive added.  He said several oil refiners
in Thailand, which he declined to name, have invited KPC to
buy part of their firms.  

KPC has been looking for opportunities to buy a stake in
Thailand's existing oil refineries to support its expanding
retail oil marketing in the kingdom.  The company now
operates 113 Q8 service stations in Thailand. It is spending
US$50 million a year to add 30-40 outlets annually.
Bangchak management is opposed to the government's bid to
sell its stake in the company to foreign oil concerns like
KPC. The Chuan government is pushing ahead with the Bangchak
share sales to help raise funds during the economic crisis.  
(Bangkok Post 10-Apr-1998)


KIATNAKIN FIANNCE: Return to Bourse Looks Grim
----------------------------------------------
Kiatnakin Finance and Securities Plc (SET:KK), which resumes
trading today, is facing the prospect of its share price
plunging because of unclear long-term business prospects and
no firm signals yet for the battered Stock Exchange of
Thailand.  An analyst at Capital Nomura Securities Plc said
KK will not be so interesting to investors because it
apparently has no new partners in sight.  Unlike KK, which
is financially assisted by creditors, Bangkok Investment Plc
is said to have a better structure with its partnership with
US-based AIG Consumer Finance Group. BIC has avoided
liquidation and will start trading soon.
In comparison, the analyst added, KK still lacks a niche in
the market although the company had announced earlier that
it intended to find one.  "Investors may dump this stock
aggressively as the company has nearly closed down. Which
means the company is in serious financial trouble although
financial authorities have allowed it to resume operations,"
he said.

Earlier, several analysts had speculated that KK's share
price would fall by as much as 40 to 50 per cent from its
closing price at Bt19.25 on Aug 5 last year.  Another
analyst with a large-sized brokerage house said, however,
KK's price will fall to a supporting level at about Bt13 to
Bt14 and then stabilise.  "KK's share price will probably
dip suddenly on its first day of resumed trading but would
not drop too low because there are still many investors who
play on KK's stocks," another analyst said.  Despite the
expected downward direction in KK's share price, the firm
still looks better than many other operating finance
companies in Thailand, he said.  However, looking at other
share prices, KK could trade at lower than Bt16, the
National Finance Plc (NFS) trading level, he said.

"Do you think KK has a stronger financial position than NFS?
If not, KK should not trade higher than Bt16. Moreover, if
KK's financial position is not better than Dhana Siam
Finance and Securities Plc, then its should be lower than
Bt12," he said.  An analyst said a sharp drop in KK's share
price would not be surprising because its last trade was at
Bt19.25, very close to its peak of Bt21.75. Since August,
the finance index has dropped by about 30 per cent and
closed at 1,964.46 yesterday.  He said KK's net assets
value, its book value and its reserve on risk assets would
indicate its share prices. Moreover, the sentiment in the
market was also an important factor which would affect the
price.

The Bank of Thailand has liquidated 56 of 58 finance
companies it suspended last year in a restructuring and
consolidation of the debt-ridden sector, and KK had been
authorised to resume business operations on April 1 after
successfully recapitalising.  (The Nation 10-Apr-1998)


NAKORNTHORN BANK: Upbeat on Securing K I Woo Partnership
--------------------------------------------------------
Nakornthorn Bank's CEO clears up a few points on his bank's
recapitalisation negotiations with K I Woo.  It's been a
tough couple of weeks for Vorawee Wanglee. The CEO of
Nakornthorn Bank has been inundated with inquiries regarding
his bank's recapitalisation efforts.  While the investment
community expected Nakornthorn Bank would soon follow Thai
Danu Bank and Bank of Asia, two similarly rated banks, in
announcing a strategic alliance with a major international
bank, the quiet but expectant calm was suddenly blasted away
last week by an article in The Asian Wall Street Journal.
The article claimed that the Bank of Nova Scotia,
Nakornthorn Bank's long-time suitor had permanently broken
off negotiations with the bank. In addition, it implied that
the Canadian bank had insisted on onerous conditions,
including a lower-than-expected purchase price, management
control and a name change, which the present shareholders
refused to accept.

Vorawee confirmed to The Nation that both banks are still in
discussion. "Basically nothing has changed. We are still in
the midst of negotiating to have Bank of Nova Scotia as our
strategic partner," he said.   To further clear the air,
Vorawee revealed that the Bank of Nova Scotia wasn't the
only foreign bank engaged in securing Nakornthorn as its
strategic partner. "I'm sorry, I can't say who they are,
because it may cause us to lose some leverage in our on-
going negotiations," he said.  He said that since the bank
has until Aug 15 to make a deal. The management will
carefully sift through all the proposals to ensure that
shareholders will end up with the best deal.  To help the
bank reach a decision, Nakornthorn recently hired investment
bank Deutsche Morgan Grenfell. Christopher Clower, a
Singapore-based DMG manager is currently advising Vorawee
and the Nakornthorn board. "We were hired at the end of last
month," Clower said.  At financial industry parties, several
days after the AWSJ article, the question raised by
officials from many of Nakornthorn Bank's foreign creditor
banks, was whether the Bank of Nova Scotia had pulled out of
the deal.  

An official of a large European bank told The Nation that
his bank was concerned with its large Nakornthorn Bank
"exposure".  Although Nakornthorn Bank has long been rated
as a conservatively-managed bank with few known loans to
Wanglee-controlled affiliates, recent revelations about a
Bt600 million non-performing loan to the restructuring
Alphatec Plc have raised questions about the quality of the
bank's loan book. Vorawee assured The Nation that the bank's
non-performing loan ratios were no worse that other,
equally-rated banks. "Unlike some Thai banks, Nakornthorn
has less than 10 per cent of its loans in the troubled
property sector," he said.  To stem the fallout from the
report, Vorawee and Kevin Rowe, a Bank of Nova Scotia
negotiator from Canada immediately issued a joint press
release, vehemently denying that negotiations had broken
off.  Vorawee asserted that interchanges with Bank of Nova
Scotia officials, had never involved any potential deal-
killing pricing or management control questions.  DMG's
Clower added that while negotiations are continuing with the
Bank of Nova Scotia, he didn't think Nakornthorn should
focus on just one potential recapitalisation solution. "At
this point, we want to keep everything on the table and
evaluate all the proposals," he said.  In addition to
evaluating proposals from banks already involved in
negotiations, Clower said DMG will also selectively identify
other foreign banks and financial institutions which may be
suitable as strategic partners or investors. He also implied
that unlike the Thai Danu and Bank of Asia deals, involving
a single foreign bank acquiring a controlling interest, the
Nakornthorn deal could possibly include both a strategic
partner and a financial investor.

Many industry observers however, say they would be surprised
if Nakornthorn struck a different deal from those of TDB and
BOA. Control in both banks was passed on to their foreign
benefactors.  Vorawee added that the Wanglee family, who
control about 40 per cent of Nakornthorn Bank's shares, have
also accepted the fact that any potential strategic partner
may demand more than 50 per cent of the bank's shares. "We
may also have to give them the right to participate in
management," he said.  He also said that family members
agreed that it would be impossible for them to recapitalise
the bank on their own. "The family itself, at this time,
doesn't have the means to raise billions of baht just to
support the bank," he said.  However, Vorawee said that
while family members agree they will be ceding control to
deeper-pocketed global investors, they still want to be part
of Thailand's banking business.  Although the family's
interest could be cut to as little as 15 per cent, if a deal
similar to the Bank of Asia deal was inked, Vorawee said the
family would be more than happy to dilute the family's
holding if a strong strategic partner takes control. "We
want to grow with a strategic partner and at the same time
look after our shareholders' interests. We're not just
trying to save face," he said.  

While the bank has received many proposals from interested
parties, there may be one warning for Vorawee and Clower's
optimism. To date, Clower said there have been no definite
written offers put on the table. "While we haven't really
sat down across the table and negotiated specific issues,
we've seen many ideas which we think are workable," he said.  
(The Nation 10-Apr-1998)


SEMICONDUCTOR VENTURES: Hambrecht Dominates New Board
-----------------------------------------------------
Semiconductor Ventures International (SVI) last week
appointed a new board of directors during its shareholders
meeting.  Four of the seven new directors are from the
company's new US-based majority partner, Hambrecht & Quist
Group, which bought a 94.5% stake in SVI through the
auctions of shares held by Bangkok Bank of Commerce in
December last year.  The shares were placed with BBC as
collateral by Ms Sunantha Harnovorakiat, Adnana Khashoggi,
and Silver Star Investments. H&Q purchased the shares for $1
million.  H&Q, which took the stake through its affiliate
Asia Pacific Electronic, plans to create new markets for SVI
in the United States and other untapped areas.
H&Q has extensive experience in electronics and technology
business.

The company's managing director and new SVI board member,
Virapan Pulges, said H&Q would assist with the marketing of
SVI's products by using its international network to drag
the company out of its current financial crisis.
Gen Tienchai Sirisumpan has retained his chairmanship of the
board and Peter Roskam remains as SVI's managing director.
Gen Tienchai and Dr Pruchya Piumsomboon were appointed as
independent directors to the board.  Mr Virapan had earlier
indicated H&Q would bring in its own board members to assist
the firm but would leave other parts of the management
intact.

He indicated SVI would raise its capital by 150 million baht
by the end of 1998 as part of the company's rehabilitation
plan and another 150 million baht by the end of 1999 if it
was required.  SVI had received a grace period of eight
years from its creditors to repay the principal amount of
240 million baht -- no repayments have been made on some of
these debts for the last two years.  (Bangkok Post 10-Apr-
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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