TCRAP_Public/980716.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      

      Thursday, July 16, 1998, Vol. 1, No. 102

                    Headlines


C H I N A   &   H O N G   K O N G

ALLIED PROPERTIES: Judge grants share-capital reductions
GKC HOLDING: Faces writ over $30m in bad cheques
GRANDEX INVESTMENT LIMITED: Winding-up notice
HB INTERNATIONAL: Phone firm plays for time on debt
J&A SECURITIES: Top officials under investigation

RIVERA (HOLDINGS) LIMITED: Notice for reduction of capital
SUN HUNG KAI: Judge grants share-capital reductions
TIAN AN CHINA: Judge grants share-capital reductions


I N D O N E S I A

LIPPO SECURITIES: Fires 10% of its backroom employees
PT CIPUTRA DEVELOPMENT: Results announcement
POLYSINDO EKA PERKASAS: S&P lowers ratings


J A P A N  

DAI-ICHI KANGYO BANK: May sell bad loans


K O R E A

DAEWOO MOTOR: Economic reforms, layoffs spark rallies
JINDO GROUP: Selected as workout candidate
HYUNDAI MOTOR: Economic reforms, layoffs spark rallies
KABOOL GROUP: Selected as workout candidate
KIA MOTORS: KDB releases auction schedule

KISAN CONSTRUCTION: Court receivership application rejected
NASAN CONSTRUCTION: Court receivership application rejected


M A L A Y S I A

BRIGHT PACKAGING INDUSTRY BHD: To raise fresh capital
CN CORPORATE NETWORK HOLDINGS SDN BHD: Winding-up petition
DEXSON CONSTRUCTION AND ENGINEERING: Winding-up petition
KHIAM HIN HOLDINGS SDN BHD: Voluntary winding-up
LIAN HUAT ENGINEERING WORKS SDN BHD: Winding-up petition

NETGROUP SDN BHD: Voluntary winding-up
RED BOX: Discovers major shareholder had bailed out
SIME BANK: Investigation nearly complete
SOON LEE TEX INDUSTRIES SDN BHD: Winding-up petition
SWEE GIAP & COMPANY SDN BHD: Voluntary winding-up

TEKNO TABAH SDN BHD: Winding-up petition
TIME ENGINEERING: Files for bankruptcy protection
TIME TELEKOM: Rival offers to buy Time through $4.57b deal
WOO HING BROTHERS: Trading company defaults on payments


P H I L I P P I N E S

GLOBALAND CONSTRUCTORS: Files for Debt Relief
NATIONAL POWER CORPORATION: Privatisation progress urged
PHILIPPINE AIRLINES: Negotiating to form spinoffs
PRATRIUM HOLDINGS: Files for Debt Relief
SAN MIGUEL: Sells stake in drinks business

SOUTHEAST ASIA CEMENT: Seacem to get more capital


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

ALLIED PROPERTIES: Judge grants share-capital reductions
--------------------------------------------------------
According to the SCMP of July 15, the court yesterday
granted an application of share capital lodged by Allied
Properties (Holdings) on the grounds that based on the
economic climate, the directors consider the company should
place itself in a position where it can get an injection of
working capital when circumstances demand.


GKC HOLDING: Faces writ over $30m in bad cheques
------------------------------------------------
GKC Holdings, a Hong Kong kitchen supplier, is facing court
action over HK$30 million in dishonoured cheques. According
to a writ filed at the Court of First Instance, five
cheques were presented by the company to China Speed
Finance, but were dishonoured. The writ said GKC was
informed of the outstanding amount in a letter sent to the
company. Trading in GKC was suspended on July 3 after
announcing talks were underway between controlling
shareholders.  


GRANDEX INVESTMENT LIMITED: Winding-up notice
---------------------------------------------
A notice in the Hong Kong Standard of July 15 says that a
petition for the winding-up of Grandex Investment Limited
was presented to the High Court on June 30 by Tam Ping Sun,
and the petition was directed to be heard before the court
at 9:30 am on July 29.


HB INTERNATIONAL: Phone firm plays for time on debt
---------------------------------------------------
According to the Hong Kong Standard of July 15, HB
International Holdings is seeking to extend the negotiation
period on debt restructuring with its banks up to the end
of July after failing to find a rescuer. The banks have yet
to reply.

Sources said the company had been approached by several
parties, including China-related companies, but the prices
offered were too low for the company to accept. Some of the
proposals did not include any cash consideration.

Potential buyers have limited interest in investing in the
company because manufacturing is undermined in Hong Kong.

Owing to a lack of working capital, total output at the
company has been declining despite an increase in the total
number of new orders in the first half of 1998.


J&A SECURITIES: Top officials under investigation
-------------------------------------------------
The Asian World Street Journal reported that J&A
Securities' top officials are under investigation for
financial irregularities that may bring about a shuffle of
the Chinese brokerage company's top-level management.

It is not yet known who is being investigated and the
nature of the financial irregularities.  But J&A is
expected to make an announcement soon in order to prevent a
run on the company's client accounts.

Traders at Shanghai and Shenzhen markets said that the talk
of investigation at J&A Securities caused the decline of
the Class A shares indexes (1.6% in Shanghai, 2% in
Shenzhen). But J&A-linked stocks took the hardest beatings.
For example, Shanghai Shenhua Industrial Co., a company
that is controlled by J&A Securities, fell 9.1% to 13.87
yuan ($1.68).

J&A has been one of China's most active trading firms and a
leading underwriter of mainland stocks. But recently it has
been fined on several occasions for illegal dealings in
China's futures and stock markets.


RIVERA (HOLDINGS) LIMITED: Notice for reduction of capital
----------------------------------------------------------
A notice on the Hong Kong Standard of July 15 says that a
petition was presented to the High Court on June 29 for the
confirmation of the reduction of the capital of Rivera
(Holdings) Limited from $1,000,000,000 to $100,000,000 and
the petition is directed to be heard before the court at
9:30 am on July 21.


SUN HUNG KAI: Judge grants share-capital reductions
---------------------------------------------------
According to the SCMP of July 15, the court yesterday
granted an application of share capital lodged by Sun Hung
Kai & Company on the grounds that based on the economic
climate, the directors consider the company should place
itself in a position where it can get an injection of
working capital when circumstances demand.


TIAN AN CHINA: Judge grants share-capital reductions
----------------------------------------------------
According to the SCMP of July 15, the court yesterday
granted an application of share capital lodged by Tian An
China Investments on the grounds that based on the economic
climate, the directors consider the company should place
itself in a position where it can get an injection of
working capital when circumstances demand.


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

LIPPO SECURITIES: Fires 10% of its backroom employees
-----------------------------------------------------
According to the Hong Kong Standard of July 15, Indonesian-
owned securities company Lippo Securities said yesterday it
had laid off almost 10 per cent of its backroom staff in an
effort to cut costs.

A director of the company said that most other securities
houses had cut staff before Lippo Securities, which has no
plans to cut more staff in the near future. He refused to
comment on the reported financial troubles of the
Indonesian conglomerate owned by the Riady family.

Lippo Bank yesterday announced a pre-tax profit of 530
billion rupiah in the first half against 124.01 billion
rupiah in the same period last year. It did not give a
figure for net profit.


PT CIPUTRA DEVELOPMENT: Results announcement
--------------------------------------------
PT Ciputra Development, an Indonesian property company,
recorded a first-quarter loss of 271.8 billion rupiah
(US$17.9 million). An extraordinary foreign-exchange loss
of 318.5 billion rupiah was the main reason for the loss,
and slumping revenue, higher interest expenses and
increased operating costs were also contributing factors.  


POLYSINDO EKA PERKASAS: S&P lowers ratings
------------------------------------------
Asia Pulse reports S&P today lowered its rating on  
Polysindo Eka Perkasas (P.T.) (Polysindo) $US125 million  
guaranteed secured notes due 2001 from CCC- to D.

The move follows Polysindo's failure to meet interest  
obligations of $US22.8 million on these notes within the  
30-day grace period, which commenced on June 15, 1998, S&P  
said in a statement.

Polysindo International Finance Co B.V.s $US260 million  
secured notes due 2006 and its $US200 million secured notes  
due 2007, both of which were guaranteed by Polysindo, were  
also downgraded from CCC- to D. Polysindos corporate credit
rating remains not meaningful.


=========
J A P A N  
=========

DAI-ICHI KANGYO BANK: May sell bad loans
----------------------------------------
The Financial Times reports Dai-ichi Langyo Bank, the
Japanese bank, said its was considering selling bad loans
totalling Y200bn-Y300bn to US and European financial
institutions by the end of August. The bank said the loans
will be disposed of at auction.


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

DAEWOO MOTOR: Economic reforms, layoffs spark rallies
-----------------------------------------------------
According to the SCMP and the Hong Kong Standard of July
15, more than 55,000 workers downed tools and staged
rallies across the country yesterday at the start of a
crippling general strike over economic reforms, which are
sparking mass layoffs.

The strike hit the country's 2 largest car makers, Hyundai
Motor and Daewoo Motor, and the country's second largest
shipbuilder, Daewoo Heavy Industries.

A union spokesman at Daewoo Motor said more than 10,000
workers at its car plants began an eight-hour strike
yesterday. Union workers planned to strike for 8 hours
today starting at 8 am and for 4 hours tomorrow.


JINDO GROUP: Selected as workout candidate
------------------------------------------
The Korea Herald reports that Jindo and Kabool groups were
selected as candidates for a workout program by creditor
banks, in addition to Kohap and Shinho groups, which
voluntarily presented an application for the program on
July 10.

However, the Financial Supervisory Commission, Korea's
newly created financial watchdog agency, postponed the
announcement of the firms to be subject to its "workout"
restructuring program scheduled for today.  

After the recent closure of five small banks, the FSC asked
eight creditor banks to select 16 workout candidates among
medium-size conglomerates ranked between the 6th and 64th
in terms of assets by July 15.

In response to government initiatives for economic
restructuring, both labor unions and management expressed
concern that the program will accelerate a corporate
collapse due to, for instance, massive credit withdrawal by
nonbanking institutions.

In this delayed schedule for the workout program, the FSC
will ask domestic banks to be more gradual and flexible in
selecting candidate enterprises till early August. In
addition, the FSC will start tackling mergers among
troubled domestic banks after September rather than early
August. This is due to the considerable delay of
liquidation procedures of the five closed banks.  

Furthermore, the plan to select nonviable units of the
five biggest conglomerates will also be delayed till after
mid-August.


HYUNDAI MOTOR: Economic reforms, layoffs spark rallies
------------------------------------------------------
According to the SCMP and the Hong Kong Standard of July
15, more than 55,000 workers downed tools and staged
rallies across the country yesterday at the start of a
crippling general strike over economic reforms, which are
sparking mass layoffs.

The strike hit the country's 2 largest car makers, Hyundai
Motor and Daewoo Motor, and the country's second largest
shipbuilder, Daewoo Heavy Industries.


KABOOL GROUP: Selected as workout candidate
-------------------------------------------
The Korea Herald reports that Jindo and Kabool groups were
selected as candidates for a workout program by creditor
banks, in addition to Kohap and Shinho groups, which
voluntarily presented an application for the program on
July 10.

However, the Financial Supervisory Commission, Korea's
newly created financial watchdog agency, postponed the
announcement of the firms to be subject to its "workout"
restructuring program scheduled for today.  

After the recent closure of five small banks, the FSC had
asked eight creditor banks to select 16 workout candidates
among medium-size conglomerates ranked between the 6th and
64th in terms of assets by July 15.

In response to the government initiatives for economic
restructuring, both labor unions and management expressed
concern that the program will accelerate a corporate
collapse due to, for instance, massive credit withdrawal by
nonbanking institutions.

In this delayed schedule for the workout program, the FSC
will ask domestic banks to be more gradual and flexible in
selecting candidate enterprises till early August. In
addition, the FSC will start tackling mergers among
troubled domestic banks after September rather than early
August. This is due to the considerable delay of
liquidation procedures of the five closed banks.  

Furthermore, the plan to select nonviable units of the
five biggest conglomerates will also be delayed till after
mid-August.


KIA MOTORS: KDB releases auction schedule
-----------------------------------------
Asia Pulse printed the schedule of the open international
auction for South Korea's Kia Motors and Asia Motor,
announced by Korea Development Bank, the two automaker's
principal creditor bank, and Kia Wednesday.

July 20-24, 12:00 (KST) -Bidders to submit letters of
intention for tender

July 27, 10:00 -Creditor banks to hold tender presentation
for the auction

July 31 -Creditor banks to submit a plan of disposing of
the two carmakers to the court

July 25-Aug 21, 17:00 -Bidders to obtain information about
the auction

July 27-Aug 21, 17:00 -Bidders to submit tender documents

Sept 1 -Successful bidders to be announced

Late Sept: -Court to approve creditor banks' plan to
dispose of the two carmakers

October: -Creditor banks to reduce capital and to announce
a plan of issuing new shares

December: -Creditor banks to complete capital raises for
the two carmakers


KISAN CONSTRUCTION: Court receivership application rejected
-----------------------------------------------------------
The Korean language Maeil Kyungje reports that Seoul
District Court has rejected the court receivership
applications of Kisan Company (an affiliate of Kia group)
and Nasan Construction Company (an affiliate of Nasan
Group).

This decision is based on the court's conviction that the
two companies are economically better off when liquidated,  
which reflects a change in the company liquidation law
application in Korea. Previously, the effects on public
interest were also considered in courts' decisions on a
court receivership application.


NASAN CONSTRUCTION: Court receivership application rejected
-----------------------------------------------------------
The Korean language Maeil Kyungje reports that Seoul
District Court has rejected the court receivership
applications of Kisan Company (an affiliate of Kia group)
and Nasan Construction Company (an affiliate of Nasan
Group).

This decision is based on the court's conviction that the
two companies are economically better off when liquidated,  
which reflects a change in the company liquidation law
application in Korea. Previously, the effects on public
interest were also considered in courts' decisions on a
court receivership application.


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

BRIGHT PACKAGING INDUSTRY BHD: To raise fresh capital
-----------------------------------------------------
Bright Packaging Industry Bhd, listed in the KLSE, plans to
raise new capital of RM29.925mil via renounceable 29.925mil
RM1 shares on the basis of three shares for every two held.


CN CORPORATE NETWORK HOLDINGS SDN BHD: Winding-up petition
----------------------------------------------------------
Electronics & Engineering Pte Ltd on 9/6/98 petitioned for
the winding-up of CN Corporate Network Holdings Sdn Bhd.
The petition is directed to be heard on 17/12/98.


DEXSON CONSTRUCTION AND ENGINEERING: Winding-up petition
--------------------------------------------------------
Wong Choon Fah and Lee Soong on 19/12/97 petitioned for the
winding-up of Dexson Construction and Engineering Sdn Bhd.
The petition is directed to be heard on 25/9/98.


KHIAM HIN HOLDINGS SDN BHD: Voluntary winding-up
------------------------------------------------
The members of Khiam Hin Holdings Sdn Bhd on 9/6/98
resolved to wind-up the company voluntarily. Creditors of
the company are requested to submit their claims before
15/8/98.


LIAN HUAT ENGINEERING WORKS SDN BHD: Winding-up petition
--------------------------------------------------------
Malayan Banking Bhd on 9/6/98 petitioned for the winding-up
of Lian Huat Engineering Works Sdn Bhd. The petition is
directed to be heard on 2/9/98.


NETGROUP SDN BHD: Voluntary winding-up
--------------------------------------
The members of Netgroup Sdn Bhd on 19/5/98 resolved to
wind-up the company voluntarily. Creditors of the company
are requested to submit their claims before 14/8/98.


RED BOX: Discovers major shareholder had bailed out
---------------------------------------------------
Singapore BusinessTimes reports Red Box has "just
discovered" that major shareholder Ling Hee Leong -- eldest
son of Malaysian Transport Minister Ling Liong Sik -- had
bailed out of the cash-strapped company in June.

In a notice to the stock exchange on Monday, Red Box said
Stellar Links, controlled by Hee Leong, had sold its entire
interest of 6.55 million shares or 10.08 per cent. The
company did not give any reason for the disposal or the
price of the transaction.

An associate of Mr Ling told BT that the privately-held
Stellar Links may have cashed out of Red Box in the middle
of this year when Mr Ling resigned as deputy chairman in
May. The resignation took place about two months after
Malayan Banking served Red Box with a winding-up petition.

According to Red Box, the Maybank petition had claimed that
it was unable to repay borrowings of 8.4 million Malaysian
ringgit (S$3.4 million). Red Box had guaranteed another RM5
million owed by its Singapore-based subsidiary. However,
Red Box said the debt arose from the bank's decision to
terminate all its credit facilities to the company.

In a separate statement yesterday, Red Box said Maybank has
accepted its alternative debt repayment scheme, and has
agreed to withdraw the winding-up petition and other legal
proceedings.

The 28-year-old Mr Ling emerged as a substantial
shareholder in Red Box in 1996. Red Box manufactures photo
albums and owns a string of spas and resorts.


SIME BANK: Investigation nearly complete
----------------------------------------
Asia Pulse reports the investigation into the losses
suffered by Sime Bank Bhd is nearly completed and a report
will be submitted soon, said Deputy Finance Minister Dr  
Affifuddin Omar. He, however, could not give the date when
the report will be ready.

Sime Bank, which had suffered a loss of RM1.8 billion  
($US431.7 million) for the half year ended Dec 31, 1997 and  
was in need of a RM1.2 bilion in capital injection, was
taken over in April this year by RHB Bank Bhd.


SOON LEE TEX INDUSTRIES SDN BHD: Winding-up petition
----------------------------------------------------
Winner H.K. (Malaysia) Sdn Bhd on 18/5/98 petitioned for
the winding-up of Soon Lee Tex Industries Sdn Bhd. The
petition is directed to be heard on 1/9/98.


SWEE GIAP & COMPANY SDN BHD: Voluntary winding-up
-------------------------------------------------
The members of Swee Giap & Company Sdn Bhd on 13/7/98
resolved to wind-up the company voluntarily. Creditors of
the company are requested to submit their claims before
14/8/98.


TEKNO TABAH SDN BHD: Winding-up petition
----------------------------------------
Malayan Banking Bhd on 25/3/98 petitioned for the winding-
up of Tekno Tabah Sdn Bhd. The petition is directed to be
heard on 8/10/98.


TIME ENGINEERING: Files for bankruptcy protection
-------------------------------------------------     
Newsbytes reports Time Engineering Bhd. has been granted
nine months' protection from creditors during which it must
restructure debts and sell off assets.

The company's Time Telekom Holding Bhd. unit is one of
Malaysia's major telecommunications carriers and operates
an all-fiber optic long distance telephone network and
cellular services in the country.

The debt-laden firm is parent to several major
telecommunications companies, including Time Telekom
Holding Bhd., Time Wireless Bhd. and TimeSat Sdn. Bhd. It
is also parent to Time Automation and Managing Services
Sdn. Bhd., Time  Spectrum Sdn. Bhd., Time System
Integration Sdn. Bhd., and Time Quantim  Technology Sdn.
Bhd.


TIME TELEKOM: Rival offers to buy Time through $4.57b deal
----------------------------------------------------------
According to a Bloomberg article in the SCMP of July 15,
sources said that Technology Resources Industries,
Malaysia's largest cellular phone company, has offered to
buy cash-strapped rival Time Telecommunications Holdings
for about M$2.5 billion in assumed debt.

Technology Resources offered a token price of $1 for the
equity in Time Telekom, while agreeing to take over all of
its debt. If accepted, the plan would rescue Time
Engineering, which won court protection from creditors
yesterday.

The offer also underscores the financial difficulties at
Renong, Malaysia's largest construction group and formerly
a business arm of the country's dominant political party,
the United Malays National Organisation.

The move comes nearly 2 weeks after Renong, which is
strapped with an estimated debt of $9 billion and posted a
loss of $312.4 million in the 9 months to March 31,
appointed Credit Suisse First Boston to come up with a
restructuring plan to help it reduce costs.

Trading in Time Engineering shares has been halted since
July 10 pending a company announcement.

Technology Resources, also known as TRI, itself has debt
which could complicate its takeover bid. It had $1.54
billion in cash at the end of last year, but that is not
enough to pay for the additional debt it takes on from
Time. According to its annual report, its long-term
liabilities stood at $1.31 billion as of the end of the
year. It also must set aside money to redeem bonds worth
$1.45 billion which are due in October and November next
year.

Time Engineering may not accept TRI's offer, holding out
for a better offer from other buyers. According to its
latest annual report, Time Engineering values its phone
units at $3.34 billion.

It was in talks with Singapore Telecommunications in
February to sell at least a 30 per cent stake in the phone
unit. By seeking court protection from creditors, it is
hoping to get at least a six-month reprieve to enable it to
sort out its debt, and find better offers for its phone
unit.

Telekom Malaysia, the country's largest phone company, has
also expressed an interest in Time Telecom.

If TRI completed the acquisition, it could cement its
dominance over Malaysia's mobile phone market by adding
Time Telekom's 150,000 clients to its subscriber base of
962,000. It would also become the owner of three separate
cellular telephone networks, including an analogue system,
a GSM network and a PCN network.

Malaysian phone companies are struggling to stay afloat
amid a slump in demand for cellular phone services as the
country plunges into its first recession since 1985 and
endures a slide in the value of the ringgit.


WOO HING BROTHERS: Trading company defaults on payments
-------------------------------------------------------
Woo Hing Brothers (Malaysia) Bhd., a trading company in
Malaysia, said it has defaulted payments of interest and
principal amounting to 40.1 million ringgit (US$9.6
million) as of June 30. Woo Hing said the defaults were
mainly caused by the tight liquidity position it
experienced because of the increase in interest costs,
reduction of banking facilities and a reduction in
turnover. The company is negotiating the disposal of
certain properties to raise cash to reduce outstanding
debts.  

The company said Malayan Banking Bhd. has demanded the
repayment of 18.5 million ringgit as a result of a breach
in the overdraft-facilities limit by 3.8 million ringgit.  
Malaysia Building Society Bhd. has requested the repayment
of 20.9 million ringgit, after a default in term-loan
interest payments amounting to 900,000 ringgit on principal
of 20 million ringgit. The company has also defaulted on
interest payments amounting to 500,000 ringgit and 100,000
ringgit to Sime Bank Bhd and Utama Merchant Bank Bhd.,
respectively.  


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

GLOBALAND CONSTRUCTORS: Files for Debt Relief
---------------------------------------------
BusinessWorld reports two more real-estate firms have filed
for suspension of debt payments with the Securities and
Exchange Commission (SEC). Pratrium Holdings, Inc. is
asking SEC's intervention for the temporary suspension of
its payments for debts totaling 89.8 million Philippine
pesos (PhP), while Globaland Constructors and Developers
Corp. wants debt relief for liabilities amounting to  
PhP25.2 million.

Globaland traces its financial problems also on the
currency turmoil which raged through the region starting
July 1997.


NATIONAL POWER CORPORATION: Privatisation progress urged
--------------------------------------------------------
National Power Corporation is facing bankruptcy unless the
new government acts on its long-delayed privatisation,
reports the Financial Times. The Times cites a senior
government official says the earliest possible approval
would still take at least 12 to 18 months to execute.

Napocor, with assets of 650 billion pesos, saw profits fall
45 per cent to 3.05 billion pesos last year.

Delays in privatisation approval have been caused by
congressional debate on deregulation of the oil sector. The
delay forced Asian Development Bank to postpone a $500
million loan to Napocor.


PHILIPPINE AIRLINES: Negotiating to form spinoffs
-------------------------------------------------
Philippines Airlines is negotiating with potential
investors that would help it form spinoff companies to
handle its maintenance and engineering, ground handling,
flight-information services, cargo services, and catering.
The move is part of the rehabilitation plan to save the
company from closure. PAL received approval Tuesday to
dispose of about $1.75 million in assets to raise money for
its operations.

Asia Pulse reports PAL and its employees' union resumed  
talks Tuesday afternoon at the Department of Labor and  
Employment (DOLE) to stave off a strike that could lead to
the final collapse of the beleaguered flag-carrier.


PRATRIUM HOLDINGS: Files for Debt Relief
----------------------------------------
BusinessWorld reports two more real-estate firms have filed
for suspension of debt payments with the Securities and
Exchange Commission (SEC). Pratrium Holdings, Inc. is
asking SEC's intervention for the temporary suspension of
its payments for debts totaling 89.8 million Philippine
pesos (PhP), while Globaland Constructors and Developers
Corp. wants debt relief for liabilities amounting to  
PhP25.2 million.

Pratrium blamed its financial woes on the currency crisis
which affected countries in the Asia-Pacific region. The
crisis, the firm said, forced it to postpone its high-end
housing subdivision project which was projected to generate
around PhP1 billion in sales over three years.


SAN MIGUEL: Sells stake in drinks business
------------------------------------------
RP-Business News cites an Agence France-Presse article that
Philippine food-and-beverage giant San Miguel Corp. has
sold its 47-percent stake in a British soft drink bottling
business spun off by Coca-Cola Amatil Ltd. (CCA) of
Australia.

The sale in London fetched 339.6 million pounds (555
million dollars), it said.

San Miguel is the second largest shareholder of CCA with 25
percent, the result of a 2.7-billion-dollar stock swap
agreement last year to create the largest Coca-Cola
bottling group outside the United States.

The company invested more than 400 million dollars on a
string of breweries and packaging plants in Hong Kong,
China, Vietnam and Indonesia which went sour amid the Asian
financial crisis.


SOUTHEAST ASIA CEMENT: Seacem to get more capital
-------------------------------------------------
RP-Business News reports Tong Yang Group of South Korea
plans to infuse more money into Southeast Asia Cement
Holdings, Inc. (Seacem) after acquiring a 12.46 percent
stake. It is starting to consolidate its holdings in Seacem
which is actively overhauling operations by cutting off
redundant positions, lowering capacity utilization to
reduce inventory and getting more aggressive on marketing
its products. New shares from the convertible notes are
expected to clean up Seacem's balance sheet but would also
dilute its earnings per share (EPS) by 17 percent, analysts
said.


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
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

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