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             A S I A   P A C I F I C      

      Tuesday, May 27, 1998, Vol. 1, No. 52

                    Headlines


C H I N A   &   H O N G   K O N G

CP POKPHAND: Starts to Offload Assets
CAPITAL ASIA LIMITED: Announces Repayment to Creditor Banks
CHEERFUL HOLDINGS: Reveals Extent of Losses
EASY CONCEPTS: Announces Reorganization Plan
MANSION HOLDINGS: Awaits Approval of Restructuring Plan
ORIENT TELECOM: Announces Privatisation by Shareholder
WING ON: 1997 Results Announcement


I N D O N E S I A

CP POKPHAND INDON: Seeking Deferment on $400 Million Debts


J A P A N  

MITSUBISHI ELECTRIC: Forecasts Larger than Expected Loss
OPTEC DAI-ICHI: Mitsubishi Affiliate to Restructure


K O R E A

CORYO SECURITIES: Confirms Shut Down of Business
DONG SUH SECURITIES: Confirms Shut Down of Business
MANDO MACHINERY: Signs $20 Million Contract with Rothschild
SHINHO METAL: Troubled Firm to Merge with Shinho Steel
SHINHO STEEL: Troubled Firm to Merge with Shinho Metal


M A L A Y S I A

GEORGE KENT: Pre-tax Profit Plunges


P H I L I P P I N E S

MEDINA FOOD: Real Estate Firm Petitions for Debt Relief
MIDAS DIVERSIFIED: Export Company Faces Fraud Charges
SOLID BUILDERS: Real Estate Firm Petitions for Debt Relief


T H A I L A N D

UNION ASIA: Ordered to Halt Securities Trading


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

CP POKPHAND: Starts to Offload Assets
-------------------------------------
Cash-strapped CP Pokphand started to offload its assets
yesterday, while denying it has held talks with a mainland
company over the sale of a direct stake in the firm. CP
Pokphand said its New York-listed subsidiary, Ek Chor China
Motorcycle, had sold its 50 per cent interest in Shanghai-
Ek Chor Motorcycle to its joint- venture partner, Shanghai
Automotive. The deal, worth 106 million yuan (about
HK$98.69 million), was subject to mainland regulatory
approval and was expected to be completed late next month,
the Hong Kong-listed arm of the leading Thai conglomerate
said.

CP Pokphand president Sumet Jiaravanon said: "It is no
secret that, like many companies in Asia, CP Pokphand has
been affected by the tighter financial conditions in the
region. This disposal . . . will provide a cash boost."

Mr Sumet said the group's long-term strategy was to
concentrate on its core agri-business ventures, which were
"in general performing well". News of the sale failed to
boost CP Pokphand's shares, which have been under severe
pressure since the company said last week it risked default
on bonds worth US$92.8 million if the paper was redeemed.
CP Pokphand shares dropped 4.66 per cent yesterday to 41 HK
cents. At the start of last week, the stock was trading at
HK$1.15.

The firm is in talks with creditors about restructuring its
debts, which are said by analysts to total up to US$1
billion. A meeting with bondholders is set for May 29. Mr
Sumet said interest payments due on all floating-rate notes
had been paid on time but that access to ongoing working
capital depended on "the co-operation of our lenders".

The firm also moved to quash rumours sparked by press
reports it was in negotiations with Sichuan's New Hope
Agricultural Holdings to sell a direct stake to the
Shenzhen-listed company.
(South China Morning Post 01-May-1998)


CAPITAL ASIA LIMITED: Announces Repayment to Creditor Banks
-----------------------------------------------------------
The board of directors of Capital Asia Limited announces
that the Company repaid approximately HK$11.81 million to
the creditor banks of the Company today. Further to the
announcement of the Company dated 23rd April,1998, the
Board announces that the Company repaid to the Creditor
Banks today approximately HK$11.81 million. The difference
between the Repayment and the HK$13.91 million bank loans
referred in the announcement of the Company dated 23rd
April, 1998 is mainly due to expiry and cancellation of
certain letters of credit issued by the Creditor Banks.

The Repayment was financed by the internal resources of the
Company. After the Repayment, there is no outstanding
balance due to the Creditor Banks.

By the order of the Board
Capital Asia Limited
Mok Fung Lin, Ivy
Company Secretary

Hong Kong, 30th April, 1998

(SEHK 01-May-1998)


CHEERFUL HOLDINGS: Reveals Extent of Losses
-------------------------------------------
Brokerage Cheerful Holdings has unveiled the extent of the
damage caused to its results by last year's market slump,
taking a $281.42 million provision to cover unpaid margin
loans and reporting a $109.53 million net loss for the year
to December. The loss was a sharp turnaround from the
$30.14 million net profit it recorded in the previous year.
The market slump led to difficulties in recalling margin
loans and caused liquidity to dry up, leading to the
company's takeover by telecommunications group CCT Telecom
Holdings in February.

The problems left Cheerful with a $281.42 million provision
for bad and doubtful debts last year, with a further $12
million provision in the two months to February 28. Current
liabilities stood at $1.1 billion, with current assets of
$990.27 million recorded. Turnover rose 67 per cent to
$710.21 million while operating profit before exceptional
items jumped sharply to $199.13 million last year from $40
million. Due to its liquidity problems, daily net buy
turnover executed by Cheerful has been limited to $40
million since March.

Directors said the trading restriction would not have any
adverse impact on the broking operations given the thin
trading volume in recent months. They said they were
seeking to lift the restriction.
(South China Morning Post 02-May-1998)


EASY CONCEPTS: Announces Reorganization Plan
--------------------------------------------
On 8th January, 1998, the directors of Easy Concepts
Limited announced that a proposal would be placed before
shareholders of the Company whereby the Company would
become an indirect wholly-owned subsidiary of Easy Concepts
International Holdings Limited, a new holding company
incorporated in Bermuda which will become the holding
company of the Company and its subsidiaries and will be
listed on The Stock Exchange of Hong Kong Limited  by way
of introduction and the listing of the Company on the Stock
Exchange will be withdrawn. The Proposal is to be effected
by way of a scheme of arrangement under Section 166 of the
Companies Ordinance.

Application has been made to the Listing Committee of the
Stock Exchange for the granting of listing, and permission
to deal in, the Holdings Shares to be issued pursuant to
the Proposal, and any Holdings Shares which may fall to be
issued on the exercise of options to be granted under the
Share Option Scheme. Application has also been made to the
Listing Committee of the Stock Exchange for the withdrawal
of listing of the shares of HK$1.00 each in the capital of
the Company, subject to the Scheme becoming effective.

The financial year end date of the Company has been changed
from 28th February to 31st March, and the financial year
end date of Holdings will be 31st March. The reason for the
change of the year end date of the Company is to make it
consistent with the year end date of the ultimate holding
company of Holdings, Easyknit International Holdings
Limited, which is also on 31st March. The forthcoming
interim result date will be on 30th September, 1998.

Under the Proposal, all certificates for any number of the
Shares in issue immediately before the Scheme becomes
effective will be deemed to be certificates, and will be
effective as documents of title, for ten times of that
number of the Holdings Shares to be allotted and issued, or
transferred, under the Scheme on the basis of ten Holdings
Shares for each Scheme Share. On the assumption that the
Scheme becomes effective on 9th June, 1998, trading in the
Shares will cease at 4:00 p.m. on 8th June, 1998 and
trading in the Holdings Shares will commence on the
Effective Date.

On the assumption that the Effective Date will be 9th June,
1998, Shareholders who lodge instruments of transfer and
share certificates in the name of the Company on 8th June,
1998 and are entitled to receive share certificates before
the Effective Date can request that share certificates be
issued to them in the name of Holdings, subject to the
Proposal becoming effective.

By Order of the Board
Easy Concepts Limited
Koon Wing Yee
President and Chief Executive Officer

Hong Kong 1st May, 1998

(SEHK 01-May-1998)


MANSION HOLDINGS: Awaits Approval of Restructuring Plan
-------------------------------------------------------
The deadline for the signing of the Final Agreements for
the financial restructuring of the Mansion Group has been
extended from 30th April, 1998 to 8th May, 1998. As Mansion
is awaiting for its Bank Group's response to the
Restructuring Proposal, Mansion and the Investors
(comprising Prosperous Merchant Limited ("PML"), Search
Asia Pacific Limited and Symphony) entered into an amending
agreement on 30th April, 1998 to extend the deadline for
the signing of the Final Agreements regarding the financial
restructuring of the Mansion Group from 30th April, 1998 to
8th May, 1998 (the "Deadline").

The amending agreement entered into by the Investors and
Mansion also gives effect to the substitution of PML for
Mr. Chan in the Heads of Agreement. PML is wholly-owned by
Mr. Chan and is the corporate nominee through which Mr.
Chan will participate in the proposed restructuring. The
interim facility of HK$10 million was made available to the
Mansion Group by the Investors on 1st April, 1998.

The release of this announcement does not in any way
indicate that the Restructuring Proposal will be
successfully implemented and completed. The Restructuring
Proposal is subject, among other things, to approval of the
Bank Group. The Final Agreements may or may not be entered
into on or before the Deadline. In the event that the Final
Agreements are not entered into and that the Restructuring
Proposal is not implemented, Mansion may be forced into
liquidation. Shareholders and potential investors should
exercise caution when dealing in the shares of Mansion.

By Order of the Board of     By Order of the Board of
Mansion Holdings Limited     Symphony Holdings Limited
Lee Sing Kau                 Kam Suet Fan
Company Secretary            Company Secretary

Hong Kong, 30th April, 1998

(SEHK 01-May-1998)


ORIENT TELECOM: Announces Privatisation by Shareholder
------------------------------------------------------
Orient Telecom announces the privatisation scheme was
sanctioned by the Court on 29th April, 1998 and a copy of
the Court order will be registered with the Registrar of
Companies in Bermuda. The last date for dealings in Shares
and Warrants will be Monday, 4th May, 1998. The latest time
for lodging Share and/or Warrant transfers to qualify for
entitlements under the Scheme and/or the Warrant Proposal
will be Thursday, 7th May, 1998. The Effective Date of the
Scheme and the Warrant Proposal is expected to be Friday,
8th May, 1998 and the date of withdrawal of listings is
expected to be Monday, 11th May, 1998. The cheques for cash
entitlements under the Scheme and the Warrant Proposal are
expected to be despatched on or before Wednesday, 13th May,
1998.

   By Order of the Board
   Dhanin Chearavanont
   Chairman

Hong Kong, 30th April, 1998

(SEHK 01-May-1998)


WING ON: 1997 Results Announcement
----------------------------------
For the period January 1, 1997 to December 31, 1997, Wing
On Company International Limited reports a profit of
HK$59,909,000 on turnover of HK$2,529,564,000. This
compares to a profit of HK$286,377,000 on turnover of
HK$2,787,500,000 for the corresponding 1996 period.
Exceptional items include provision for diminution in value
of listed investments and securities.
(SEHK 01-May-1998)


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

CP POKPHAND INDON: Seeking Deferment on $400 Million Debts
----------------------------------------------------------
Charoen Pokphand Indonesia, the publicly traded arm of
Thailand's biggest industrial group, is seeking a year's
deferment on repaying debts of US$400 million. Officials at
CP Indonesia, which makes animal feed, met about 40
creditor banks in Singapore on March 30 and hoped to
present them with a debt rescheduling plan early this
month, the company's group funding vice-president Hery
Tjusanto said.

In most cases, bankers have had little choice because
bankruptcy laws allow companies to delay payments even
without creditor permission. Several companies have done
so. Among the creditor banks involved in CP Indonesia's
debt postponement talks were Citicorp, Paribas, Bank
Brussels Lambert, Commerzbank and ABN-Amro. The company
also met 25 Indonesian banks on April 16, including Bank
Bali, Bank Niaga and Bank Danamon, to seek easy repayment
terms.

This week, CP Indonesia's sister company - Hong Kong-listed
CP Pokphand Co, one of the largest foreign companies doing
business in the mainland, lost two-thirds of its market
value after warning it might default on $100 million of
debt.

Meanwhile bankers' response to a possible debt rescheduling
"was very good", after CP Indonesia officials showed them
the company had the strength to ride out the crisis, Mr
Tjusanto said.

CP Indonesia's efforts to buy time to pay back the debt
comes soon after directors of its parent company denied
news reports that it was selling some of its units. The
company said its principal businesses were carrying on
satisfactorily and no liquidity problem had been
encountered.
(South China Morning Post 02-May-1998)


=========
J A P A N  
=========

MITSUBISHI ELECTRIC: Forecasts Larger than Expected Loss
--------------------------------------------------------
Japan's Mitsubishi Electric Corp. on Friday forecast a
larger than expected loss for the year to March 1998 due to
restructuring and a troubled affiliate. Japan's third
largest electric machinery maker said it expected a group
net loss of 105 billion yen (789 million dollars) in the
year to March, compared with its earlier estimate of 70
billion yen loss. A consolidated pre-tax loss of 50 billion
yen was forecast, an expansion from a 40 billion yen loss
expected earlier. Revenue was cut to 3,750 billion yen from
3,800 billion yen, Mitsubishi Electric said in a statement.

The firm attributed the revisions to "the poor performance"
of Optec Dai-Ichi Denko Co. Ltd., an affiliated
manufacturer of wires for electronics parts, as well as
restructuring of its audio-video business in Britain.  In
the year to March 1997, Mitsubishi Electric reported a
group pre-tax profit of 67.9 billion yen and net profit of
8.5 billion yen on sales of 3,725.1 billion yen. Optec Dai-
Ichi Denko, the nation's largest manufacturer of ultra-fine
coated wires for electronics parts lost money mainly at a
production subsidiary in the United States and a financial
unit in the Netherlands. It plans to issue new shares to
third parties, making Mitsubishi Materials Corp. its
largest shareholder with a 25 percent stake. Bank of Tokyo-
Mitsubishi Ltd. and Mitsubishi Trust and Banking Corp. also
agreed to help with the Optec's restructuring.

Mitsubishi Electric, the current biggest shareholder with a
20 percent stake, is expected to own 23 percent after the
new share placement. The company said it purchased over 10
billion yen of magnet wire and other products from Dai-Ichi
Denko in 1997.

Shortly after the revision was announced by the two firms,
US ratings agency  Moody's Investors Service Inc. placed
Mitsubishi Electric under review for a possible downgrade.
Moody's said the "A2" unsecured long-term debt rating of
Mitsubishi Electric was put under review to assess the
firm's business prospects and the impact of the financial
assistance to the troubled affiliate.
(Agence France-Presse 01-May-1998)


OPTEC DAI-ICHI: Mitsubishi Affiliate to Restructure
---------------------------------------------------
Japan's Mitsubishi Electric Corp. on Friday forecast a
larger than expected loss for the year to March 1998 due to
restructuring and a troubled affiliate. The firm attributed
the revisions to "the poor performance" of Optec Dai-Ichi
Denko Co. Ltd., an affiliated manufacturer of wires for
electronics parts, as well as restructuring of its audio-
video business in Britain.  

Optec Dai-Ichi Denko, the nation's largest manufacturer of
ultra-fine coated wires for electronics parts lost money
mainly at a production subsidiary in the United States and
a financial unit in the Netherlands. It plans to issue new
shares to third parties, making Mitsubishi Materials Corp.
its largest shareholder with a 25 percent stake. Bank of
Tokyo-Mitsubishi Ltd. and Mitsubishi Trust and Banking
Corp. also agreed to help with the Optec's restructuring.

Mitsubishi Electric, the current biggest shareholder with a
20 percent stake, is expected to own 23 percent after the
new share placement. The company said it purchased over 10
billion yen of magnet wire and other products from Dai-Ichi
Denko in 1997.

Dai-Ichi Denko president Kuniyasu Oki resigned from the top
post Friday, replaced by managing director Susumu Yokota,
who used to work at Mitsubishi Electric. Shortly after the
revision was announced by the two firms, US ratings agency  
Moody's Investors Service Inc. placed Mitsubishi Electric
under review for a possible downgrade. Moody's said the
"A2" unsecured long-term debt rating of Mitsubishi Electric
was put under review to assess the firm's business
prospects and the impact of the financial assistance to the
troubled affiliate.
(Agence France-Presse 01-May-1998)


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

CORYO SECURITIES: Confirms Shut Down of Business
------------------------------------------------
Dong Suh Securities Co., the fourth-largest South Korean
securities firm which went bankrupt in December, and
eighth-ranked Coryo Securities Corp. will reportedly end
their business operations. A financial supervision panel
asked the Finance and Economy Ministry on Friday to revoke
their licenses, saying it would be impossible for the
brokerages to reconstruct their business. The ministry is
expected to agree to the request. The two companies will be
the first major South Korean brokerages to face the revoke
of licenses. The committee asked the firms to submit plans
to improve their management by late April. However, neither
was able to satisfy the panel's conditions for
reconstruction. Dong Suh announced on April 20 that it
would be purchased by a U.S. mutual fund firm. The panel
was unable to confirm the purchase agreement.
(Nihon Keizai Shimbun 02-May-1998)


DONG SUH SECURITIES: Confirms Shut Down of Business
---------------------------------------------------
Dong Suh Securities Co., the fourth-largest South Korean
securities firm which went bankrupt in December, and
eighth-ranked Coryo Securities Corp. will reportedly end
their business operations. A financial supervision panel
asked the Finance and Economy Ministry on Friday to revoke
their licenses, saying it would be impossible for the
brokerages to reconstruct their business. The ministry is
expected to agree to the request. The two companies will be
the first major South Korean brokerages to face the revoke
of licenses. The committee asked the firms to submit plans
to improve their management by late April. However, neither
was able to satisfy the panel's conditions for
reconstruction. Dong Suh announced on April 20 that it
would be purchased by a U.S. mutual fund firm. The panel
was unable to confirm the purchase agreement.
(Nihon Keizai Shimbun 02-May-1998)


MANDO MACHINERY: Signs $20 Million Contract with Rothschild
-----------------------------------------------------------
Mando Machinery Corp., the nation's largest auto parts
maker affiliated with the Halla Group, has signed a
contract with Rothschild Inc. of the United States on a
$20-million loan for its operational fund, group officials
said yesterday. The U.S. financier is expected to extend
another $20 million in "emergency" operational loan to
Halla Heavy Industries Ltd. soon to help keep afloat the
financially-troubled conglomerate. The officials said that
the $20 million loan to Mando will arrive here right after
the deal is authorized by a local district court. Mando,
which went bankrupt late last year, has been under court
protection. The total $40 million in relief operational
loan will have been made prior to the Rothschild's $1-
billion bridge loans to Halla.

Under the contract, Rothschild, an M&A specialist, would
try to find foreign partners to invest in four of Halla's
bankrupt subsidiaries, including Mando Machinery, and the
loans would later be gradually turned into equity.

The Halla Group, the country's 12th-largest conglomerate in
terms of assets with 17 subsidiaries as of end of 1996,
defaulted on a huge amount of debt last year.
(Korea Herald 05-May-1998)


SHINHO METAL: Troubled Firm to Merge with Shinho Steel
------------------------------------------------------
While currently under the legal management, Shinho Steel
has announced its decision to merge with its unlisted
affiliate, Shinho Metal.

"As part of our method pertaining to group restructuring,
we have concluded to merge the two companies together, and
have already begun to take the necessary legal procedures,"
an official of Shinho group said.

Under the law, a legally managed company requires the
approval of the courts in order to merge with another
company. And provided that the procedures are carried out
without any ruffles, the two companies will complete its
merger into one in November. Shinho Steel, formerly under
the name of Korea Steel Pipe, has been stayed at capital
repairment state in five years, while Shinho Metal, a
polyethylene- coated steel pipe maker, recorded a deficit
of 4 billion won last year. The official said that the
merger between the two companies would allow them to
integrate procedures, ranging from raw material supply to
sales, cutting down on the cost of expenses.
(Korea Economic Weekly 01-May-1998)


SHINHO STEEL: Troubled Firm to Merge with Shinho Metal
------------------------------------------------------
While currently under the legal management, Shinho Steel
has announced its decision to merge with its unlisted
affiliate, Shinho Metal.

"As part of our method pertaining to group restructuring,
we have concluded to merge the two companies together, and
have already begun to take the necessary legal procedures,"
an official of Shinho group said.

Under the law, a legally managed company requires the
approval of the courts in order to merge with another
company. And provided that the procedures are carried out
without any ruffles, the two companies will complete its
merger into one in November. Shinho Steel, formerly under
the name of Korea Steel Pipe, has been stayed at capital
repairment state in five years, while Shinho Metal, a
polyethylene- coated steel pipe maker, recorded a deficit
of 4 billion won last year. The official said that the
merger between the two companies would allow them to
integrate procedures, ranging from raw material supply to
sales, cutting down on the cost of expenses.
(Korea Economic Weekly 01-May-1998)


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

GEORGE KENT: Pre-tax Profit Plunges
-----------------------------------
Water meters and brass rods maker, George Kent (M) Bhd said
its pre-tax profit had plunged to RM2.6 million
($US702,000) for the year ended Jan 31, 1998 from RM11.26
million ($US3.04 million) previously, attributing it to the
economic difficulties experienced by the country. Group
turnover also declined to RM130.90 million ($US35.38  
million) for the period under review from RM164.36 million  
($US44.42 million), the company said in a statement here  
Thursday.

At the company level, pre-tax profit shrank to RM11.62  
million from RM13.9 million, while turnover reduced to  
RM109.33 million from RM131.42 million ($US1 = RM3.7).
Group earnings per share decreased to 1.75 sen for the
financial period under review from 12.51 sen earlier, while  
net tangible asset (backing per ordinary share of 50 sen)  
stood at RM1.61 from RM1.60.
(Asia Pulse 01-May-1998)


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

MEDINA FOOD: Real Estate Firm Petitions for Debt Relief
-------------------------------------------------------
Two more real estate firms have dashed to the Securities
and Exchange Commission (SEC) last week with a petition for
debt relief. Commonly-owned companies Solid Builders, Inc.
(SBI) and Medina Food Industries, Inc. (MFI), both engaged
in sales and development of real estate, particularly  
housing subdivisions, also requested the SEC to appoint a
management committee or rehabilitation receiver to oversee
their operations if needed. In their petition, SBI and MFI
said they will work out a three- to four-year
rehabilitation plan with the SEC within six months after
the commission grants their request for suspension of
payments over their 140-million Philippine peso (PhP)
obligation to China Bank.
(BusinessWorld 04-May-1998)


MIDAS DIVERSIFIED: Export Company Faces Fraud Charges
-----------------------------------------------------
Officers of ailing export firm Midas Diversified Export
Corp. face fraud charges from some of its  creditor banks
over  allegations they failed  to divulge all information
regarding the firm's finances. SEC chairman Perfecto Yasay,
Jr. said Midas' creditor banks are ready to ask the  
Department of Justice to issue hold orders against the
firm's officials to prevent them from leaving the country.
For its part, the SEC chief said the commission is looking
into the allegations before it decides on Midas' petition
for debt relief. The allegations came as a surprise as the
firm's counsel earlier said Midas and its creditor-banks
are close to an agreement to reschedule the firm's 3.05-
billion Philippine peso (PhP) debt.
(BusinessWorld 04-May-1998)


SOLID BUILDERS: Real Estate Firm Petitions for Debt Relief
----------------------------------------------------------
Two more real estate firms have dashed to the Securities
and Exchange Commission (SEC) last week with a petition for
debt relief. Commonly-owned companies Solid Builders, Inc.
(SBI) and Medina Food Industries, Inc. (MFI), both engaged
in sales and development of real estate, particularly  
housing subdivisions, also requested the SEC to appoint a
management committee or rehabilitation receiver to oversee
their operations if needed. In their petition, SBI and MFI
said they will work out a three- to four-year
rehabilitation plan with the SEC within six months after
the commission grants their request for suspension of
payments over their 140-million Philippine peso (PhP)
obligation to China Bank.
(BusinessWorld 04-May-1998)


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

UNION ASIA: Ordered to Halt Securities Trading
----------------------------------------------
Union Asia Finance has been ordered to halt securities
trading by the Securities and Exchange Commission because
of liquidity problems. Deposit runs have left the company
unable to meet SEC net capital rules, according to industry
sources. The rules require brokerages to set aside
sufficient capital to meet risk assets. Chairman Chaiyuth
Pilun-owad acknowledged that the company was facing
liquidity problems. Nearly all finance companies had
similar difficulties, he said. Major shareholders and
company management are seeking new capital to supplement
liquidity and increase loan-loss provisions.

Last year, shareholders approved a capital increase of one
billion baht. The company offered 100 million shares in a
rights issue of 10 new shares for every 8.1 held. Only 19
million shares were subscribed.

Last week, Union Asia Finance notified the Stock Exchange
of Thailand that it would issue more shares than previously
announced to meet capital and provisioning requirements.
Details will be announced by the end of this month.

Dr Chaiyuth said negotiations were continuing with
prospective foreign shareholders.

Union Asia Finance reported net losses of 1.68 billion baht
for 1997, or 20.80 baht per share. Total assets as of
December 31 were 40.4 billion baht, with liabilities of
37.8 billion and paid-up capital of 812.36 million baht.
(Bangkok Post 04-May-1998)



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