/raid1/www/Hosts/bankrupt/TCRAP_Public/980827.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, August 27, 1998, Vol. 1, No. 131
Headlines
C H I N A & H O N G K O N G
ASIA MAGAZINES LTD: Magazine victim of slowdown
CHIAN UNITED HOLDINGS: Records loss of $709m
CLIMAX INTERNATIONAL: Human error suspected in book probe
EASY CONCEPTS: Easy Concepts earnings roundup
ETERNITY PROPERTY AGENCY: Winding-up petition
FIRST PACIFIC: Sells San Miguel stake for $69.4 million
HENG FUNG: Turnover leap fails to rescue Heng Fung
HUTCHISON WHAMPOA LTD: S&P downgrades Hutchison
KUNMING MACHINE TOOL: Kunming Machine plunges to loss
MUSICAL CONCEPTS LIMITED: Winding-up petition
PRICERITE GROUP LTD: Results announcement
WHIMSY ENTERTAINMENT: Whimsy posts $90.7m loss
YEE HING CHEUNG DYEING FACTORY: Winding-up petition
YIZHENG CHEMICAL FIBRE: Firm in cost-cutting campaign
I N D O N E S I A
BANK CENTRAL ASIA: Salim sells offshore assets to pay loans
PT BANK DANAMON: JSE reverses shares trading decision
PT BANK PDFCI: JSE reverses shares trading decision
PT BANK TIARA ASIA: JSE reverses shares trading decision
SALIM GROUP: Salim sells offshore assets to pay loans
J A P A N
ITOCHU CORP: S&P downgrades four Japanese trading houses
KANEMATSU CORP: S&P downgrades four Japanese trading houses
KOMATSU FORKLIFT: Announces plant closing
LONG TERM CREDIT: Admits holding $149b in risky loans
MATSUSHITA ELECTRIC INDUSTRIAL: Results announcement
NISSAN DIESEL MOTOR: May halt production temporarily
NISSHO IWAI: S&P downgrades four Japanese trading houses
TOMEN CORP: S&P downgrades four Japanese trading houses
K O R E A
BORAM BANK: To merge with Hana Bank
BOWATER-HALLA PAPER: Raises salaries and bonuses
DONG AH GROUP: Creditors to give Dong Ah more loans
HANA BANK: To merge with Boram Bank
MANDO MACHINERY: Strike hits auto parts plants
M A L A Y S I A
AIMAN CONSTRUCTION SDN BHD: Winding-up petition
BROAD YIELD TIMBER SDN BHD: Voluntary winding-up
FABRIKTEK (M) SDN BHD: Voluntary winding-up
HINOMARU MALAYSIA SDN BHD: Winding-up petition
HONG LEONG INDUSTRIES: Operating profit hit by forex loss
MADINGLEY ESTATES SDN BHD: Voluntary winding-up
MALAYAN BANKING: Maybank profits sink 90pc
PORASIS ENTERPRISE SDN BHD: Winding-up petition
P.V. PACIFIC (M) SDN BHD: Winding-up petition
SINAR BEKAL (MALAYSIA) SDN BHD: Winding-up petition
SOUTHERN STEEL BHD: Results announcement
SYARIKAT BAS MELAYU JOHORE TENGGARA: Winding-up petition
THE CLOTHING WORKSHOP SDN BHD: Winding-up petition
ULTRAMIX SDN BHD: Winding-up petition
P H I L I P P I N E S
BAUANG PRIVATE POWER: Moody's changes outlook on IPP
PHILIPPINE AIRLINES: Resumes routes amid lease losses
SAN MIGUEL CORP: First Pacific sells San Miguel stake
=================================
C H I N A & H O N G K O N G
=================================
ASIA MAGAZINES LTD: Magazine victim of slowdown
-----------------------------------------------
According to the SCMP, 37-year old Asia Magazine,
distributed through seven English-language newspapers in
Asia, is to close next month. The last issue of the
magazine, with a circulation of 800,000, will appear in
Hong Kong on Sept. 18.
The four owners of the magazine, one of which is the South
China Morning Post, blamed the impact on falling
advertising revenues amidst the economic downturn.
A statement from the company said that as a newspaper-
insert magazine with no circulation revenues but only
advertising revenues, Asia Magazine carries a heavy burden
of production cost to remain a viable business operation.
Discussions will continue with interested contract
publishers for resumption of publication of the title.
CHIAN UNITED HOLDINGS: Records loss of $709m
--------------------------------------------
China United Holdings, a Hong Kong textile, wood, screws
and metal fasteners maker was dragged down by a HK$640.53
million exceptional loss. The company suffered a HK$709.96
million attributable loss to shareholders for the year to
March 31, 1998. Turnover dipped to HK$310.12 million from
the previous year's HK$419.27 million.
An exceptional loss of HK$392.98 million was recorded from
the revaluation of property investments, a HK$6.7 million
loss from property under development and a HK$1.7 million
loss from the disposal of fixed assets.
It also made a HK$44.23 million provision for bad debts, a
HK$128.48 million loss on provision for diminution in value
of goodwill, and a HK$20.03 million loss on provision for
diminution in value of long-term investments. The result
represents a substantial worsening compared with the same
period last year.
CLIMAX INTERNATIONAL: Human error suspected in book probe
---------------------------------------------------------
Climax International is investigating a profit adjustment
for the company that was partly to blame for a HK$480.1
million loss it incurred for the year to March 31, 1998.
Chief executive officer Simon Hsu Nai-cheng said an
investigation committee had been formed to look at profit
revision and recommend appropriate action. Mr Hsu, who is
the managing director of United Pacific International
(UPI), said Climax would have to clarify the incident with
the stock exchange, which has taken an interest in the
issue.
Initial investigations have found documents, but Mr Hsu
declined to elaborate on the results of the preliminary
inquiry.
Mr Hsu said Climax and its 26 lenders were working on a
permanent refinancing proposal for Climax. The company said
its 26 banks executed an agreement in June to suspend
repayment of about $600 million in outstanding debts until
the end of September. Mr Hsu could not say if the
accounting mistakes in Climax's 1997 results would affect
outcome of the refinancing package.
EASY CONCEPTS: Easy Concepts earnings roundup
---------------------------------------------
Easy Concepts, a Hong Kong department store, posted a net
loss of HK$77.9 million for the 12 months to March 31,
1998. Turnover declined to HK$183.64 million compared with
HK$242.91 million for the same period last year. An
exceptional gain of HK$26.71 million was reported during
the period.
ETERNITY PROPERTY AGENCY: Winding-up petition
---------------------------------------------
Notice is hereby given that a petition for the winding-up
of Eternity Property Agency Company Limited by the High
Court of Hong Kong was, on the 11th day of August, 1988,
presented to the said Court by Lo Kwok Kin. The petition is
scheduled to be heard on 16th of September, 1998. Creditors
who support or oppose the making of the order may appear at
the time of the hearing.
FIRST PACIFIC: Sells San Miguel stake for $69.4 million
-------------------------------------------------------
First Pacific Co said it has shed its entire shareholding
in San Miguel Corp for three billion pesos. First Pacific
said the share transaction won't have a material effect on
its 1998 profit, because a provision taken by the group in
1997 to account for a decline in dollar value of San
Miguel's peso-denominated shares.
HENG FUNG: Turnover leap fails to rescue Heng Fung
--------------------------------------------------
Heng Fung saw its loss plunge twelvefold, despite a 511.86
% jump in turnover for the year ended March31, 1998. The
company suffered a net loss of HK$181.86 million for the
year ended March 31 from a loss of HK$13.53 million during
the same period last year.
The result came after an exceptional loss of HK$61.2
million on a provision for a loan amount due from an
associated company, a HK$30million loss for diminution in
goodwill value and a HK$14.83 million loss arising from
termination of equity derivative instrument contracts. The
company also reported a HK$10.65 million loss from
revaluation of investment properties and a HK$10.2 million
loss provision on provision for diminution in value of
properties under development for sale.
The group is principally engaged in investment holding,
property investment and development, management
consultancy, securities investment and sale of building
material machinery and pharmaceutical products.
HUTCHISON WHAMPOA LTD: S&P downgrades Hutchison
-----------------------------------------------
Standard & Poor's said it has downgraded the foreign and
local corporate credit ratings of Hutchison Whampoa Ltd
(HWL) and its guaranteed issues to A from A+.
The rating reflects the weakened prospects for a near-term
recovery of Hutchison's earnings, given the prolonged
economic difficulties in Hong Kong and the region. S&P also
said the company's increasing exposure to
telecommunications, which entails rising start-up losses
and substantial expenditures was taken into account.
KUNMING MACHINE TOOL: Kunming Machine plunges to loss
-----------------------------------------------------
Kunming Machine Tool posted a net loss of 3.62 million yuan
for the six months to June 30 on the back of a 46.9% drop
in turnover to 15.92 million yuan. The H-share company
manufactures machine tools, precision measuring equipment
and precision transducers.
MUSICAL CONCEPTS LIMITED: Winding-up petition
---------------------------------------------
Notice is hereby given that a petition for the winding-up
of Muscial Concepts Limited by the High Court of Hong Kong
was, on the 5th day of August, 1988, presented to the said
Court by Wong Chor Heung. The petition is scheduled to be
heard on 16th of September, 1998. Creditors who support or
oppose the making of the order may appear at the time of
the hearing.
PRICERITE GROUP LTD: Results announcement
-----------------------------------------
Pricerite Group Ltd, the household-goods retailer, posted a
net loss of HK$15.8 million for the year ended March
31,1998 compared with a net profit of HK$5.5 million the
previous year. On an operating basis, it posted a loss of
HK$12.9 million, compared with a profit a year earlier,
HK$8.4 million.
In addition, the company recorded a loss of HK$9.1 million
from discontinuing the operations of a real-estate
subsidiary, ABC Properties Ltd. A creditor foreclosed on
ABC properties in 1997 for failing to repay debts,
Pricerite said. As with last year, the company did not pay
a dividend.
WHIMSY ENTERTAINMENT: Whimsy posts $90.7m loss
----------------------------------------------
Whimsy Entertainment reported a loss of HK$90.76 million
for the year to March 31 due largely to an exceptional loss
of HK$35.25 million. Turnover fell 23.5 % to K$214.37
million.
Managing Director Liu Chung kun said the Asian financial
turmoil and the economic downturn in Hong Kong brought
about a difficult economic climate for the group's
operation. The collapse of the Yaohan department stores in
the second half of 1997 worsened the group's operating
environment when the bankers became suspicious of the
group's ability to meet its obligation.
Whimsy made a HK$3 million loss on provision for
receivables from related party. It also made a HK$5.95
million loss on provision for the investment in computer
games software. A HK$1.16 million loss was made on
provision for the closure of game centers in Yaohan stores.
Another HK$5.58 million loss was on coast written off in
relation to abandonment of projects.
YEE HING CHEUNG DYEING FACTORY: Winding-up petition
---------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Yee Hing Cheung Dyeing Factory Limited by the High Court
of Hong Kong was, on the 13th day of August, 1988,
presented to the said Court by Wong Chi Yin. The petition
is scheduled to be heard on 16th of September, 1998.
Creditors who support or oppose the making of the order may
appear at the time of the hearing.
YIZHENG CHEMICAL FIBRE: Firm in cost-cutting campaign
-----------------------------------------------------
Yizheng Chemical Fibre said it expects to benefit from a
cost-cutting program as well as government efforts to
combat polyester smuggling.
Yizheng Chemical Fibre had US$300 million debt in January,
which is now reduced to US$60million. Long-term US debt
amounts to US$20million while short-term debt amounts to
US$40 million. Long-term yuan debt amounts to less than 600
million yuan while short-term amounts to less than 3
billion yuan.
=================
I N D O N E S I A
=================
BANK CENTRAL ASIA: Salim sells offshore assets to pay loans
-----------------------------------------------------------
A Reuters report in the SCMP cites newspaper sources
yesterday as saying that Salim Group has sold some offshore
assets to repay government loans made to an affiliated
company, Bank Central Asia (BCA).
BCA is among Indonesia's ailing banks under the supervision
of the Indonesian Bank Restructuring Agency and which the
government announced last week it was nationalising. Like
other nationalised banks, BCA was to come up with the cash
to meet their liabilities or face legal action such as the
seizure of assets to meet the costs involved.
PT BANK DANAMON: JSE reverses shares trading decision
-----------------------------------------------------
Singapore BusinessTimes cites a Bloomberg article saying
the Jakarta Stock Exchange has reversed a decision allowing
the resumption of the trading in the shares of three banks
it nationalised last week, saying they will now be
"indefinitely suspended". An exchange spokeswoman said she
didn't know why the decision was reversed.
Yesterday morning, the JSE said the shares of PT Bank
Danamon, PT Bank PDFCI and PT Bank Tiara Asia, all
nationalised last Friday because they couldn't repay their
debts to the government, would trade even though the banks'
equity has been taken over by the government. The
spokeswoman said stock market regulators changed their
minds on allowing the shares to trade just before the
market opened.
PT BANK PDFCI: JSE reverses shares trading decision
---------------------------------------------------
Singapore BusinessTimes cites a Bloomberg article saying
the Jakarta Stock Exchange has reversed a decision allowing
the resumption of the trading in the shares of three banks
it nationalised last week, saying they will now be
"indefinitely suspended". An exchange spokeswoman said she
didn't know why the decision was reversed.
Yesterday morning, the JSE said the shares of PT Bank
Danamon, PT Bank PDFCI and PT Bank Tiara Asia, all
nationalised last Friday because they couldn't repay their
debts to the government, would trade even though the banks'
equity has been taken over by the government. The
spokeswoman said stock market regulators changed their
minds on allowing the shares to trade just before the
market opened.
PT BANK TIARA ASIA: JSE reverses shares trading decision
--------------------------------------------------------
Singapore BusinessTimes cites a Bloomberg article saying
the Jakarta Stock Exchange has reversed a decision allowing
the resumption of the trading in the shares of three banks
it nationalised last week, saying they will now be
"indefinitely suspended". An exchange spokeswoman said she
didn't know why the decision was reversed.
Yesterday morning, the JSE said the shares of PT Bank
Danamon, PT Bank PDFCI and PT Bank Tiara Asia, all
nationalised last Friday because they couldn't repay their
debts to the government, would trade even though the banks'
equity has been taken over by the government. The
spokeswoman said stock market regulators changed their
minds on allowing the shares to trade just before the
market opened.
SALIM GROUP: Salim sells offshore assets to pay loans
-----------------------------------------------------
A Reuters report in the SCMP cites newspaper sources
yesterday as saying that Salim Group has sold some offshore
assets to repay government loans made to an affiliated
company, Bank Central Asia (BCA). BCA is among Indonesia's
ailing banks under the supervision of the Indonesian Bank
Restructuring Agency and which the government announced
last week it was nationalising. Like other nationalised
banks, BCA was to come up with the cash to meet their
liabilities or face legal action such as the seizure of
assets to meet the costs involved.
According to Republika newspaper, a director of Indocement,
another Salim Group company said that it had repaid 75
percent of its government loans and would repay the rest in
one month's time.
Salim Group, headed by Liem Sioe Liong, is one of
Indonesia's largest conglomerates with interests in cement,
banking, telecommunications, property, flour milling and
trading and has offices in several regional countries and
Australia as well as the United States.
=========
J A P A N
=========
ITOCHU CORP: S&P downgrades four Japanese trading houses
--------------------------------------------------------
S&P said it lowered its short-term ratings of Itochu Corp.
and related entitles to single-A-3 from singleA-2 and
affirmed its short-term ratings of Marubeni Corp and
related entities. S&P lowered its rating based on public
information, so called `p', of Kanematsu Corp., Nissho Iwai
Corp and Tomen Corp and affirmed its `pi' rating of
Nichimen Corp.
S&P explained that Japan's general-trading companies are
facing greater challenges in their non-trading business
activities, which are increasing in terms of both risk and
importance to the companies. The ratings also reflect these
companies' varying ability to deal with current
difficulties, especially their exposure to heightened
economic and political risks in Indonesia, Korea, Malaysia,
Philippines and Thailand.
KANEMATSU CORP: S&P downgrades four Japanese trading houses
-----------------------------------------------------------
S&P said it lowered its short-term ratings of Itochu Corp.
and related entitles to single-A-3 from singleA-2 and
affirmed its short-term ratings of Marubeni Corp and
related entities. S&P lowered its rating based on public
information, so called `p', of Kanematsu Corp., Nissho Iwai
Corp and Tomen Corp and affirmed its `pi' rating of
Nichimen Corp.
S&P explained that Japan's general-trading companies are
facing greater challenges in their non-trading business
activities, which are increasing in terms of both risk and
importance to the companies. The ratings also reflect
these companies' varying ability to deal with current
difficulties, especially their exposure to heightened
economic and political risks in Indonesia, Korea, Malaysia,
Philippines and Thailand.
KOMATSU FORKLIFT: Announces plant closing
-----------------------------------------
Bloomberg reports Komatsu Forklift Company, the industrial
vehicle maker one-quarter owned by Komatsu Ltd., said it
will close its plant in Kobe in April to offset a decline
in orders.
LONG TERM CREDIT: Admits holding $149b in risky loans
-----------------------------------------------------
The Hong Kong Standard reports that LTCB admitted yesterday
it held 2.8 trillion yen in risky loans in March, which
includes bad loans and loans that may turn sour and
represents 15 per cent of the bank's entire loan portfolio.
The bank said its bad loans reached 444.4 billion yen,
while risky loans, some of which may turn bad, reached
2,379.6 billion yen. The names of the borrowers were not
disclosed.
Analysts, however, warned the figure could be higher.
The Financial Supervisory Agency said it had no plans to
publish the results of its own inspection as this would
violate laws governing behavior of public servants, but it
might be difficult to withhold information if asked to
disclose by parliament.
Meanwhile, Moody's Investors Service Inc. said yesterday
there is little scope for further decline in the already
low credit ratings of Long-Term Credit Bank of Japan Ltd.
after the Bank unveiled an aggressive restructuring plan.
LTCB announced its restructuring steps and its plan to
public funds to help smooth the way for a merger with
Sumitomo Trust & Banking Co.
Mutsuo Suzuki said S&P's latest review on the bank
incorporated Japan's systemic support. He expected LTCB's
deposit ratings to stay, at the worst, at current level.
MATSUSHITA ELECTRIC INDUSTRIAL: Results announcement
----------------------------------------------------
Bloomberg reports Matsushita Electric Industrial Company,
the world's largest maker of consumer electronics, said
first-quarter profit dropped 58 percent to 11.1 billion yen
as the economic recession in Asia crimped sales of robots
and other industrial items. The company revised down its
forecast for the first half.
NISSAN DIESEL MOTOR: May halt production temporarily
----------------------------------------------------
The maker of trucks is considering halting production for
as many as 12 days in the October-December quarter amid
plunging truck sales in Japan, while Hino Motors Ltd. said
it may follow suit.
NISSHO IWAI: S&P downgrades four Japanese trading houses
--------------------------------------------------------
S&P said it lowered its short-term ratings of Itochu Corp.
and related entitles to single-A-3 from singleA-2 and
affirmed its short-term ratings of Marubeni Corp and
related entities. S&P lowered its rating based on public
information, so called `p', of Kanematsu Corp., Nissho Iwai
Corp and Tomen Corp and affirmed its `pi' rating of
Nichimen Corp.
S&P explained that Japan's general-trading companies are
facing greater challenges in their non-trading business
activities, which are increasing in terms of both risk and
importance to the companies. The ratings also reflect these
companies' varying ability to deal with current
difficulties, especially their exposure to heightened
economic and political risks in Indonesia, Korea, Malaysia,
Philippines and Thailand.
TOMEN CORP: S&P downgrades four Japanese trading houses
-------------------------------------------------------
S&P said it lowered its short-term ratings of Itochu Corp.
and related entitles to single-A-3 from singleA-2 and
affirmed its short-term ratings of Marubeni Corp and
related entities. S&P lowered its rating based on public
information, so called `p', of Kanematsu Corp., Nissho Iwai
Corp and Tomen Corp and affirmed its `pi' rating of
Nichimen Corp.
S&P explained that Japan's general-trading companies are
facing greater challenges in their non-trading business
activities, which are increasing in terms of both risk and
importance to the companies. The ratings also reflect these
companies' varying ability to deal with current
difficulties, especially their exposure to heightened
economic and political risks in Indonesia, Korea, Malaysia,
Philippines and Thailand.
=========
K O R E A
=========
BORAM BANK: To merge with Hana Bank
-----------------------------------
Digital Chosunilbo reports Hana and Boram Banks said
Wednesday that they are set for a merger. Hana and Boram,
which recorded net profits of W82.7 billion and W13.4
billion, respectively in the first half of the year added
that they have been in negotiations on the merger deal for
the last two months and plan to make an official
announcement on Thursday or Friday.
The two banks said that the ratio of management staff from
Hana and Boram will be 6:4, but they have yet to agree upon
the name of the merged bank and resolve the issue of
employee reductions stemming from the merger.
BOWATER-HALLA PAPER: Raises salaries and bonuses
------------------------------------------------
Digital Chosunilbo reports Arthur Fuller, president of
Bowater Co. of the United States announced Monday raises in
salaries and the bonuses for employees of Bowater-Halla
Paper Corp. The company was established only last month
when Bowater acquired the ailing Halla Pulp and Paper
Corp., which was on the point of bankruptcy last December.
In addition to reducing salaries by 15% and eliminating
bonuses, Halla Pulp and Paper had been behind on paying
salaries to its staff, a situation which quickly changed
once Bowater stepped in. Salaries have been increased to
the levels they were at last year, when the company was in
normal operation and bonuses were set at the 780% per
annum.
As well, a W460 billion won loan made by Halla, the parent
corporation, has been paid off completely, and without a
debt to service, the plant is now turning a profit.
If the company continues to be profitable, Fuller has
promised to provide an standard American-style welfare
package to all employees.
DONG AH GROUP: Creditors to give Dong Ah more loans
---------------------------------------------------
The Korea Times reports Dong Ah Group's creditors will
provide it with 106 billion won in additional loans. These
loans will mature in April 1999, and Dong Ah is required to
repay these loans by selling its Korean Express subsidiary.
Creditors have already provide Dong Ah with 960 billion won
worth of rescue loans in three separate installments since
January of this year.
Additionally, it was announced earlier this week that
another special workout procedure had been arranged with
its creditors so that 4.6 trillion won of the Dong Ah
Construction Industry Company's debt will be frozen until
the first half of 2002. Under the program, Dong Ah will
benefit from prime interest rates on its deferred debts.
Additionally, 80 billion won in credit loans will be
converted into equity, giving its creditors a 35 percent
share in the company. The conditions of this deal
included a commitment that most of Dong Ah's other
subsidiaries will be either disposed of or otherwise
restructured. Creditor banks and non-bank financial
institutions are expected to give approval for these loan
packages and debt restructuring measures at a meeting on
August 31.
The bulk of these new loans will come from Seoul Bank, a
prime creditor bank of Dong Ah, which has promised to
extend 42 billion won in loans.
The Korea Exchange Bank (KEB) has also committed 30 billion
won, and the Commercial Bank of Korea (CKB) will provide 14
billion won in new loans.
The KEB will also convert 12 billion won in loans into
equity, while CBK and Seoul Bank will convert 11 billion
won and 10 billion won in loans, respectively.
HANA BANK: To merge with Boram Bank
-----------------------------------
Digital Chosunilbo reports Hana and Boram Banks said
Wednesday that they are set for a merger. Hana and Boram,
which recorded net profits of W82.7 billion and W13.4
billion, respectively in the first half of the year added
that they have been in negotiations on the merger deal for
the last two months and plan to make an official
announcement on Thursday or Friday.
The two banks said that the ratio of management staff from
Hana and Boram will be 6:4, but they have yet to agree upon
the name of the merged bank and resolve the issue of
employee reductions stemming from the merger.
MANDO MACHINERY: Strike hits auto parts plants
----------------------------------------------
Digital Chosunilbo reports workers at Mando Machinery
began a strike Monday at its seven plants nationwide. With
the strike at Hyundai and lack of orders at Kia's Assan
factory forcing a shutdown, the newspaper reports the
Korean auto industry is now virtually at a stand still.
Union members called for the action to protest what they
call management's unilateral layoffs plan. Mando supplies
auto parts to practically all the country's car
manufacturers.
===============
M A L A Y S I A
===============
AIMAN CONSTRUCTION SDN BHD: Winding-up petition
-----------------------------------------------
Lian Hup Industrial & Parts Sdn Bhd on 9/7/98 petitioned
for the winding-up of Aiman Construction Sdn Bhd. The
petition is directed to be heard on 30/10/98.
BROAD YIELD TIMBER SDN BHD: Voluntary winding-up
------------------------------------------------
The members of Broad Yield Timber Sdn Bhd on 21/8/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 30/9/98.
FABRIKTEK (M) SDN BHD: Voluntary winding-up
-------------------------------------------
The members of Fabriktek (M) Sdn Bhd on 21/8/98 resolved to
wind-up the company voluntarily.
HINOMARU MALAYSIA SDN BHD: Winding-up petition
----------------------------------------------
Aseam Credits Sdn Bhd on 2/6/98 petitioned for the winding-
up of Himomaru Malaysia Sdn Bhd. The petition is directed
to be heard on 25/9/98.
HONG LEONG INDUSTRIES: Operating profit hit by forex loss
---------------------------------------------------------
Hong Leong Industries Bhd (HLI), listed in the KLSE,
incurred a loss attributable to shareholders of RM163mil
for the year ended 30/6/98 compared to a profit of
RM280.7mil previously.
HLI made an operating profit of RM160mil for the year, but
suffered a massive RM301mil exchange loss on foreign
currency borrowings.
Operating profits also slump 27% due to poorer economic
condition from before.
MADINGLEY ESTATES SDN BHD: Voluntary winding-up
-----------------------------------------------
The members of Madingley Estates Sdn Bhd on 20/8/98
resolved to wind-up the company voluntarily. Creditors of
the company are requested to submit their claims before
25/9/98.
MALAYAN BANKING: Maybank profits sink 90pc
------------------------------------------
Malayan Banking, Malaysia's largest bank has slumped a
larger than expected 90% to M$129.6 million as it set aside
more money to offset a surge in bad loans. Maybank said it
has set aside $2.9 billion to provide for loans that may
turn bad, as borrowers find it difficult to repay loans.
PORASIS ENTERPRISE SDN BHD: Winding-up petition
-----------------------------------------------
AMMB Factors Bhd on 27/7/98 petitioned for the winding-up
of Porasis Enterprise Sdn Bhd. The petition is directed to
be heard on 24/9/98.
P.V. PACIFIC (M) SDN BHD: Winding-up petition
---------------------------------------------
P.V. Pacific Pte Ltd on 14/8/98 petitioned for the winding-
up of P.V. Pacific (M) Sdn Bhd.
SINAR BEKAL (MALAYSIA) SDN BHD: Winding-up petition
---------------------------------------------------
Jojumba Industries on 12/6/98 petitioned for the winding-up
of Sinar Bekal (Malaysia) Sdn Bhd. The petition is directed
to be heard on 24/9/98.
SOUTHERN STEEL BHD: Results announcement
----------------------------------------
Southern Steel Bhd, listed in the KLSE, reported a pre-tax
loss of RM86.91mil for the 6 months ended 30/6/98, compared
to a profit of RM76.76mil previously.
SYARIKAT BAS MELAYU JOHORE TENGGARA: Winding-up petition
--------------------------------------------------------
Bentras Sdn Bhd on 26/5/98 petitioned for the winding-up of
Syarikat Bas Melayu Johore Tenggara. The petition is
directed to be heard on 25/9/98.
THE CLOTHING WORKSHOP SDN BHD: Winding-up petition
--------------------------------------------------
Loh Kee Sdn Bhd on 29/6/98 petitioned for the winding-up of
The Clothing Workshop Sdn Bhd. The petition is directed to
be heard on 25/9/98.
ULTRAMIX SDN BHD: Winding-up petition
-------------------------------------
Sincerah Sdn Bhd on 31/7/98 petitioned for the winding-up
of Ultramix Sdn Bhd. The petition is directed to be heard
on 13/11/98.
=====================
P H I L I P P I N E S
=====================
BAUANG PRIVATE POWER: Moody's changes outlook on IPP
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The Asian Wall Street Journal reported that Moody's
Investor Services has changed the outlook on the Ba1 rating
of Bauang Private Power Corporation from stable to
negative. Bauang Private Power is an independent power
producer (IPP) and an affilitate of Manila Electric
Company. The report noted that deregulation in the
Philippine electricity sector will certainly put pressure
on this company. Increasing competition will benefit those
IPPs with low cost bases.
PHILIPPINE AIRLINES: Resumes routes amid lease losses
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The SCMP says that Philippine Airlines has been gradually
recovering from recent strikes, and is set to resume
flights to Asian, Australian and Middle Eastern
destinations.
The airline's losses are expected to continue in the next
few months mainly due to lease payments on unused planes
waiting to be returned to aircraft leasing companies. The
airline's senior vice president, Mr Avelino Zapanta, said
passenger loads were improving and the airline was focusing
on recovery work after the devastating strikes by pilots
and ground crew that nearly crippled the carrier.
By October, PAL plans to resume weekly flights to Brunei,
Xiamen and between the central Philippine city of Cebu and
Osaka, Japan. It also intends to add a third flight each
week to Fukuoda, Japan.
SAN MIGUEL CORP: First Pacific sells San Miguel stake
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First Pacific Co said it has shed its entire shareholding
in San Miguel Corp for three billion pesos. First Pacific
said the share transaction won't have a material effect on
its 1998 profit, because a provision taken by the group in
1997 to account for a decline in dollar value of San
Miguel's peso-denominated shares.
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.
Copyright 1998. All rights reserved. ISSN: 1520-9482.
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