TCRAP_Public/980427.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      

      Monday, April 27, 1998, Vol. 1, No. 47

                    Headlines


C H I N A   &   H O N G   K O N G

CENTURY CITY: 1997 Results Announcement
CHINA SHIPPING: Parent Group Aids Restructuring
FRANKIE DOMINION: 1997 Results Announcement
GZITIC HUALING: Posts Heavy Losses
HWA KAY THAI: Restructuring Negotiations Continue
JINHUI HOLDINGS: 1997 Results Announcement
PACIFIC PORTS: Share Purchase Agreement
PEREGRINE INVESTMENTS: Watchdog May Investigate
THEME INTERNATIONAL: Negotiating Standstill Agreement


K O R E A

CORYO SECURITIES: Faces Imminent Shutdown
DONGSUH SECURITIES: Faces Imminent Shutdown
HANBO STEEL: Details on Debt Load
KIA MOTORS: Former President Named Head of Asia Motors
KIA MOTORS: Speculation on Company's Rescue Chances
TONGIL HEAVY: Shares Suspended on Loans Rumors

M A L A Y S I A

SIME BANK: Details of RHB Purchase


P H I L I P P I N E S

FINANCIERA MINILA: Placed Under Receivership


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

CENTURY CITY: 1997 Results Announcement
---------------------------------------
For the period January 1, 1997 to December 31, 1997,
Century City International Holdings reports a profit of
HK$772.1M on a turnover of HK$6,504.0M. This compares to a
profit of HK$1,041.0M on a turnover of HK$5,588.6M for the
corresponding 1996 period. The exceptional items in 1997
represent the profits of HK$567.1 million (1996-HK$605.3
million) and HK$27.2 million (1996 - HK$75.9 million)
respectively realised from disposals of certain share
investments and investment properties, and a provision of
HK$509.6 million (1996 - nil) made against certain of the
Group's investments.
(SEHK 22-Apr-1998)


CHINA SHIPPING: Parent Group Aids Restructuring
-----------------------------------------------
China Shipping Development is preparing for another round
of asset injections after buying 19 oil tankers from its
parent, China Shipping Group, last month. Chairman Li Kelin
said the H share was holding preliminary talks about the
next restructuring step at its parent, including further
acquisitions and management of assets.

Directors will seek shareholder approval at an annual
meeting in June for a general mandate to issue new H and A
shares representing 20 per cent of the capital of each. Mr
Li said the mandate would pave the way for a share
placement to fund potential asset injections. He said it
would buy assets from its parent as well as outside firms,
and potential assets would not be confined to the shipping
business.

Last month's purchase by China Shipping Development of 19
oil tankers from its parent for 1.4 billion yuan (about
HK$1.3 billion) was funded partly by an H-share placement
under a mandate approved last year.

China Shipping Development's shares surged more than 10-
fold last year on expectation of asset injections by China
Shipping Group, the mainland's second largest shipping
firm.

On Wednesday, the company became the first H share to
report net losses last year of 74.58 million yuan and
operating losses of 285.2 million yuan (TCR-AP 24-Apr-
1998).
(South China Morning Post 24-Apr-1998)


FRANKIE DOMINION: 1997 Results Announcement
-------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Frankie Dominion International Ltd. reports a profit of
HK$3,779,000 on a turnover of HK$980,794,000. This compares
to a profit of HK$13,841,000 on a turnover of
HK$1,031,900,000 for the corresponding 1996 period.
(SEHK 22-Apr-1998)


GZITIC HUALING: Posts Heavy Losses
----------------------------------
Gzitic Hualing Holdings, formerly Hualing Holdings, has
plunged further into the red, racking up $175 million in
net losses last year from $78.43 million in losses a year
ago. Turnover fell 15.8 per cent to $883 million from $1.05
billion a year earlier. Losses per share were 21.9 cents
against 12.6 cents previously. No dividend will be paid.

Last December, Guangzhou International Trust & Investment
Corp (Gzitic), the majority owner of the refrigerator-
maker, reshuffled the management in order to bolster the
loss-making firm's performance and allow it to diversify
into other businesses.

Chairman Xu Zhi said: "Market remained stagnant as
consumers tended to be cautious and conservative after
years of tight economic policies. Manufacturers trimmed
price and squeezed margin to grab market share in order to
survive."
(South China Morning Post 24-Apr-1998)


HWA KAY THAI: Restructuring Negotiations Continue
-------------------------------------------------
The Company is continuing in its efforts to complete the
unfinished components of its rescue plan, however, since
the date of the Announcement no significant progress has
been made in this regard; and the Company is continuing in
its efforts to seek new equity capital, but no agreements
have yet been reached. If the Company is ultimately unable
to restructure its indebtedness with Puma AG, and its
bankers and trade creditors; renegotiate its current trade
terms with Puma AG; or secure new equity capital, it may go
into liquidation.

By Order of the Board
Ronald Yue
Managing Director

Hong Kong, 22nd April, 1998

(SEHK 22-Apr-1998)


JINHUI HOLDINGS: 1997 Results Announcement
------------------------------------------
For the period January 1, 1997 to December 31, 1997, Jinhui
Holdings Company Ltd. reports a net loss of HK$51,934,000
on a turnover of HK$1,602,667,000. This compares to a
profit of HK$52,420,000 on a turnover of HK$2,053,411,000
for the corresponding period in 1996. Exceptional items
include a loss on short term listed investments, including
provision for diminution in value, a provision for
diminution in value in associated companies and a provision
for doubtful debts.
(SEHK 23-Apr-1998)


PACIFIC PORTS: Share Purchase Agreement
---------------------------------------
The Company has been informed that an agreement has been
entered into for the purchase of shares in the Company. The
directors have been informed that the agreement may lead to
a possible offer for all the shares in the Company.

The Company applied for the suspension of trading in shares
in the Company with effect from 10.00 am on the 22nd of
April 1998. An application has been made to the Stock
Exchange for the resumption in trading of the shares with
effect from 10.00 am on the 23rd of April 1998.

Further to the joint announcement made by the Company and
New World Infrastructure Limited dated 21st March 1998, the
directors of the Company wish to announce that they have
been verbally informed that on the 21st of April 1998 a
formal sale and purchase agreement for the purchase of
shares in the Company was entered into between New World  
Infrastructure Limited, Seashore Development Limited,
Fairyoung Holdings Limited and Angklong Limited. The
directors have been verbally informed that the agreement
may lead to a possible offer for all the shares in the
Company not already owned, or agreed to be acquired, by  
Seashore Development Limited. For further details of    
this agreement you are referred to the two separate
announcements of Fairyoung Holdings Limited and New World
Infrastructure Limited which the directors understand are
to be published on the 23rd of April 1998.

The Company applied for the suspension of trading in shares
in the Company with effect from 10:00 am on the 22nd of
April 1998. An application has been made to the Stock
Exchange for the resumption in trading of the shares with
effect from 10:00 am on the 23rd of April 1998.

    By Order of the Board
    Ng Yee Chun
    Deputy Managing Director

    Hong Kong, 22nd April, 1998

(SEHK 23-Apr-1998)


PEREGRINE INVESTMENTS: Watchdog May Investigate
-----------------------------------------------
Securities and Futures Commission chairman Anthony Neoh
yesterday refused to confirm whether the watchdog was
investigating the collapse of Peregrine Investments
Holdings, saying only it would look into any case where
misconduct may have appeared. Mr Neoh said Peregrine's
provisional liquidator had a duty to report to the court if
he found that any former directors of the collapsed group
had failed to carry out their duties as directors. He said
he was prohibited by law from talking about any SFC
investigations.

Sources say the SFC is believed to be concerned that the
market may have been misled before Peregrine collapsed in
January. In October Peregrine issued announcements
stressing its financial situation was healthy.
(South China Morning Post 24-Apr-1998)


THEME INTERNATIONAL: Negotiating Standstill Agreement
-----------------------------------------------------
On 4th April, 1998 the board of directors (the "Board")
of Theme International Holdings Limited (the "Company")
announced, amongst other things, summary details of an
independent review of the Company and its subsidiaries (the
"Group") by KPMG Peat Marwick in which KPMG Peat Marwick
identified acute liquidity problems of the Group, and the
extension of a HK$80 million, one-year, on demand,
secured loan facility to the Company by a wholly owned
subsidiary of China Everbright Limited. This announcement
provides further information on the Group in order for the
shareholders of the Company and potential investors to
appraise the Group's position.

As at 10th January, 1998, the Group had utilised a total of
approximately HK$1,000 million of banking facilities
available to it. All the unutilised banking facilities in
Hong Kong and Taiwan are no longer available to the Group
and all the Group's indebtedness to its bankers, with the
exception of those relating to the Group's operations in
Singapore, is presently due. As of 17th April, 1998, so far
as the Board is aware, the Group had received letters of
demand for repayment from its bankers of approximately
HK$216 million. No writ or legal action has been initiated
by its trade creditors or bankers.

The Company is negotiating a standstill agreement with its
bankers. As of the date of this announcement, no formal
and legally binding standstill arrangement has been
established. On the basis of a standstill of the payment of
interest and principal due to the Group's bankers,
reinstatement of the Group's unutilised banking facilities,
the availability of the loan facility granted by the
subsidiary of China Everbright Limited and the
implementation of cost reduction plan and repositioning of
the business of the Group, the Group believes it will carry
out a sufficient level of operations to warrant the
continued listing of the Company's shares on the Stock
Exchange.

Application has been made to the Stock Exchange for a
resumption of trading of the Company's shares with effect
from 10:00 a.m. on Wednesday, 22nd April, 1998.
Shareholders of the Company and potential investors should
exercise extreme caution when dealing in the shares in the
Company and consult their advisers if they think fit.

As at 10th January, 1998, being the cut off date on which
KPMG Peat Marwick prepared a summary of bank indebtedness
of the Group, the Group had utilized a total of
approximately HK$1,000 million of banking facilities
available to it, of which approximately HK$791 million of
which were secured by the Group's assets with a book value
of approximately HK$1,320 million as at 30th September,
1997. Approximately HK$251 million and HK$66 million of
such utilized banking facilities were accounted for by the
Group's operations in China (principally in Hong Kong) and
Taiwan respectively, with the remaining balance accounted
for by the Group's operations in Singapore. All the
unutilised banking facilities in Hong Kong and Taiwan of
approximately HK$300 million are no longer available to the
Group and all the Group's indebtedness to its bankers,
with the exception of those relating to the Group's
operations in Singapore, of HK$316 million is presently
due. As of 17th April, 1998, so far as the Board is aware,
the Group had received letters of demand for repayment from
its bankers in an aggregate amount of approximately HK$216
million. The Board is not aware of any material changes in
the amount of bank indebtedness of the Group subsequent to
10th January, 1998.

However, the Board is not currently aware of any writ or
legal action having been initiated by its trade creditors
or bankers for any claim against any member of the Group.
Apart from the bank indebtedness, the Company has also
drawn down HK$5 million of the HK$80 million, secured, on
demand loan facility granted by a subsidiary of China
Everbright Limited as announced by the Board on 4th April,
1998. Subject to the fulfilment (or waiver) of the
conditions precedent of the loan facility, a total of HK$75
million may be available to the Company under the facility.

The Company is presently in the process of negotiating a
standstill agreement with its bankers so that the Group can
implement a restructuring of its capital and indebtedness
and reposition its businesses. As of the date of this
announcement, no formal and legally binding standstill
arrangement or restructuring proposals have been
established. On the basis of a standstill of the payment
of interest and principal due to its bankers, reinstatement
of the Group's unutilised banking facilities and with the
availability of the loan facility granted by the subsidiary
of China Everbright Limited pursuant to the aforementioned
facility, the Board is of the opinion that the Company will
have sufficient working capital for its day to day
operations.

The Group is principally engaged in the manufacture,
retailing and trading of garments, department store
operation and investing in a portfolio of listed and
unlisted securities. In view of the tight liquidity
position of the Group and the difficult retail market
conditions in its principal areas of operation, the
Company is implementing a cost reduction plan and
repositioning its businesses with a view to restoring the
Group's operations to profitability and to generate
sufficient cash to meet operating and debt servicing
requirements.
(SEHK 22-Apr-1998)


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

CORYO SECURITIES: Faces Imminent Shutdown
-----------------------------------------
Two South Korean brokerage houses Coryo and Dongsuh face a
business shutdown from May unless they come up with
management improvement measures required by the Financial
Supervisory Commission (FSC) this month. The top financial
watchdog said Friday that it would call on the Finance and
Economy Ministry to cancel the business licence of the
bankrupt securities companies on May 1 if they could not
prove their viability before their operation suspension
expires this month.

The two brokerage houses were granted four extensions of  
suspensions to seek ways to recover since going bust. The
FSC demanded that Coryo submit a plan on how it would  
repay its borrowings from the investor deposit fund by
year-end, as well as a promise that its creditors would
offer extra liquidity assistance.

For Dongsuh, the FSC wants it to present a credit  
assessment by accredited foreign credit rating agencies or  
management appraisal by home supervisory bodies on the U.S.
investment firm Horizon Holdings, with which it signed a  
takeover contract. The commission also required documents
on Horizon Holdings' articles, shareholders, and its
affiliates as well as its experience in securities
operations and overall sales performance.

In addition, it called for written proof that $US100  
million spent to purchase Dongsuh's stock and subordinated  
bonds had been deposited in a local financial institution.
The FSC noted that Coryo had ignored the order, given more
than five times, to repay investor deposit fund loans
within the year since bankruptcy in December, and that the
dealer's creditors had also no intention of offering
additional assistance.

FSC officials said that although Dongsuh had indicated that  
it would be merged by a foreign company, it had failed to  
attach sufficient materials proving its viability after  
take-over. The FSC made it clear that Horizon Holdings must
meet the standards required for a newcomer in the local
securities market.

Under the guidelines, the company has to be a securities  
dealer or own a securities subsidiary and also must meet
net worth and financial structure requirements. If Coryo
and Dongsuh supplement their restructuring plans under its
instruction, the FSC will re-determine the fate of these
two companies.

Their suspension period will be extended till a new  
decision is announced. But insiders are skeptical of the
two brokerage houses coming up with new measures
satisfactory to the FSC by the end of this month.
(Asia Pulse 24-Apr-1998)


DONGSUH SECURITIES: Faces Imminent Shutdown
-------------------------------------------
Two South Korean brokerage houses Coryo and Dongsuh face a
business shutdown from May unless they come up with
management improvement measures required by the Financial
Supervisory Commission (FSC) this month. The top financial
watchdog said Friday that it would call on the Finance and
Economy Ministry to cancel the business licence of the
bankrupt securities companies on May 1 if they could not
prove their viability before their operation suspension
expires this month.

The two brokerage houses were granted four extensions of  
suspensions to seek ways to recover since going bust. The
FSC demanded that Coryo submit a plan on how it would  
repay its borrowings from the investor deposit fund by
year-end, as well as a promise that its creditors would
offer extra liquidity assistance.

For Dongsuh, the FSC wants it to present a credit  
assessment by accredited foreign credit rating agencies or  
management appraisal by home supervisory bodies on the U.S.
investment firm Horizon Holdings, with which it signed a  
takeover contract. The commission also required documents
on Horizon Holdings' articles, shareholders, and its
affiliates as well as its experience in securities
operations and overall sales performance.

In addition, it called for written proof that $US100  
million spent to purchase Dongsuh's stock and subordinated  
bonds had been deposited in a local financial institution.
The FSC noted that Coryo had ignored the order, given more
than five times, to repay investor deposit fund loans
within the year since bankruptcy in December, and that the
dealer's creditors had also no intention of offering
additional assistance.

FSC officials said that although Dongshu had indicated that  
it would be merged by a foreign company, it had failed to  
attach sufficient materials proving its viability after  
take-over. The FSC made it clear that Horizon Holdings must
meet the standards required for a newcomer in the local
securities market.

Under the guidelines, the company has to be a securities  
dealer or own a securities subsidiary and also must meet
net worth and financial structure requirements. If Coryo
and Dongsuh supplement their restructuring plans under its
instruction, the FSC will re-determine the fate of these
two companies.

Their suspension period will be extended till a new  
decision is announced. But insiders are skeptical of the
two brokerage houses coming up with new measures
satisfactory to the FSC by the end of this month.
(Asia Pulse 24-Apr-1998)


HANBO STEEL: Details on Debt Load
---------------------------------
The bankrupt Hanbo Steel's debts amounted to 8.02 trillion
won (US$5.85 billion), up 95.8 billion won from the figure
tallied shortly after the steelmaker applied for court
receivership a few months ago. The additional debts were
uncovered amid Hanbo's confirmation of debt obligations
while receiving additional credit, following its submission
of a liquidation plan to the Seoul District Court last
February.

The debts include 6.15 trillion won in principal and 1.86  
trillion won in payment guarantees, contingent liabilities
and interest. Hanbo said it plans to pay back about 46.4
percent of the principal in installments over 20 years, and
part of the remaining 5.1 trillion won by selling off its
plant and district B site.

Hanbo also plans to pay back debts of less than 10 million  
won owed to small private companies if the court endorses
its liquidation plan. In this case, the ratio of repayment
for small companies would rise to 77.7 percent from the
original projection of 53 percent.

The Seoul District Court's civil panel, meanwhile, called a  
meeting of creditors to hear their opinion on Hanbo's  
liquidation plan.
(Asia Pulse 24-Apr-1998)

U.S. steel producers called for strong action by the
Washington government, saying they have been hurt badly by
the Seoul government's subsidization of the bankrupt Hanbo
Iron and Steel Co., it was reported yesterday. According to
the Washington bureau of the Korea International Trade
Association (KITA), Weirton Steel Corp. said at a recent
press conference that Korea has so far provided $5.8
billion in aid to Hanbo, a violation of the World Trade
Organization (WTO) subsidy codes.
(Korea Herald 25-Apr-1998)


KIA MOTORS: Former President Named Head of Asia Motors
------------------------------------------------------
Kim Kwang-soon, the former  president of the Kia Motor
Sales Co. had been named president of Asia Motors Co., the
Kia Group announced Friday. The new Asia Motors president,
who joined Kia Motors in 1968, had worked for Asia Motors
in a variety of positions ranging from production, planning
to raw material management. Kim also headed the marketing
headquarters for Kia Motors Corp.
(Asia Pulse 24-Apr-1998)


KIA MOTORS: Speculation on Company's Rescue Chances
---------------------------------------------------
Government policy towards Kia will determine the future
course of Korea's economic recovery as Kia's collapse in
the middle of last year and a government mismanagement of
the case prompted the country's financial crisis.

"The Kia case will again become a test case for the Korean
Government's restructuring and reform policy," Kang Hoon-
suk, an analyst with ING Barings said. "Another
mismanagement of the case by the government could lead
foreign investors to turn their backs on South Korea."

Unfortunately, the government already seems to be
backtracking in its promise to resolve the Kia issue
through market mechanism - a sale of the company in a
public auction. Many government officials have said Kia can
only be saved by a sale to a third party with better
management skills and deeper pockets.

A Kia spokesman said the new government plan was not to
give control or management rights to one single firm,
adding that the policy shift represented the government's
view that Kia could survive with its existing management.
Supporting that view, National Information & Credit
Evaluation, a credit-rating agency run by domestic banks,
concluded in a recent court-mandated study that Kia could
be saved by its own rescue efforts, given its improving
profitability and financial structure.

Many analysts disagree, believing Kia cannot stand on its
own because of its incompetent management, too strong
labour union and huge debts, among other reasons. Unlike
other chaebol, Kia lacks key family shareholders and its
managers have enjoyed an unusually high degree of
independence in the absence of scrutiny by either major or
minor shareholders - a condition analysts believe led the
managers to become too lax and complacent.

Given the situation, both domestic and foreign firms will
not participate in Kia's rights issue unless they are given
full management rights to drastically change its
inefficient structure.

"Kia will not get its badly needed fresh capital and turn
itself around unless its controlling stake is sold to a
third party," Mr Kang said, adding that because Seoul knows
this it would probably change policy again to sell Kia to a
third party. "The current move may be just a gesture to
pacify Kia's vocal labour union."
(South China Morning Post 24-Apr-1998)


TONGIL HEAVY: Shares Suspended on Loans Rumors
----------------------------------------------
Shares of Tongil Heavy Industries Co. were suspended in
early morning on denied rumors the company defaulted on its
maturing loans late Thursday.
(Dow Jones Newswires 24-Apr-1998)


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

SIME BANK: Details of RHB Purchase
----------------------------------
The expanded share capital of Rashid Hussain Bhd will see
Kumpulan Wang Amanah Pencen having a 5.8% stake in the
enlarged capital of the finance-based group, it was
announced today. EPF will meanwhile retain its interest at
11.1% , said RHB executive chairman Tan Sri Rashid Hussain.
He said the Bank Negara's announcement of a RM1.1 billion
recapitalisation for Sime Bank was sufficient. But in view
of the current state of the economy, the recapitalisation
should be higher, he said.

Hence, the merged RHB-Sime Bank entity would be
recapitalised by RM1.98 billion while the RHB Group would
be recapitalised by RM2.35 billion. The risk weighted
capital adequacy ratio of the merged bank would be
maintained at not less than 10.5% , he said.

The recapitalisation includes the RM1 billion tier one
irredeemable non-cumulative preference shares announced
last night, the placement of 77.1 million new RHB shares
for RM370 million and the issuance of RM979 million in new
RHB bank shares to RHB Capital for the acquisition of Sime
Bank and RHB Finance.

The acquisition of Sime Bank would be carried out without a
cash call from RHB's shareholders. RHB would effectively
purchase Sime Bank for RM368 million or at a one time book
value. The annnounced purchase price of RM852 milllion
comprised RM368 million for Sime Bank's net tangible assets
and RM484 million from the disposal of Sime Bank's six
subsidiaries to parties identified by Bank Negara Malaysia
(BNM).
(The Star Online 23-Apr-1998)


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

FINANCIERA MINILA: Placed Under Receivership
--------------------------------------------
The Securities and Exchange Commission has placed cash-
strapped Financiera Manila Inc. under receivership to
ensure the liquidation of its assets and properties
following the revocation of the financing firm's license.
In an order dated April 22, SEC-Money Market Operations
Department director Linda Daoang appointed Evangeline
Escobillo, president of another financing company, as
receiver to facilitate the orderly liquidation of
Financiera.The receiver, Daoang said, will be tasked with
winding up the affairs of Financiera and disposing of and
distributing the company's remaining assets and properties.

Daoang has directed Escobillo to submit by July a
liquidation plan which shall contain a complete list of all
the real and personal properties and assets of the
corporation together with their market or realizable
values, their location and a statement on any encumbrances;
and a complete list of names of investors who claims
against the company including their address and amount of
investment.

With the approval of the SEC, the receiver may sell at
public auction any of the real or personal properties of
Financiera which has come into its possession and may
pursue the negotiation with the Municipality of Guimba,
Nueva Ecija for the sale of a parcel of land owned by the
company. The receiver may also comprise outstanding debts
of the company, invest the firm's funds, segregate and
distribute properties and assets which are held in trust by
the corporation to persons legally entitled thereto.

The receiver shall, as speedily as possible, convert real
and personal properties into cash. Outstanding debts due to
Financiera which cannot be collected and received by the
receiver without incurring unreasonable delay or expenses
may be sold and assigned in like manner as the assets and
properties of the company.

Within one month after submission of the liquidation plan,
the receiver shall submit to the Commission a status report
on its undertaking, together with cash position report
showing all cash receipts and disbursements for the
previous month. Creditors or other persons may have access
to these reports at all reasonable hours during business
days.

The MMOD earlier issued an order revoking Financiera's
certificate of authority to operate as a financing company
for various violations of securities rules and regulations.
(Manila Times 24-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

Troubled Company Reporter -- Asia Pacific is a daily
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Copyright 1998.  All rights reserved.  This material is
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