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             A S I A   P A C I F I C      

      Wednesday, April 29, 1998, Vol. 1, No. 48

                    Headlines


C H I N A   &   H O N G   K O N G

ANGANG HOLDING: To Reduce Payroll by 10 Percent
C.P. POKPHAND: Responds to Reports on Restructuring
CHENGDU TELECOM: 1997 Results Announcement
DAIWA SECURITIES (H.K.): Reduces Staff by One-Third
HANSOM HOLDINGS: Results Announcement
KUMAGAI GUMI: Announces Major Transaction
LUOYANG GLASS: 1997 Results Announcement
NANJING PANDA: 1997 Results Announcement
ONFEM HOLDINGS: Profit Declines as Parent is Dissolved
PIONEER INDUSTRIES: Hostile Takeover Bid by Regent Pacific
STIME WATCH: Negotiating Standstill Agreement with Bankers
YIZHENG CHEMICAL: 1997 Results Announcement
YOSHIYA INT'L: 1997 Results Announcement


I N D O N E S I A

PERUSAHAN LISTRIK NEGARA: Announces $73 Million Net Loss


J A P A N  

DAIWA SECURITIES: Reports Large Losses
YAKULT HONSHA LTD: Derivative Losses Larger than Expected


K O R E A

POHANG IRON: To Issue Depositary Receipts Worth $100M


M A L A Y S I A

SIME BANK: RHB Shares Fall Sharply as Trading Resumes


T H A I L A N D

TOTAL ACCESS: Creditors Agree to Restructure Debt


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

ANGANG HOLDING: To Reduce Payroll by 10 Percent
-----------------------------------------------
Angang Holding, the mainland's largest steel complex, plans
to reduce its payroll by 10 per cent this year, general
manager Liu Jie said yesterday. The number of steel
manufacturing workers would be reduced by 5,000, including
redundancies and retirements, he said. Angang Holding made
a profit of 80 million yuan (about HK$74.48 million) last
year. Originally it had 180,000 employees. Mr Liu said the
group was acquiring a steel plant in Dalian but it had no
plans to inject it into the listed arm. Mr Liu also denied
that the group had plans to merge with Benxi Iron and Steel
in Liaoning.
(South China Morning Post 27-Apr-1998)


C.P. POKPHAND: Responds to Reports on Restructuring
---------------------------------------------------
The directors (the `Directors') of C.P. Pokphand Co. Ltd.
(the `Company') refer to the Company's press announcements
of 23rd March, 1998, 2nd and 21st April, 1998 (the
`Announcements'). Certain reports have mentioned that the
Company's major creditors have entered into a `standstill
agreement' in relation to the indebtedness of the Company
and its subsidiaries. The Directors confirm that, while
confidential discussions are ongoing between the Company
and the banks and other financial institutions which are
currently its lenders (the `Lenders') in relation to the
Lenders' interim support for the Company pending the
completion of the Company's review of its current financial
position, no formal agreement with regard to such matters
has yet been entered into, and it is not possible at this
stage to state with certainty whether such an agreement
will be required. Further to the Company's announcement of
2nd April, 1998, it is now expected that the review of the
Company's financial position will be completed in late May
1998.

The Directors confirm that, notwithstanding the Company's
ongoing review of its financial position, assuming the
continued interim support of the Lenders, the Company and
its subsidiaries currently have sufficient working capital
for their day-to-day operational requirements.

On 21st April, 1998, the Company announced that it had
received a formal demand from one of the Lenders to C.P.
Pokphand (Finance) Co. Ltd. for a sum due of approximately
US$10,100,000 (HK$78,780,000). The Directors now announce
that the Company has been informed by the relevant Lender
that it has agreed not to take further action to enforce
the aforementioned demand for payment pending finalisation
of the Company's review of its current financial position.

As at the date of this announcement, other than as stated
above, neither the Company nor any of its subsidiaries has
received any demand from any of the Lenders for immediate
repayment of any existing facilities, nor any formal notice
of the freezing of any existing facilities.
(SEHK 27-Apr-1998)

CP Pokphand shares extended their dramatic decline
yesterday as the firm said that talks were still under way
with creditors over debt restructuring. The Hong Kong arm
of the leading Thai conglomerate saw its share price plunge
27.5 per cent to finish at 50 cents. The stock has dropped
56.5 per cent in the past four trading sessions.

According to analysts, the firm has estimated foreign
currency debts of more than $1 billion.
(South China Morning Post 27-Apr-1998)


CHENGDU TELECOM: 1997 Results Announcement
------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Chengdu Telecommunications Cable Company Limited reports a
net loss of RMB33,327,000 on turnover of RMB534,824,000.
This compares to a net loss of RMB11,390,000 on turnover of
RMB628,591,000 for the corresponding 1996 period.
(SEHK 27-Apr-1998)


DAIWA SECURITIES (H.K.): Reduces Staff by One-Third
---------------------------------------------------
Daiwa Securities (H.K.) Ltd., the Hong Kong unit of Daiwa
Securities Co., has reduced its staff by one-third as part
of a radical restructuring plan. At the end of last week,
the unit cut 76 of its staff of 219. Reduction measures
included the redeployment of Japanese staff and the lay-off
of locally hired employees. Staff reductions have been
implemented in most of the unit's divisions. Facing sharply
lower earnings due to Asia's financial crisis, the Hong
Kong subsidiaries of Japan's big three brokerages are
trimming their operations.
(Asia Pulse 27-Apr-1998)


HANSOM HOLDINGS: Results Announcement
-------------------------------------
For the period January 4, 1997 to March 31, 1998, Hansom
Holdings Ltd. reports a net loss of HK$14,119,000 on
turnover of HK$ 19,313,000. This compares to a net loss of
HK$12,020,000 on turnover of HK$54,710,000 for the period
January 4, 1996 to March 31, 1997. Exceptional items for
the most recent period include provision for diminution in
value of investment in an associated company and exchange
reserve of an associated company written off as a result of
the Group's intention to discontinue its support to that
company.
(SEHK 27-Apr-1998)


KUMAGAI GUMI: Announces Major Transaction
-----------------------------------------
China Everbright International is a substantial shareholder
of Kumagai Gumi, owning at present about 20.98% of
Kumagai's total issued share capital. CEI is also
interested in the share capital of Kumagai under a
subscription agreement entered into on 14th April 1998
which was more particularly described in the joint
announcement issued by CEI and Kumagai on 16th April 1998
(TCR-AP 21-Apr-1998). Greenway Venture Limited ("Greenway")
is a company incorporated in the British Virgin Islands on
25th February 1998 and wholly owned by CEI.

On 24th April 1998, Greenway agreed to invest in Fuzhou
Guang Min Road and Bridge Construction & Development
Company Limited ("the CJV"), a sino-foreign co-operative
joint venture to be established pursuant to a sino-foreign
co-operative joint venture enterprise contract dated 24th
April 1998 ("the CJV Contract").

On 24th April 1998, a shareholders agreement ("the
Shareholders Agreement") was entered into between CEI and
Kumagai in respect of Kumagai's proposed shareholding in
Greenway. The Shareholders Agreement has provided that
subject to the conditions precedent summarised below,
Kumagai will subscribe for such number of shares in
Greenway so that it will own 20% of the issued share
capital of Greenway, with the remaining 80% owned by CEI.
The Shareholders Agreement further provides, inter alia,
that the financing of Greenway and/or the CJV will be by
way of further share capital and/or shareholders loan in
accordance with their respective shareholdings in Greenway
from time to time ("the Relevant Proportions") and if
required, to provide from time to time several guarantees
or indemnities according to the Relevant Proportions in
respect of any loan borrowed and/or debt owed to any third
party by Greenway. The entering into the Shareholders
Agreement by Kumagai with CEI with the proposed capital and
investment injection on the part of Kumagai of
approximately HK$265 million and on the part of CEI of
approximately HK$1,060 million constituted a connected
transaction for Kumagai pursuant to the Listing Rules.

The Shareholders Agreement enables Kumagai to participate
in the Project, which is an infrastructure project and may
increase/or improve the profit of Kumagai as a result of
its interested share in Greenway since there is a minimum
fixed rate of return from the CJV and may generate a stable
stream of reasonable income or cash flow if Greenway
distributes income to Kumagai. It also enhances further
opportunities between Kumagai and CEI in future
infrastructure projects. Kumagai intends to finance its
contribution in the Project by way of general working
capital and/or bank borrowings.
(SEHK 27-Apr-1998)


LUOYANG GLASS: 1997 Results Announcement
----------------------------------------
For the period January 1, 1997 to December 31, 1997,
Luoyang Glass Company Limited reports a net loss of
RMB223,445,000 on turnover of RMB593,195,000. This compares
to a profit of RMB21,619,000 on turnover of RMB599,959,000
for the corresponding 1996 period.
(SEHK 27-Apr-1998)


NANJING PANDA: 1997 Results Announcement
----------------------------------------
For the period January 1, 1997 to December 31, 1997,
Nanjing Panda Electronics Company Limited reports a net
loss of RMB335,984,000 on turnover of RMB2,595,922,000.
This compares to a profit of RMB164,944,000 on turnover of
RMB3,442,316,000 for the corresponding 1996 period.
(SEHK 27-Apr-1998)

Nanjing Panda Electronics has vowed to dramatically
increase production of pagers and wide-screen colour
televisions in an attempt to revive its fortunes. Chairman
Wang said the company would focus on the development of
mobile communications technology and products, aiming to
increase its share of production to between 15 and 20 per
cent this year, from 6.2 per cent last year. Production of
wide-screen digital televisions would be increased to half
of total television production. The firm said it would cut
its workforce 20 per cent this year. About 1,000 people had
retired early, while another 600-700 would be laid off.
(South China Morning Post 27-Apr-1998)


ONFEM HOLDINGS: Profit Declines as Parent is Dissolved
------------------------------------------------------
Red chip Onfem Holdings, ultimately owned by China National
Non-ferrous Metals Industry Corp (CNNC), has seen annual
net profit drop 12.24 per cent to $56.29 million. The
decline came as Beijing announced CNNC was dissolved from
Saturday, replaced by China National Non-ferrous Metals
Industry Bureau under the State Economic and Trade
Commission. Onfem has not mentioned the restructuring but
the market was concerned as to how the overhaul would
affect China Non-ferrous Metals (Holdings) Hong Kong, which
owns Onfem and Oriental Metals (Holdings).

CNNC was headed by Wu Jianchang, son-in-law of late
patriarch Deng Xiaoping, until January, when he was
replaced by trade commission vice-director Zhang Wule. Mr
Zhang was named director of the new bureau last week.

Onfem's net profit drop would have been steeper without a
$35.38 million exceptional gain from compensation for a
shortfall against guaranteed profit from acquired units and
a write-back of revaluation deficit. In 1996 it had a
$26.45 million exceptional gain. Onfem's profit was also
lifted by share of profits of associates of $4.73 million,
compared with losses of $15.41 million in 1996. During the
period, sales tumbled 47.6 per cent to $1.83 billion, with
operating profit before exceptional items falling 38.06 per
cent to $73.11 million. Earnings per share dropped 21.62
per cent to 7.83 cents. A final dividend of two cents was
recommended, bringing the year's total to 3.25 cents, down
35 per cent from a year ago.

Managing director Jia Yuen said turnover was slashed by
lower trading revenues after it sold its interest in
Oriental Metals to China Non-ferrous Metals (Holdings) Hong
Kong. Excluding Oriental Metals' contribution, Onfem's
turnover and operating profit would have grown 53 per cent
and 61 per cent from the previous year. The profit decline
also came from the loss of its construction subsidiary
Condo Group.
(South China Morning Post 27-Apr-1998)


PIONEER INDUSTRIES: Hostile Takeover Bid by Regent Pacific
----------------------------------------------------------
Fund manager Regent Pacific Group is urging Pioneer
Industries International (Holdings) shareholders to accept
its general offer for Pioneer shares it does not own as
uncertainty looms over Pioneer's assets in Bangkok. Regent
proceeded yesterday with the hostile takeover bid for
property and investment holding company Pioneer after
securing unanimous approval from Regent's shareholders at
an extraordinary meeting. Regent executive director Peter
Everington yesterday said the future of Pioneer's primary
asset--a 3.77 per cent stake in cash-strapped Bangkok Bank
--was clouded by a recapitalisation plan.

"The bank is launching a private placement to foreign
investors for US$1 billion to keep it afloat. But the fund-
raising exercise will dilute Pioneer's stake 40 per cent,"
he said. Pioneer's interest in Bangkok Bank is worth HK$600
million, almost the same as Pioneer's market capitalisation
yesterday. Pioneer would have to plough in $300 million
should it seek to maintain its Bangkok Bank shareholding,
Mr Everington said.

Pioneer deputy managing director Kenneth Gaw said the
company had yet to decide if it would take part in
recapitalising the troubled bank. Regent first proposed
Pioneer sell the Bangkok Bank stake two years ago, but to
no avail. Since then, the value of the stake has plunged
more than 60 per cent. Regent vowed to sell the stake if
its takeover succeeded.

Mr Everington said Pioneer's United States property
investment was also hazy. "The recently purchased building
in New York, which was funded by a rights issue last
October, has generated substantial returns in the past few
months," Mr Gaw said. He said details of Pioneer's assets
and shareholding structure would be released in a circular
drafted to reject Regent's offer.
(South China Morning Post 27-Apr-1998)


STIME WATCH: Negotiating Standstill Agreement with Bankers
----------------------------------------------------------
The board of directors of Stime Watch International Holding
Limited (the "Company") wishes to provide the following
update of the position of the Group to its shareholders
since its last press announcement dated 10th February,
1998. The Group is principally engaged in the design,
manufacture and sale of a wide range of quartz analogue
watches on an OEM basis and under its own brand names. In
view of the tight liquidity position of the Group, the
Company has been tightening its credit policy and has sold
certain non-core property assets in order to generate cash
to meet immediate operating requirements.

Coopers & Lybrand ("Coopers"), who have been appointed to
conduct an investigation of the current financial position
of the Group, have completed a preliminary review of the
financial position of the Group and produced a report dated
23rd February, 1998 (the "Coopers Report"). The Coopers
Report identified acute liquidity problems in the Group
which should be resolved as soon as possible. Accordingly,
negotiations have been concluded between the Company and
Kingston Capital Limited ("Kingston Capital"), an
independent investor who has agreed conditionally to
subscribe 70,000,000 new Shares of HK$0.10 each in the
capital of the Company (the "Shares") at HK$0.27 per Share
(the "Subscription").

Upon the Subscription being completed, the net proceeds of
the Subscription will be approximately HK$18.9 million and
will be used mainly as working capital and to continue the
normal operation of the Group and to develop its business
with an amount of approximately HK$3.7 million to be used
to make up any shortfall owing to the banks as a result of
the sale of non-core property assets which have been
mortgaged to such banks.

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.

Application has been made to the Stock Exchange for a
resumption of trading of the Company's securities with
effect from 10:00 a.m. on Monday, 27th April, 1998.
Shareholders of the Company and potential investors should
exercise caution when dealing in the securities of the
Company and consult their advisers if they think fit.
(SEHK 27-Apr-1998)


YIZHENG CHEMICAL: 1997 Results Announcement
-------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Yizheng Chemical Fibre Company Limited reports a profit of
RMB44,302,000 on turnover of RMB6,254,742,000. This
compares to a profit of RMB215,650,000 on turnover of
RMB6,999,118 for the corresponding 1996 period.
(SEHK 27-Apr-1998)


YOSHIYA INT'L: 1997 Results Announcement
----------------------------------------
For the period August 1, 1997 to January 31, 1997, Yoshiya
International Corporation Limited reports a profit of
HKD1,050,000 on turnover of HKD57,736,000. This compares to
a profit of HKD38,889,000 on turnover of HKD104,075,000 for
the corresponding 1996 period. For the six months ended
31st January, 1998, the exceptional item represents the
provision for diminution in value of marketable securities.    
For the last corresponding period, the exceptional item
represents the gain on disposal of investment properties.
(SEHK 27-Apr-1998)


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

PERUSAHAN LISTRIK NEGARA: Announces $73 Million Net Loss
--------------------------------------------------------
Perusahan Listrik Negara, the state-owned Indonesian
electricity monopoly, yesterday announced a full-year net
loss of Rp579bn ($73m) and said it would lose at least 10
times that amount in the current year unless it was allowed
to increase its rates and renegotiate payments to
suppliers.
(Financial Times 28-Apr-1998)


=========
J A P A N  
=========

DAIWA SECURITIES: Reports Large Losses
--------------------------------------
Daiwa Securities Co. (8601 JP ) fell 12 yen to 522. The
securities firm reported a fall of 88.5 percent in its
parent pretax profit to 5.11 billion yen for the year ended
March 31. That's 270.3 percent more than the most recent
forecast by Toyo Keizai. The company also reported a group
pretax loss of 13.18 billion yen for the year. That's 759.0
percent less than the most recent forecast by Toyo Keizai.
(Bloomberg Japan Equity Movers 27-Apr-1998)


YAKULT HONSHA LTD: Derivative Losses Larger than Expected
---------------------------------------------------------
Yakult Honsha Ltd. (2267 JP ) rose 19 yen to 555. The maker
of fermented milk products said its derivative losses are
now 4.5 billion yen larger than previously reported because
of a decline in the stock market toward the end of March,
the Nihon Keizai newspaper reported. The company said on
March 20 it had derivative losses worth 49.5 billion yen.
(Bloomberg Japan Equity Movers 28-Apr-1998)


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

POHANG IRON: To Issue Depositary Receipts Worth $100M
-----------------------------------------------------
Pohang Iron and Steel Co. said in a report to the Korea
Stock Exchange Tuesday (KSE) that it would issue depositary
receipts (DRs) worth US$100 million to raise operational
funds. The DRs will be fully underwritten by foreign
financial organizations and the proceeds will likely flow
into the firm next month, the report said.
(Asia Pulse 27-Apr-1998)


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

SIME BANK: RHB Shares Fall Sharply as Trading Resumes
-----------------------------------------------------
Rashid Hussain Bhd, RHB Capital Bhd and RHB Sakura       
Merchant Bankers Bhd shares fell on resuming trade       
following the finalisation of RHB Bank's merger with Sime
Bank, dealers said. Rashid Hussain closed down 1.10
Malaysian ringgit at RM4.10 on volume of 1.08 million
shares, RHB Capital was down RM0.29 at RM2.85 on 9.8
million shares and RHB Sakura Merchant Bankers fell RM0.74
to RM2.06 on 2 million shares. The drop in stocks came even
as traders applauded Rashid Hussain Bhd's agreement last
week to buy Sime Bank Bhd, a transaction that was expected
to spur more mergers in Malaysia's overcrowded banking
industry.
(Singapore BusinessTimes 27-Apr-1998)


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

TOTAL ACCESS: Creditors Agree to Restructure Debt
-------------------------------------------------
Total Access Communication, one of Thailand's largest
mobile telephone network operators, said yesterday its main
bank creditors have agreed to restructure some of the
company's debts. The restructuring includes a rollover of a
$200m syndicated loan originally due for repayment today.
Total Access previously said that because of the
devaluation of the baht it would be unable to pay back this
loan on time. The deal with about 40 creditors allows Total
Access to extend repayment of the loan over four to six
years in exchange for paying a higher interest rate.

Although the deal staves off default, it is expected to
increase the company's financing costs by between 50 and 75
basis points, according to a report by brokerage ING
Barings. ING Barings expects the company will seek new
investors to recapitalise, possible through a reduction in
ownership of Total Access by United Communication industry
from its current holding of 71 percent.
(Financial Times 28-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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