TCRAP_Public/980518.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, May 18, 1998, Vol. 1, No. 61

                    Headlines


C H I N A   &   H O N G   K O N G

FORLUXE SECURITIES: Liquidators Propose Asset Sales
HONG KONG FORTUNE: 1997 Results Announcement
PIONEER INDUSTRIES: Regent Pacific's Takeover Bid Extended


J A P A N  

COSMO SECURITIES: To Execute Capital Reduction
MIDORI BANK: Hanshin Bank To Absorb Troubled Midori Bank
TOYOTA: Six Toyota Affiliates Post Pretax Profit Falls


K O R E A

DONG AH: Chairman Hands in Resignation
HANSOL GROUP: Seeks Foreign Investment
HANWA GROUP: Restructuring Efforts Continue
KEOPYUNG GROUP: Saehan Merchant Operations Suspended by FSC
KOHAP GROUP: Restructuring Efforts Continue
KOPYUNG GROUP: Korea Tungsten Sells Alloy Business


M A L A Y S I A

AMCORP: May Sell 15% Stake in AMMB Holdings to GIC
TENAGA NASIONAL: Utility Reports Interim Net Loss


P H I L I P P I N E S

PHILIPPINE AIRLINES: Seeking Prospective Partners
PHILIPPINE ASSOCIATED: Smelter Eyes Restructuring Plan


T H A I L A N D

MANAGER MEDIA: Reports Net Loss for 1997
NAVA FINANCE: Central Bank Gives Parent Company Ultimatum
UNION ASIA: Central Bank Gives Parent Company Ultimatum


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

FORLUXE SECURITIES: Liquidators Propose Asset Sales
---------------------------------------------------
The provisional liquidators of collapsed brokerage Forluxe
Securities and its finance arm are proposing to sell the
assets of the troubled finance group in a move to allow
clients to recoup up to 35 per cent of their claims.

Nick Hill and Tong Yat-hung of Nelson Wheeler Corporate
Reconstruction and Insolvency told a meeting of Forluxe
clients yesterday that the group's assets included $25
million in shares, a $1.5 million cash balance and a
stockbroking licence. They also revealed that missing
Forluxe group head James Mui Kwong-nok had taken $32
million in loans from the group since late last year. His
alleged crimes relate to existing loopholes in the
regulation of margin financing activities.

Mr Mui left Hong Kong on May 4 for Singapore, prompting the
Securities and Futures Commission to move in and appoint
provisional liquidators on May 8. The police are still
trying to track down Mr Mui and his brother Gordon Mui
Wing-fat. Gordon Mui is a director of finance arm Forluxe
Finance.

"The planned regular inspection by the commission on May 4
was believed to have triggered the disappearance of James
Mui," Mr Hill said.

The provisional liquidators found a $35 million shortfall
on shares owned by clients and the group had a $5 million
bank overdraft.

Forluxe has 630 cash and margin account clients. But the
margin accounts were operated under Forluxe Finance which
pledged all these clients' shares to the banks for cash
lent to James Mui, Mr Hill said.

"The problems rest with the finance company whose 1997
profit and loss account has not been audited," he said. The
shares held by the banks were valued at $9 million and no
shares had been sold since May 8, he said.

To minimise the potential devaluation of assets and rising
expenses of the liquidation, Mr Hill suggested two options
for clients.

They could choose to get back the shares they own by
checking shares under owners' names in the securities
clearing house, or receive a dividend through the sale of
the group's assets by the provisional liquidators.

"I highly recommend the asset sale as it is the quickest
way to get back claims.

"The former one makes sense to some extent, but the process
will take months and months and will cause many disputes
and costs," Mr Hill said.

He said clients were likely to be able to receive about
one-third to one-quarter of their claims within a few
weeks' time if they chose the asset sale proposal.

On top of the potential dividend payout, the clients could
seek compensation from the stock exchange's compensation
fund, he said.

The provisional liquidators will hold the first hearing in
court on June 17.
(South China Morning Post 15-May-1998)


HONG KONG FORTUNE: 1997 Results Announcement
--------------------------------------------
For the period January 1, 1997 to December 31, 1997, Hong
Kong Fortune Limited reports a net loss of HK$321,229,000
on turnover of HK$10,908,000. This compares to a net loss
of HK$222,101,000 on turnover of HK$960,000 for the
corresponding 1996 period. The current year exceptional
item represents the provision for diminution in value of
the long term investment and the write off of deferred    
pre-operating expenses of subsidiaries. The current year
exceptional item represents the write off of deferred    
operating expenses of associated companies.
(SEHK 14-May-1998)


PIONEER INDUSTRIES: Regent Pacific's Takeover Bid Extended
----------------------------------------------------------
Fund management Regent Pacific Group's hostile takeover bid
for Pioneer Industries International (Holdings) suffered a
setback yesterday when it closed with acceptances reaching
only 22.5 per cent of Pioneer shares. Regent said yesterday
it now applied to extend the bid for a fortnight until May
28 in an attempt to win more acceptances.

The acceptances received were almost entirely attributable
to Regent and its associates, which accepted for 19.78 per
cent. The remaining 2.71 per cent of acceptances came from
other Pioneer shareholders.

According to a statement released last night, Regent and
its associates will hold 24.1 per cent of Pioneer if the
bid becomes unconditional.

Regent - which has established a reputation for
aggressively acquiring undervalued firms or assets in an
attempt to realise shareholder value - launched a fruitless
attempt two years ago to liquidate Pioneer in order to cash
in its assets such as a 3.77 per cent stake in Bangkok
Bank. Regent has vowed to restructure Pioneer, including
selling the Bangkok Bank stake - now worth $600 million -
if it succeeds with its latest takeover bid.

Pioneer directors and independent adviser Platinum
Securities are recommending shareholders reject the offer
given the uncertainty over the three-year loan note and a
huge discount of the cash offer to Pioneer's share price.

In spite of Pioneer's various valuable assets, the company
suffered a $110.5 million exceptional loss largely from
exchange loss from a Thai subsidiary in the 11 months ended
in February. This caused a $52.4 million net loss.
(South China Morning Post 15-May-1998)


=========
J A P A N  
=========

COSMO SECURITIES: To Execute Capital Reduction
----------------------------------------------
Cosmo Securities Co., a subsidiary of Daiwa Bank (8319),
will execute a capital reduction of about 11.2 billion yen
as of Aug. 11, the company announced Thursday. The second-
tier brokerage firm also said that its chairman, Hiroshi
Nakano, would step down at the shareholder's meeting
scheduled for June 26, to take responsibility for the
firm's poor performance. Cosmo posted a 5.8 billion yen net
loss for fiscal 1997 ended March 31.

Cosmo's capital currently stands at about 43.6 billion yen,
with its capital reserve totaling about 4.3 billion yen,
which is not enough to cover the fiscal 1997 loss. The firm
has been restructuring with the help of Daiwa Bank. With
the prolonged slump in the stock market, however, Cosmo has
been unable to revive its business. The company is now
promoting a new restructuring plan.
(Nihon Keizai Shimbun 15-May-1998)


MIDORI BANK: Hanshin Bank To Absorb Troubled Midori Bank
--------------------------------------------------------
Hanshin Bank, a midsize regional bank in Hyogo Prefecture,
is moving to absorb the financially troubled Midori Bank,
which was set up to take over the now-defunct Hyogo Bank,
sources said Thursday.

The Deposit Insurance Corp. is expected to contribute funds
and purchase nonperforming loans from Midori Bank to help
it write off bad loans and latent losses, according to the
sources. While it is still uncertain how much the Deposit
Insurance Corp. will dispense, some estimate the cost of
cleaning up the bank's debts at 500-600 billion yen.

The bank's board of directors will resign en masse.

Midori Bank began operations in 1996 to take over the
business of Hyogo Bank, which collapsed in August 1995
under the weight of massive nonperforming loans. The bank
never managed to revive its business, however, as it failed
at the onset to clean up its nonperforming loans. As of the
fiscal 1997 book-closing, the bank's liabilities are
believed to have surpassed its assets.

Negotiations for Hanshin Bank to absorb Midori Bank are now
in the final stage, according to the sources, with January
1999 as one of the proposed merger dates. The official
decision will hinge on the consent of the parties
concerned, including Hyogo Prefecture.

Hanshin Bank, a member of the Second Association of
Regional Banks, has a deposit balance of about 920 billion
yen and a network of 74 branches and offices in the Hanshin
region.
(Nihon Keizai Shimbun 15-May-1998)


TOYOTA: Six Toyota Affiliates Post Pretax Profit Falls
------------------------------------------------------
Six of Toyota Motor Corp. (7203)'s 10 major affiliates,
including Denso Corp. (6902) and Aisin Seiki Co. (7259), on
Thursday reported year-on-year falls in pretax profits for
the year ended March. The other affiliates posting pretax
profit falls were Toyota Tsusho Corp. (8015), Toyota Auto
Body Co. (7221), Toyoda Gosei Co. (7282) and Aichi Steel
Works Ltd. (5482) Their earnings were undermined by
sluggish sales, reduced productivity due to a larger number
of products and higher depreciation costs resulting from
the expansion of new businesses. In the current fiscal
year, the six companies will likely continue to face lower
pretax profits.

Denso's operating profit declined nearly 20% as higher
exports of autoparts with low profit margins weighed on
profitability. Aisin Seiki's operating profit tumbled about
60%.

At the four other affiliates, Toyoda Automatic Loom Works
Ltd. (6201) chalked up a record pretax profit in fiscal
1997, but is likely to post the first profit fall in five
terms in the current fiscal year due to fewer orders from
the parent automaker.

Denso's capital investment is likely to fall 20% to 105
billion yen as it plans to reduce outlays of machinery,
metal molds and other equipment. However, all the companies
are planning generous investments in new businesses. Denso
will spend 13 billion yen on producing LCD display monitors
and more than 10 billion yen in R&D activities.
(Nihon Keizai Shimbun 15-May-1998)

Toyota Motor Corp. President Hiroshi Okuda Thursday said
his company is not planning an international tie-up similar
to the planned merger of Daimler-Benz AG and Chrysler Corp.
Okuda said the need for environmental and other types of
technology would likely spawn alliances among automakers
with less capital and technical capability.
(Nihon Keizai Shimbun 15-May-1998)


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

DONG AH: Chairman Hands in Resignation
--------------------------------------
Choi Won-suk tendered his resignation as chairman of Dong
Ah Construction Co., as well as Korea Express Co. Friday.
Choi announced he was stepping down from the positions in
front of the officers and employees of the two core Dong Ah  
companies gathered at the group's auditorium in Seoul.
Choi's action seemed to be a jesture of taking  
responsiblity for the financial plight of the group and to  
solicit creditor banks to extend cooperative loans to the  
debt-ridden group comprised of some 20 affiliates.

A Dong Ah official said Choi gave up all of his  
shareholdings in group affiliates, including Dong Ah  
Construction, to the creditor banks, along with his private  
properties to give up ownership as well as management right
in the group.
(Asia Pulse 15-May-1998)


HANSOL GROUP: Seeks Foreign Investment
--------------------------------------
South Korea's Hansol Group expects to attract US$2.5
billion in foreign funds by June, a company spokesman said
Thursday. Hansol said it has been negotiating with foreign
companies over establishment of joint ventures and equity
investment in key affiliates like Hansol Paper and Hansol
PCS to introduce foreign investment of $2 billion. For this
Hansol named Morgan Stanley as financial adviser.

Hansol is seeking equity investment of $180 million and $70  
million for its telecom affiliate Hansol PCS, from Bell
Canada and J.P. Morgan. It also hopes to sign a contract
with a U.S. real estate company to sell its head office
building in southern Seoul for $90 million within this
month.

Another $100 million is expected by June, when it will  
lease its generating facility in Chonju to a European
company. The ongoing negotiations are expected to reach
fruition within the next two months. The new funds will
help the group reduce its debt-equity ratio more than
halved to 150 percent by the end of this year, from its
current 399 percent, the Hansol spokesman said.
(Asia Pulse 14-May-1998)


HANWA GROUP: Restructuring Efforts Continue
-------------------------------------------
About a dozen business conglomerates rumored to be on the
government's "death list" for forced liquidation are
desperately restructuring to stay afloat, industry sources
said yesterday.

Korea's eighth-largest conglomerate, Hanwha Group, which
barely staved off bankruptcy after obtaining 742 billion
won in emergency bank loans, has intensified efforts to
sell off profitable affiliates, including Hanwha Energy, to
foreign firms.Hanil Bank, Hanwha's main creditor, said that
the group may yet get positive results from ongoing sell-
off negotiations.
(The Nation 16-May-1998)


KEOPYUNG GROUP: Saehan Merchant Operations Suspended by FSC
-----------------------------------------------------------
The Financial Supervisory Commission (FSC) on Friday
suspended the operations of Saehan Merchant Banking Corp.,
a financial arm of the ailing Keopyung Group, to avoid a
bank run, an FSC spokesman said.

Saehan failed to repay some 200 billion won (143 million
dollars) in call loans after the group went insolvent
Tuesday.

"It is inevitable to suspend business at Saehan Merchant
Banking to avoid a bank run on Saehan," the spokesman told
AFP. Depositors rushed to withdraw their money after three
main units of the Keopyung Group were declared insolvent
Tuesday.

State-financed Korea Development Bank has accepted an offer
from Keopyung to acquire Keopyung's share of 37.8 percent
of Saehan Merchant Banking Corp. together with all of
Saehan's debts. Saehan, which has an equity capital of 220
billion won (157 million dollars), lost 10 billion won (7.1
million dollars) last year.
(Agence France-Presse 15-May-1998)


KOHAP GROUP: Restructuring Efforts Continue
-------------------------------------------
About a dozen business conglomerates rumored to be on the
government's "death list" for forced liquidation are
desperately restructuring to stay afloat, industry sources
said yesterday.

The Kohap Group, a textile giant that received a 300-
billion-won rescue loan, is expected to announce its
intention to slash its 14 affiliates down to two or three
units early next week.

The 20th-largest conglomerate's efforts to sell off
synthetic-fiber plants here and overseas are gaining
momentum, group executives said. However, shares trading
among Kohap's listed companies was suspended temporarily
yesterday after bankruptcy rumors surfaced.
(The Nation 16-May-1998)


KOPYUNG GROUP: Korea Tungsten Sells Alloy Business
--------------------------------------------------
The Kopyung Group announced Thursday that it has reached a
final agreement to sell the ultra light alloy department of
Korea Tungsten to Iska of Israel at $150 million. An
official said the section will transfer business rights and
production facilities to Iska, while the Israeli side will
pay for its purchase in a lump sum at the end of July. Iska
agreed to keep all employees for one year, though
adjustments will be made following that period. The group
said the money will be used to pay off its W1.67 trillion
debt.
(Digital Chosunilbo 14-May-1998)


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

AMCORP: May Sell 15% Stake in AMMB Holdings to GIC
--------------------------------------------------
Some banking analysts believe Arab-Malaysian Corporation
Bhd (Amcorp) may sell up to 15 % of its stake in AMMB
Holdings Bhd to the Government of Singapore Investment
Corporation (GIC). According to them, Amcorp executive
chairman Tan Sri Azman Hashim is in preliminary talks with
GIC on the matter. If the deal goes through, Amcorp can
expect proceeds of between RM587 million and RM705 million
from the divestment.

An analyst with a foreign-based research house, who
declined to be named, said Tan Sri Azman is also talking to
another prospective buyer about acquiring a 20 % stake in
AMMB Holdings. The estimated fair price of the acquisition
is about RM450 million, or RM5.50 per share, he added.
Amcorp has a 43 % equity in AMMB Holdings. Tan Sri Azman
has effective control over both the financial services
group and its parent through his 42 % private interest in
Amcorp.

The analyst said the divestments will enable Amcorp to
repay its borrowings, adding: "The company is exposed to
property loans, large property development projects and
high risk mezzanine capital financing. The divestments will
put the company on a better footing." He said borrowings to
finance Amcorp's activities are estimated at RM1.1 billion,
with shares in AMMB Holdings placed as collateral. Sliding
share prices, he added, have caused the collateral to
become insufficient and this has exerted pressure on
Amcorp.

He said a tie-up with GIC will enable Amcorp to have a
stronger capital base and this will help it meet foreign
competition in the midst of liberalisation. The capital
base of Amcorp stands at 398.85 million shares. The company
also has RM834.8 million worth of outstanding irredeemable
convertible loan stocks and 43.51 million warrants, both
due in 2002.

AMMB Holdings recorded a pre-tax profit of RM303.1 million
for the six months ended Sept 30, 1997, a drop of 30 % from
the previous corresponding period due to rising interest
rates, lower share prices and increased provisions for bad
and doubtful loans.
(Straits Times 13-May-1998)


TENAGA NASIONAL: Utility Reports Interim Net Loss
-------------------------------------------------
Power giant Tenaga Nasional is expected to report an
interim net loss of between M$1.3 billion (about HK$2.57
billion) and $1.6 billion. The forecast by analysts
reflected Tenaga's foreign exchange translation losses of
about $2 billion to $2.2 billion incurred as a result of
the regional economic crisis.

Tenaga's executive chairman Ahmad Tajuddin Ali in December
said that if the ringgit-dollar rates were at 3.94, the
company would see a translation loss of $1.5 billion to $2
billion. The utility has also slashed its projection for
electricity sales growth to between 8 to 9 per cent a year
until 2000, down from 11 to 12 per cent previously and
deferred $3 billion worth of projects amid the country's
economic downturn.

In the previous corresponding period, Tenaga reported a net
profit of $511 million, up from $370 million, with
operating profit rising to $626 million from $481 million.
(South China Morning Post 15-May-1998)


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

PHILIPPINE AIRLINES: Seeking Prospective Partners
-------------------------------------------------
Flag-carrier Philippine Airlines (PAL) will be resuming
talks with Northwest Airlines "anytime after the elections"
even as it keeps its doors open to other prospective
partners. PAL senior vice-president Avelino Zapanta said
discussions with Northwest were temporarily put off as the
country focused on the May 11 elections. "Talks will pick
up again after the elections. Nothing definite has been set
yet," he said.

He added that another airline, Swissair, has also
approached the management of the cash-strapped airline. "I
just don't know how far the talks have gone with Swissair,"
he said. He added that negotiations are very fluid at this
point and it is not yet clear how much stake the strategic
partner will be allowed to get in PAL. Aside from Northwest
and Swissair, other airlines reportedly seeking entry into
PAL are Lufthansa and British Airways.
(BusinessWorld 15-May-1998)


PHILIPPINE ASSOCIATED: Smelter Eyes Restructuring Plan
------------------------------------------------------
The proposal to "write-off" a portion of the debts
incurred by the government-controlled Philippine Associated
Smelting and Refining Corp. (PASAR), the country's lone
copper smelting company, has been junked in favor of a debt
restructuring mode.

But PASAR chairman Rizalino S. Navarro said the National
Development Co. (NDC), which has 42 percent stake in the
company, has yet to fashion out a scheme as to how the
restructuring of the debt can be implemented.

He said the government cannot infuse additional equity into
the cash-strapped company because it is a running on a
budget deficit.

By end 1996, PASAR's total liabilities were placed P26
billion of which P7.5 billion were incurred from Japanese
suppliers. The company's assets were valued at P20 billion.
The original debt of PASAR was placed at P3.7 billion
incurred in 1983.

The option to convert into equity the government's loans to
PASAR was strongly objected by the local mining firms,
which have stake in the company, since it would
substantially dilute their share to a negligible presence.

Local mining shareholders cornered 22 percent of PASAR, the
Marubeni Corp. of Japan with 32 percent, the International
Finance Corp. with 5 percent and the government owned NDC
with the majority of 42 percent.

The earlier proposal of the NDC to "write off" of a portion
of debts incurred by the copper smelter was seen as a way
to improve the attractiveness of the debt-ridden copper
smelting company.

But this move means losses to the government's advances to
the firm.

"The move calls for a review of how much of the PASAR
debt can be written off," said Trade and Industry Secretary
Cesar B. Bautista, who is also chair of NDC.

But Bautista said the government may not be able to get
back its entire exposure from the privatization proceeds
but at least can be assured to recover the maximum
benefits.

Bautista explained the writing off of some of Pasar's debt
was decided in consideration of NDC's hope not to dilute
any of the existing shareholders.

"This position is consistent with the Legislative Executive
Development Advisory Council position," he said.

A write off scheme, Bautista said, may also be applicable
to the Philippine Phosphate Fertilizer Corp. (Philphos),
which staggering debt burden is pulling down its
attractiveness to investors.

There is no agreed timetable yet on the public bidding of
the government's over 60 percent stake in Pasar but
Bautista said "what is important is we already took the
first step."  
(Manila Bulletin 10-May-1998)


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

MANAGER MEDIA: Reports Net Loss for 1997
----------------------------------------
Manager Media Group Plc yesterday announced a net loss of
Bt1.69 billion for 1997 compared with a net record profit
of Bt1.7 billion in the previous year. The company said the
country's economic crisis caused losses to its core
business and subsidiaries in the last quarter, mainly due
to the plunge in advertising revenue.

The company's officials said that though the company had
laid off a number of staff to lower operating costs, it
remained in financial trouble. The company has failed to
pay its employees for three consecutive months and has made
no commitment to its staff.
(The Nation 16-May-1998)


NAVA FINANCE: Central Bank Gives Parent Company Ultimatum
---------------------------------------------------------
The Bank of Thailand has given Bangkok Bank and Thai
Military Bank a week to decide whether to bail out their
cash-strapped finance subsidiaries, following a suggestion
from the Finance Ministry. Finance Minister Tarrin
Nimmanahaeminda yesterday urged BBL and TMB to help Union
Asia Finance Plc and Nava Finance Plc, two finance
companies falling into trouble in the wake of unsuccessful
recapitalisations.

Deputy central bank governor Tanya Sirivedhin said
yesterday if the banks refused to help their subsidiaries,
the BOT is likely to take control of the two finance
companies or merge them.

Similar to the four nationalised banks, if Nava is taken
over, it could face an order to reduce capital to limit
damages and boost shares for potential partners. A merger
process takes a long time and requires due diligence to
ascertain cost.

Nava and UAF have faced deposit runs for days. Following
the BOT announcement in the morning, the Stock Exchange of
Thailand suspended the share trading of both companies.

An analyst of a foreign brokerage house said that UAF and
Nava might not escape the BOT control despite the central
bank's request to BBL and TMB to help the companies.

He did not see a way that both companies will be able to
bail themselves out because of non-performing loans of
around 70 per cent. As the recapitalisation has failed, the
companies have liquidity problems.

"Both companies have the same problem as the 56 shutdown
finance companies, but the central bank's handling in this
case might be softer because their problem is somewhat
improved. Certainly, their assets are more attractive to
buyers," he said.

Liquidity problems led the companies to borrow from the
Financial Institutions Development Fund. Nava has borrowed
Bt25 billion and UAF Bt20 billion.
(The Nation 16-May-1998)


UNION ASIA: Central Bank Gives Parent Company Ultimatum
-------------------------------------------------------
The Bank of Thailand has given Bangkok Bank and Thai
Military Bank a week to decide whether to bail out their
cash-strapped finance subsidiaries, following a suggestion
from the Finance Ministry. Finance Minister Tarrin
Nimmanahaeminda yesterday urged BBL and TMB to help Union
Asia Finance Plc and Nava Finance Plc, two finance
companies falling into trouble in the wake of unsuccessful
recapitalisations.

Deputy central bank governor Tanya Sirivedhin said
yesterday if the banks refused to help their subsidiaries,
the BOT is likely to take control of the two finance
companies or merge them.

Similar to the four nationalised banks, if Nava is taken
over, it could face an order to reduce capital to limit
damages and boost shares for potential partners. A merger
process takes a long time and requires due diligence to
ascertain cost.

Nava and UAF have faced deposit runs for days. Following
the BOT announcement in the morning, the Stock Exchange of
Thailand suspended the share trading of both companies.

An analyst of a foreign brokerage house said that UAF and
Nava might not escape the BOT control despite the central
bank's request to BBL and TMB to help the companies.

He did not see a way that both companies will be able to
bail themselves out because of non-performing loans of
around 70 per cent. As the recapitalisation has failed, the
companies have liquidity problems.

"Both companies have the same problem as the 56 shutdown
finance companies, but the central bank's handling in this
case might be softer because their problem is somewhat
improved. Certainly, their assets are more attractive to
buyers," he said.

Liquidity problems led the companies to borrow from the
Financial Institutions Development Fund. Nava has borrowed
Bt25 billion and UAF Bt20 billion.
(The Nation 16-May-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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