TCRAP_Public/980721.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      

      Tuesday, July 21, 1998, Vol. 1, No. 105

                    Headlines


C H I N A   &   H O N G   K O N G

ANKON LAND LIMITED: Petition for winding-up
AWT HOLDINGS: Announces exposure to claims
CHARK FUNG SECURITIES CO LTD: Winding-up notice
CITY BOSS LIMITED: Winding-up notice
CHARTER VIEW HOLDINGS (HL) LTD: Winding-up petition

DIMENSION PUBLISHING: Members' and creditors' meetings
FLOW CHART INVESTMENT LIMITED: Winding-up notice
FREE DESIGN LIMITED: Winding-up notice
GRAND UNION ENGINEERING LIMITED: Winding-up petition
KPS VIDEO EXPRESS: Sued for failing to pay store rental

FORLUXE SECURITIES: Liquidators to sue former chairman
GKC HOLDINGS: Equitable Banking files suit for $44m
HANDWALES COMPANY LIMITED: Winding-up notice
INTERFORM CERAMICS TECHNOLOGY: Units face bank claims
KARLTEX LIMITED: Members and creditors' meetings

LEADING SPIRIT: Leading Spirit faces CSRC investigation
J&A SECURITIES: J&A to freeze trade, plans amid probe
MING FUNG BULLION CO LTD: Winding-up notice
NA NA FASHION CO LTD: Winding-up notice
NEW RANK HOLDINGS LIMITED: Winding-up notice

RESOURCES MAIN ENTERPRISES LIMITED: Winding-up notice
SENFIELD INVESTMENT LIMITED: Winding-up notice
SENSON LIMITED: Winding-up notice
VINCENT MAX LIMITED: Winding-up notice
YETCO INVESTMENTS LIMITED: Winding-up notice


J A P A N  

KANKAKU SECURITIES: Reports loss of Y176.5 million
MITO SECURITIES CO: To liquidate London unit


K O R E A

CHO HUNG BANK: Reforms go ahead as bank chief quits
DONGHO ELECTRONICS: Completes creditor reconciliation
HYUNDAI MOTOR: Union warns of lay off backlash
ILWHA COMPANY: Seeks court receivership
KANGWON INDUSTRIES: Named as workout target

KIA PRECISION: Allowed to start creditor reconciliation
SEPUNG COMPANY: Paper maker is a new workout target
SHINWON GROUP: Named as workout target


M A L A Y S I A

ARAB-MALAYSIAN CORPORATION: Restructuring scheme
GANDA PLANTATIONS SDN BHD: Winding-up petition
IBF INDUSTRIES SDN BHD: Winding-up petition
MBF CAPITAL BHD: Loan to be included in restructuring
NORTHERN BASE (M) SDN BHD: Winding-up petition

NG EE TEIK SDN BHD: Capital reduction
SENG HUP CORPORATION BHD: Results announcement
SENHONG ELECTRICAL SDN BHD: Winding-up petition
SERAYA TEMBAGA SDN BHD: Voluntary winding-up
SIMESECURITIES: Koos group submits bid for troubled company

SINAR TENGGARA ENTERPRISES SDN BHD: Voluntary winding-up
SYARIKAT LEMPOR SDN BHD: Voluntary winding-up
W.S. PLASTER SDN BHD: Winding-up petition


P H I L I P P I N E S

PHILIPPINE AIRLINES: Unions urge boycott of PAL


T H A I L A N D

THAI MELON TEXTILE: Textile firm to close operations


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

ANKON LAND LIMITED: Petition for winding-up
-------------------------------------------
A notice of a July 4, 1998 winding-up order appeared in the
Hong Kong Standard for Ankon Land Limited. The petition was
presented on March 27, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 454 of 1998.


AWT HOLDINGS: Announces exposure to claims
------------------------------------------
AWT Holdings reports that since June 9, 1998, the group's
maximum exposure in respect of a claim against its members
is now HK$144 million (including letters of demand, legal
letters received from solicitor representing various
creditors and writs of summons).

An aggregate sum of HK$16.2 million is also due to four
other bank/financial institutions. In addition, AWT Realty
Limited, a wholly owned subsidiary, received letters of
demand amounting to HK$14 million.


CHARK FUNG SECURITIES CO LTD: Winding-up notice
-----------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Chark Fung Securities Co Limited.
The petition was presented on May 26, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0 362. of 1998.


CITY BOSS LIMITED: Winding-up notice
------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for City Boss Limited. The petition was
presented on April 23, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0 267. of 1998.


CHARTER VIEW HOLDINGS (HL) LTD: Winding-up petition
---------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Charter View Holdings (HL) Ltd. by the High Court of
Hong Kong was, on the 13th day of July, 1988, presented to
the said Court by Mak Lai Ting. The petition is scheduled
to be heard on 12th of August, 1998. Other creditors who
support or oppose the making of the order may appear at the
time of the hearing.  


DIMENSION PUBLISHING: Members' and creditors' meetings
-----------------------------------------------------
A notice appeared in the Hong Kong Standard for members`
and creditors' meetings for Dimension Publishing Limited
(in creditors' voluntary liquidation). The meetings are
scheduled for August 3, 1998 at Room 209, Duke of Winsor
Social Service Building,15 Hennessy Road, Wanchai, Hong
Kong.


FLOW CHART INVESTMENT LIMITED: Winding-up notice
------------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Flow Chart Investment Limited. The
petition was presented on May 26, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0 361. of 1998.


FREE DESIGN LIMITED: Winding-up notice
--------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Free Design Limited. The petition
was presented on May 22, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0 353. of 1998.


GRAND UNION ENGINEERING LIMITED: Winding-up petition
----------------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Grand Union Engineering Limited. The
petition was presented on April 27, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 273 of 1998.


KPS VIDEO EXPRESS: Sued for failing to pay store rental
-------------------------------------------------------
According to the Hong Kong Standard of July 18, troubled
video rental store KPS was sued for more than $177,000 in
rent for its Mei Foo Sun Chuen branch store. A writ stated
KPS had rented the store since June 1995 but failed to pay
rent, management and air-conditioning charges and
government rates totalling $177,190.28.


FORLUXE SECURITIES: Liquidators to sue former chairman
------------------------------------------------------
According to the SCMP of July 18, Nelson Wheeler Corporate
Reconstruction and Insolvency, provisional liquidators for
brokerage Forluxe Securities and its finance arm, are suing
former chairman James Mui Kwong-nok and related partners
for $38 million they allegedly purloined from the firms.

The defendant's solicitor said the Muis would file a
defence against the claim within a fortnight. He said the
law firm had informed the Commercial Crime Bureau of the
Mui brothers' return ahead of the arrest.

Sources said James Mui's family members had been pressing
the Mui brothers to come home.

The court will hold a hearing next Tuesday to consider the
liquidator's proposed compensation for 526 affected
clients.

Latest financial status showed that clients of Forluxe may
be able to recoup about 26 cents for every dollar that they
are owed.

Forluxe Securities suffered a near $40 million shortfall
last month. Preliminary investigations revealed that the
shortfall arose as clients' shares held in the broker's
account in the central clearing house were allegedly to
have been transferred illegally to Forluxe Finance, which
is alleged to have used those shares as collateral for
financing from various banks.

Loans amounting to about $40 million were allegedly
credited to bank accounts linked to James Mui and Gordon
Mui.

According to the Hong Kong Standard, a letter from the
Muis' solicitor about the return of the two failed to reach
the Commercial Crime Bureau in time because it was drafted
on a Sunday on which the Bureau's office was closed, and
the Mui brothers were detained by immigration officials.

Sources said James Mui had been using clients' money for
margin trading and when the economic slump hit, he found
himself out of his depth. Both men actually left Hong Kong
with very little money.

A spokesman for the provisional liquidator said the crunch
came when a spot audit by SFC asked to see the company's
accounts. It should have contained $40 million and in fact
only contained $8 million.

It is believed the men were under pressure from the family
to return after the provisional liquidator issued a notice
for the court to give a summary judgement against them and
their family for the missing $32 million.


GKC HOLDINGS: Equitable Banking files suit for $44m
---------------------------------------------------
According to the SCMP of July 18, Equitable Banking is
seeking by writ $44 million from kitchen material supplier
GKC Holdings. The company is also seeking damages for the
breach of a warranty given by GKC.

The sum of $44 million is also being sought from German
Kitchen (HK), Eric Tang Yiu-hong, Eugene Tang Yiu-hong and
China Investment Assets.

Equitable Banking is also seeking a declaration from China
Investment Assets that 120 million shares of GKC Holdings
formerly registered in the name of China Investments and
deposited as security be held in trust. Alternatively, it
seeks an order that 120 million shares of GKC be delivered
by China Investments to the banking corporation.


HANDWALES COMPANY LIMITED: Winding-up notice
--------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Handwales Company Limited. The
petition was presented on May 29, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0 296. of 1998.


INTERFORM CERAMICS TECHNOLOGY: Units face bank claims
-----------------------------------------------------
Interform Ceramics Technologies, a tile-maker in Hong Kong,
is being sued by the Belgium Bank for debts of HK$5 million
and US$2 million.

A writ against the company and Interform International was
filed as failing to repay loans extended by the bank as of
June 2. According to the writ, Interform Ceramics was to
act as guarantor of loans extended to Interform
International. Belgium Bank is also seeking interest and
costs.

In March, it was reported that Interform Ceramics had debts
of HK$782 million and was in talks with creditors to freeze
repayments.    


KARLTEX LIMITED: Members and creditors' meetings
------------------------------------------------
A notice appeared in the Hong Kong Standard of members' and
creditors' meetings for Karltex Limited (in creditors'
voluntary liquidation). The meetings are scheduled for July
24, 1998 at 17th Floor, One Hysan Avenue, Causeway Bay,
Hong Kong.


LEADING SPIRIT: Leading Spirit faces CSRC investigation
-------------------------------------------------------
China Securities and Regulatory Commission (CSRC) is
looking into Leading Spirit, a Hong Kong listed company,
because of the possible involvement in alleged malpractice
by some senior personnel of the government in Jiangmen
government, Guangdong province.

A source said CSRC had provided information to the Hong
Kong Securities and Futures Commission relating to Leading
Spirit's mainland operations. Leading Spirit lost $403
million last year due to a provision made on the trade in
listed securities.


J&A SECURITIES: J&A to freeze trade, plans amid probe
-----------------------------------------------------
According to the SCMP of July 18, a panel headed by Wei
Jianxing was formed a few days ago to investigate an
increasingly political scandal at army-backed J&A
Securities. Mr Wei is a Politburo member and secretary of
the powerful party Central Discipline Inspection
Commission.

Local police and securities authorities in Shenzhen were
told to pass the investigation on to Beijing. The financial
crackdown is escalating into a potentially explosive
political scandal as Beijing reportedly has mobilised all
central police and judicial organs, including the Ministry
of Public Security, Supreme People's Procuratorate, to help
the panel.

Sources said the formation of a panel headed by Mr Wei
mirrored top leaders' concerns the scandal could become as
politically sensitive as the investigations which led to
the prosecution of former Beijing party boss Chen Xitong.

Rumors of irregularities by senior J&A bosses have been
circulating in the past year, but investigations into the
company accounts by the State Auditing Administration were
often obstructed by Mr Zhang, who had the backing of the
People's Liberation Army. Sources said it was when the case
was referred to Premier Zhu Rongji and President Jiang
Zemin that investigators continued with the probe. Approval
from Mr Jiang had hardened the resolve of the
investigators.

The group's asset quality, financial and liquidity
conditions were healthy while the operation licences it
held remained unaffected. The group has about eight billion
yuan in cash, which is part of clients' upfront instalments
for share trading of about 10 billion yuan.

The Hong Kong stock exchange, futures exchange and the SFC
said they had not observed any non-compliance of rules and
regulations by J&A's local operations and would continue to
keep an eye on them.

According to the Hong Kong Standard, sources close to the
company said yesterday that the mainland brokerage will
temporarily halt proprietary stock trading and freeze all
major spending plans as a result of an investigation of
senior executives. They said the brokerage had also
temporarily appointed a new management team to pilot the
company while the investigation proceeded.

Sources said that senior managers had circulated a
directive advising staff to prepare sufficient finds for
clients to head off any run on the company.

Managers complained that other brokerages were trying to
take advantage of J&A's current difficulties by poaching
clients.

J&A officials confirmed that Yin Ke, executive director,
had temporarily taken over board-related matters and Tian
Jenyong, executive deputy general manager, has taken
responsibility for daily operations. They said J&A was
operating normally.


MING FUNG BULLION CO LTD: Winding-up notice
-------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Ming Fung Bullion Co Limited. The
petition was presented on May 26, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 364 of 1998.


NA NA FASHION CO LTD: Winding-up notice
---------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Na Na Fashion Co Limited. The
petition was presented on April 27, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 274 of 1998.


NEW RANK HOLDINGS LIMITED: Winding-up notice
--------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for New Rank Holdings Limited. The
petition was presented on May 26, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 359 of 1998.


RESOURCES MAIN ENTERPRISES LIMITED: Winding-up notice
-----------------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Resources Main Enterprises Limited.
The petition was presented on June 10, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 398 of 1998.


SENFIELD INVESTMENT LIMITED: Winding-up notice
----------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Senfield Investment Limited. The
petition was presented on June 10, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 397 of 1998.


SENSON LIMITED: Winding-up notice
---------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Senson Limited. The petition was
presented on May 22, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0 352. of 1998.


VINCENT MAX LIMITED: Winding-up notice
--------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Vincent Max Limited. The petition
was presented on June 8, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 393 of 1998.


YETCO INVESTMENTS LIMITED: Winding-up notice
--------------------------------------------
A notice of a July 8, 1998 winding-up order appeared in the
Hong Kong Standard for Yetco Investment Limited. The
petition was presented on April 27, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 271 of 1998.


=========
J A P A N  
=========

KANKAKU SECURITIES: Reports loss of Y176.5 million
--------------------------------------------------
Kankaku Securities Co, a Japanese securities company,
posted an unconsolidated pretax loss of Y1.26 billion for
the fiscal year ended June 30. The company attributed the
decline to a stock-market slump and price competition.


MITO SECURITIES CO: To liquidate London unit
--------------------------------------------
Mito Securities, a Japanese securities firm, said it will
liquidate its London-based unit, Mito Europe Ltd., the last
of its overseas operations.  Mito said it will post a
special loss of around 200 million yen this fiscal year,
which ends next March, due to the liquidation.  


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

CHO HUNG BANK: Reforms go ahead as bank chief quits
---------------------------------------------------
According to the SCMP of July 20, South Korea's banking
reform picked up speed at the weekend when Cho Hung Bank
chief Jang Chull-hoon resigned under government pressure,
becoming the first main line banker to quit in a reshuffle
forced by the Financial Supervisory Commission.

Cho Hung was one of several commercial banks ordered to
produce voluntary and viable survival programs by the end
of this month or face forced restructuring.

Cho Hung's acting head said that from now on the bank will
be controlled by an emergency committee to secure foreign
capital. He denied any merger plans but television reports
yesterday said Cho Hung was under pressure to pair with
Hanil Bank or Commercial Bank of Korea. The 3 have failed
to meet 8 per cent capital-adequacy ratios.

Bank managers and unions have demanded the government
respect market forces. The reform drive has sparked a wave
of labor unrest.

Analysts also warned forced reforms would not lead to a
drastic cut in snowballing non-performing loans.

The Hyundai Research Institute said non-performing loans
would shoot up to 157.2 trillion won by the end of this
year, from an earlier projection of 120 trillion won. The
private institute also predicted a sharp increase in
corporate failures in the second half of this year.

The Hong Kong Standard has also given a brief account of
Jang Chull Hoon's resignation and the banking reform
underway.


DONGHO ELECTRONICS: Completes creditor reconciliation
-----------------------------------------------------
Changwon District Court announced in the Korean language
Maeil Kyungje that Dongho Electronics Company has completed
its creditor reconciliation procedure. The company's
address is 111-1 Songsan-ri, Jisu-myun, Chinju-si and the
president is Mr. Yi Byung-hee.


HYUNDAI MOTOR: Union warns of lay off backlash
----------------------------------------------
According to the SCMP of July 20, Hyundai's union said that
lay-off notices from Hyundai Motor could spark violence
when angry workers return to work today.

Hyundai began to distribute lay-off notices to 2,678
workers on Thursday at its factory in the southeastern city
of Ulsan and said all workers would be notified by
yesterday. The lay-offs would be effective from July 31 but
workers have the opportunity to consider voluntary
retirement.

According to the Hong Kong Standard, South Korean police
arrested a militant union leader yesterday in a crackdown
on protests against lay-offs as Hyundai Motor workers
braced for a new strike.

Labor unrest fizzles out on Friday after a three-day strike
spearheaded by the KCTU,  a militant umbrella labor group
which claims around 600,000 members.

Hyundai Motor's union in the southeastern city of Ulsan
offered yesterday to open negotiations with managers,
indicating it could cancel its plan for a second strike
this week.

Some angry workers, however occupied assembly lines,
demanding the union go ahead with the planned strike. Other
unions have threatened to strike from Wednesday unless the
government halts mass lay-offs and ends its labor
crackdown.


ILWHA COMPANY: Seeks court receivership
---------------------------------------
Asia Pulse reports July 20 South Korea's Ilwha Co Monday
filed an application with the Seoul district court seeking  
court receivership following its June 29 bankruptcy.

The company, which produces ginseng drink and ginseng tea  
as its mainstay, has suffered from extreme financial  
difficulties since the government included it on the list
of ailing firms to be liquidated.

If court receivership is granted, Ilwha said it will push  
ahead with a plan to reconstruct by improving its business
structure and financial standing.

The company will have loans of 140 billion won (US$100  
million), extended from its biggest shareholder Tongil  
Foundation, converted into stakes in Ilwha.

The company will also try to reduce its debts from 145  
billion won to 60 billion won by next year, by selling off  
assets, including a plant in Yongin, south of Seoul.


KANGWON INDUSTRIES: Named as workout target
-------------------------------------------
The Korea Herald reports that the Kangwon Industries Group
and the Shinwon Group have been selected to undergo the
workout restructuring program by their respective creditor
banks.

The Cho Hung Bank, the major creditor for Kangwon
Industries notified other minor creditors that four Kangwon
subsidiaries (including Kangwon Industries Ltd. and the
Sampyo Corporation) would undergo a workout.

There will be a plenary session of the Kangwon creditors on
July 28.

The subsidiaries will be given a one-month grace period in
payment of negotiable notes. However, the Korea Herald
states that they will be declared bankrupt if they fail to
pay commercial bills for goods that they bought.  

The workout procedure is aimed at helping firms hit by
temporary liquidity shortages to regain financial health
and competitiveness through debt relief and creditor
offered restructuring programs. It is also hoped to reduce
banks' non-performing loans by improving borrowers' debt
payment.


KIA PRECISION: Allowed to start creditor reconciliation
-------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief Section, Changwon District Court has allowed Kia
Precision Machinery Company to start a creditor
reconciliation procedure.


SEPUNG COMPANY: Paper maker is a new workout target
---------------------------------------------------
The Korean language Maeil Kyungje reports that Sepung
Company, a paper maker, has been selected to undergo the
workout restructuring program by Cho Hung Bank.

Previously there were six companies that have become
targets of the workout program: Kohap, Shinho, Kabool,
Jindo, Keopyung, and Ubang Companies.

The workout procedure is aimed at helping firms hit by
temporary liquidity shortages to regain financial health
and competitiveness through debt relief and creditor
offered restructuring programs. It is also hoped to reduce
banks' non-performing loans by improving borrowers' debt
payment capabilities.


SHINWON GROUP: Named as workout target
--------------------------------------
The Korea Herald reports that the Kangwon Industries Group
and the Shinwon Group have been selected to undergo the
workout restructuring program by their respective creditor
banks.

The Korea Exchange Bank picked three Shinwon subsidiaries
(including the Shinwon Corporation) for the program.

There will be a plenary session of the Shinwon creditors  
scheduled for July 24.

The subsidiaries will be given a one-month grace period in
payment of negotiable notes. However, the Korea Herald
states that they will be declared bankrupt if they fail to
pay commercial bills for goods that they bought.  

The workout procedure is aimed at helping firms hit by
temporary liquidity shortages to regain financial health
and competitiveness through debt relief and creditor
offered restructuring programs. It is also hoped to reduce
banks' non-performing loans by improving borrowers' debt
payment.


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

ARAB-MALAYSIAN CORPORATION: Restructuring scheme
------------------------------------------------
Arab-Malaysian Corporation Bhd (Amcorp), listed in the
KLSE, announced that it is undertaking a corporate
restructuring scheme, backed by leave of court, to
facilitate the orderly disposal of its assets and get the
best value for them.

The scheme would ensure full repayment of all its
borrowings.

Amcorp is currently discussing with various parties to sell
a significant stake in its financial arm, AMMB Holdings Bhd
(AHB - listed in KLSE). Amcorp currently holds 43% of AHB.

Amcorp's current total debt stands at RM1.1bil while total
assets are estimated to be at RM6bil to RM7bil.


GANDA PLANTATIONS SDN BHD: Winding-up petition
----------------------------------------------
WTK Holdings Bhd (listed in the KLSE) on 27/5/98 petitioned
for the winding-up of Ganda Plantations Sdn Bhd. The
petition is directed to be heard on 25/9/98.


IBF INDUSTRIES SDN BHD: Winding-up petition
-------------------------------------------
OCBC Bank (Malaysia) Bhd on 5/6/98 petitioned for the
winding-up of IBF Industries Sdn Bhd. The petition is
directed to be heard on 29/10/98.


MBF CAPITAL BHD: Loan to be included in restructuring
-----------------------------------------------------                
Singapore BusinessTimes reports July 18 MBf Capital Bhd, in
reply to a KLSE query, said the US$120 million (US$1 =
RM4.10) loan borrowed by MBf Credit Ltd will be included in
the proposed debt restructuring exercise of MBf Holdings as
the bulk of the loan was lent to a subsidiary of MBf
Holdings incorporated in Hong Kong.

It also explained that certain loans have gone into default
during the period of negotiation with MBf Holdings' bankers
especially in respect of MBf Asia Capital Corp Ltd.

MBf Asia, it said has not made payment of a US$80 million
loan from offshore lenders which was due on May 11 1998.
The loan is guaranteed by the company, it added.


NORTHERN BASE (M) SDN BHD: Winding-up petition
----------------------------------------------
Guan Soon Heng Marketing Sdn Bhd on 15/7/98 petitioned for
the winding-up of Northern Base (M) Sdn Bhd.


NG EE TEIK SDN BHD: Capital reduction
-------------------------------------
The company on 4/5/98 petitioned to the court for its paid-
up capital to be reduced from RM4,152,000 to RM41,520. The
company deemed that there is an excess of capital against
the needs of the company.


SENG HUP CORPORATION BHD: Results announcement
----------------------------------------------
Seng Hup Corporation Bhd, a company engaged in lighting
fixtures and listed in the KLSE, reported an after-tax loss
of RM29.071mil for the year ended 31/3/98, a drop of
1,367.3% from an after-tax profit of RM2.294mil in the
previous year. Turnover, however, rose 17.7% to RM76.032mil
during the same year.

EPS fell 1,364.3% for the year ended 31/3/98, from RM0.115
to a loss per share of RM1.454. The share price fell 93.9%
from a year ago to RM0.60 on 17/7/98.


SENHONG ELECTRICAL SDN BHD: Winding-up petition
-----------------------------------------------
Kenwood Electricals (M) Sdn Bhd on 15/7/98 petitioned for
the winding-up of Senhong Electrical Sdn Bhd.


SERAYA TEMBAGA SDN BHD: Voluntary winding-up
--------------------------------------------
The members of Seraya Tembaga Sdn Bhd on 15/7/98 resolved
to wind-up the company voluntarily.


SIMESECURITIES: Koos group submits bid for troubled company
-----------------------------------------------------------
Asia Pulse reports July 20 one of Taiwan's largest  
investment companies, the Koos group, has teamed up with  
Malaysia's Paragon Assets Sdn Bhd to submit a strong bid
for financially troubled SimeSecurities Sdn Bhd, the
Malaysian daily Star reported today.

However, banking sources indicated to the Star that the  
local PhileoAllied group, which had been in the driver's
seat all along, would win the prize. Currently,
PhileoAllied is helping to raise funds for the takeover of
debt-laden Sime Bank Bhd by Rashid Hussain Bhd (RHB).

It quoted sources as saying that the Koos group, a large  
investment group in Taiwan with assets exceeding US$25  
billion, and Paragon Assets, a private investment firm with  
bumiputra (or Malay) partnership, had submitted a proposal
to Bank Negara and Sime Darby Bhd for the acquisition of  
SimeSecurities.


SINAR TENGGARA ENTERPRISES SDN BHD: Voluntary winding-up
--------------------------------------------------------
The members of Sinar Tenggara Enterprises Sdn Bhd on
10/7/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
18/8/98.


SYARIKAT LEMPOR SDN BHD: Voluntary winding-up
---------------------------------------------
The members of Syarikat Lempor Sdn Bhd on 15/7/98 resolved
to wind-up the company voluntarily.


W.S. PLASTER SDN BHD: Winding-up petition
-----------------------------------------
Maruichi Malaysia Steel Tube Bhd on 8/4/98 petitioned for
the winding-up of W.S. Plaster Sdn Bhd. The petition is
directed to be heard on 21/9/98.


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

PHILIPPINE AIRLINES: Unions urge boycott of PAL
-----------------------------------------------
According to the Hong Kong Standard of July 18, militant
labor groups urged the public yesterday to boycott PAL as
well as the products and services of other companies of its
majority shareholder and chief executive Lucio Tan.

The labor leaders called for the boycott to start once the
three PAL unions push through with a planned company-wide
work stoppage that may take place late this month.

Ground crew union president Alex Barrientos said that the
Alliance of PAL Labour Unions call on all Filipino workers
and labor groups to support the PAL employees' struggle
against the Lucio Tan group's anti-labor acts. He hinted
that PAL's 8000 ground crew may launch a work stoppage in
time for President Joseph Estrada's State of the Nation
Address in Congress on July 27.

Mr Estrada, a close Tan associate, has given the labor
department two weeks from Wednesday to solve a 40-day old
dispute involving 625 pilots who were fired after launching
a strike on June 5.


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

THAI MELON TEXTILE: Textile firm to close operations
----------------------------------------------------
Asia Pulse reports July 17 Thailand's financial crisis  has
led to the closure of a major textile production house,
with the loss of some 5,000 jobs.

Thai Melon Textile Co Plc, whose shareholders include Thai,  
Swiss and Japanese, announced the closure in a letter to  
employees, leaving in doubt severence and other payments.

Company executives attributed the closure to the country's  
credit crunch, after another company, Navadorn Co Plc, had  
been unable to meet payment on production of thread. Thai
Melon Textile also produces corrugated boxes, spinning and
cotton yarn.


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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