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             A S I A   P A C I F I C      

      Friday, August 28, 1998, Vol. 1, No. 132

                    Headlines


C H I N A   &   H O N G   K O N G

AEL NICOSONIC: Winding-up petition
BENEFUN INTERNATIONAL: To make provisions for the year
CHARTER LINK: Winding-up petition
CHINA SOUTHERN AIRLINES: Competition squeezes airline
EASYKNIT INTERNATIONAL: Property write-down

FOUR SEAS INTERNATIONAL: Results announcement
HANG SHUN HING YIP: Notice of meeting of creditors
LUOYANG GLASS: Results announcement
KPS VIDEO EXPRESS: KPS members reject secret coupon deal
KTP HOLDINGS: KTP losses mount to $450m

KWONG SANG HONG INTERNATIONAL: Writ filed over cash dispute
MASTER ADVERTISING LIMITED: Winding-up petition
PIONEER INDUSTRIES: Results announcement
RICH OCEAN INVESTMENT LIMITED: Winding-up petition
SKYLAND HOLDINGS: Skyland provisions hit $40m

STREETSCAPE COMPANY LIMITED: Members' voluntary liquidation
SUN KAI PROPERTIES: Predicts substantial provisions
TAK SING ALLIANCE: Tak Sing Alliance loses $1.5m
TAK WING INVESTMENTS: Results announcement
TUNG FONG HUNG: Results announcement

WAH HENG GLASS: Winding-up petition


I N D O N E S I A

MEDCO ENERGI: Debt delay brings suit against oil company


J A P A N  

LONG TERM CREDIT BANK: LTCB rescue plan in jeopardy


K O R E A

CHUNGGU CONSTRUCTION: S. Korean Aide Imprisoned Again
DONG SHIN PHARMACEUTICAL: Company declares bankruptcy
KIA MOTORS: Rumors suggest more debt relief needed
SLC LEASING:  Will not pay loans to former parent firm
SSANGYONG INVESTMENT: H&Q says SISCO's losses to increase    


M A L A Y S I A

ACS CREDIT SERVICE (M) SDN BHD: Winding-up petition
BENASCOPE SDN BHD: Winding-up petition
BORN HEATERS (M) SDN BHD: Winding-up petition
KRISI MACDOW SDN BHD: Members' voluntary winding up
MBF LAND BHD: Winding-up petition

SECTER SDN BHD: Winding-up petition
SELANGOR DREDGING BHD: Results announcement


P H I L I P P I N E S

ATLAS CONSOLIDATED MINING: In talks with foreign partners
NATIONAL POWER CORP: Buyers may have to shoulder debts


S I N G A P O R E

NATIONAL STEEL: Losses due to Malaysian associate


T H A I L A N D

HOTEL NIKKO MAHANAKORN: Creditors fail in bankruptcy suit
SIAM CEMENT: Names new restructuring advisors


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

AEL NICOSONIC: Winding-up petition
----------------------------------
Notice is hereby given that a petition for the winding-up
of AEL Nicosonic Manufacturing Limited by the High Court of
Hong Kong was, on the 6th day of August, 1988, presented to
the said Court by Ngai Tsang Kwong. The petition is
scheduled to be heard on 16th of August, 1998. Creditors
who support or oppose the making of the order may appear at
the time of the hearing.


BENEFUN INTERNATIONAL: To make provisions for the year
------------------------------------------------------
Benefun International Holdings, a Hong Kong retailer, said
it might report a loss for the year to June 30, largely
because of provisions stemming from its distribution
activities for fashion-label Benetton.

Executive director Mr Lo King-fat said the company would
make a string of provisions, among them one for less than
$10 million for the $25 million sale of Benefashion Taiwan
in June. Mr Lo said the company is being forced to cut
Benefashion Taiwan, which sustained losses of tens of
millions of dollars during the past year.

Mr Lo said the ultimate reason for the sale were because no
banks were willing to issue letters of credit for the group
to purchase Benetton apparel and the group was pessimistic
about the Hong Kong retail sector. As bank creditors did
not support Hong Kong retailers such as Benefun, the group
had put on hold indefinitely the opening of two Benetton
mega-stores in Hong Kong.

Total debt was reduced to HK$30 million after the group
used HK$20million of its sale of Taiwan operations. Also,
HK$10million raised from a convertible note was used to pay
off debt.   


CHARTER LINK: Winding-up petition
---------------------------------
A petition shown in the Hong Kong Standard for the winding
up of Charter Link Development Limited was presented to the
High Court on  August 14  by Lo Kwei of Room 1429, Wah Chui
House, Wah Fu Estate, Hong Kong, and the said petition is
directed to be heard before the court at 11:00 am on Sept.
16, and any creditor or contributory of the said  company
desirous to support or oppose the making of an order on the
said petition may appear at the time of hearing by himself
or his counsel for that purpose, and a copy of the petition
will be furnished to any creditor or contributory of the
said company requiring the same by Tam Lee Po Lin, Nina for
Director of Legal Aid, 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on payment of the
regulated charges for the same.


CHINA SOUTHERN AIRLINES: Competition squeezes airline
-----------------------------------------------------
China Southern Airlines has posted a loss of 72.3 million
yuan in the first half of the year. The airline said the
loss was due to severe competition and the slowdown in the
mainland economy. In the same period last year, the firm
turned in a profit of 409.3 million yuan.

The company also said sharp growth in interest income and a
238 million yuan foreign exchange gain failed to keep it
from going into the red.

Chairman Yu Yanen said the mainland aviation and
transportation industry had come under pressure in the
first half this year due to the slowdown of the economy.  
But Mr Yu expected revenue to stabilize in the near future
following the reduction of the maximum discount rate to
only 20%, effective from May.

Mainland airline operators suffered from intense
competition after the watchdog Civil Administration of
China in November permitted a maximum discount for airfares
of 40%.


EASYKNIT INTERNATIONAL: Property write-down
-------------------------------------------
Exceptional losses amounting to HK$543.24 million have
forced troubled retailer and clothing exporter Easyknit
International Holdings to incur an attributable loss of
HK$543.37 million in the year to March 31, a turnaround
from the previous year's profit of HK$112.48 million.

Exceptional losses included HK$52 million lost on a
property deal, a HK$201.35 million loss on write-down of
properties held for development, and a HK$289.89 million
loss from a deficit arising on a revaluation of investment
properties.


FOUR SEAS INTERNATIONAL: Results announcement
---------------------------------------------
Four Seas International has slumped into the red for the
year to March 31, reporting a loss of HK$27.38 million
compared with a profit of HK$27.17 million in the previous
year. The previous year saw an exceptional gain of HK$12.12
million. Loss per share is 15 cents and no dividend will be
paid.


HANG SHUN HING YIP: Notice of meeting of creditors
--------------------------------------------------
A meeting of members of Hang Shun Hing Yip (International)
Company Limited will be held at Room 1401-1407, Shui On
Centre, 6-8 Harbour Road, Wanchai, Hong Kong on Sept. 4 at
11:30 am to consider the Statement of Affairs, to appoint
Liquidator(s), and to consider further matters relevant to
Creditor's Voluntary Winding-up of the company. Proxies
must be lodged at Room 1401-1407, Shui On Centre, 6-8
Harbour Road, Wanchai, Hong Kong not later than 24 hours
before the time appointed for the holding of the meeting.


LUOYANG GLASS: Results announcement
-----------------------------------
Luoyang Glass said its interim losses rose to 88.76 million
yuan in the first six months of the year, from 45.11
million yuan last year, hurt by a national production glut
and falling glass product prices. Loss per share was 12.7
fen compared with 6.4 fen for the last corresponding
period.


KPS VIDEO EXPRESS: KPS members reject secret coupon deal
--------------------------------------------------------
As reported on both the SCMP and the Hong Kong Standard,
two disgruntled customers vowed to continue their fight
against KPS Video Express over its coupons controversy.

The claimants took KPS to the Small Claims Tribunal for
breach of contract after the cash-strapped company ditched
its prepaid coupon system from July 31 and rejected an out-
of-court offer of a 'confidential' deal to swap existing
coupons with 'complimentary' ones which, unlike normal
coupons, could be used until the end of 1999.

The offer was rejected because it should apply to everyone
and not just to those who pursued their grievances all the
way to court.


KTP HOLDINGS: KTP losses mount to $450m
---------------------------------------
KTP Holdings, a Hong Kong sport shoes manufacturer,
reported a net loss of HK$450.21 million for the year to
March 31, from a net profit of HK$103.82 million the
previous year. The loss follows an exceptional loss of
HK$287.91 million.


KWONG SANG HONG INTERNATIONAL: Writ filed over cash dispute
-----------------------------------------------------------
According to the SCMP, a writ states that developer Kwong
Sang Hong has flouted a mainland ruling that it pay a real
estate company $2.9 million for a joint venture. Wuhan
Zhong Shuo Hong Real Estate Company is claiming about
$10.69 million, which includes 8.38 million yuan in damages
and costs.

The two companies agreed to a joint venture in Wuhan City,
Hubei province in 1994, with Kwong Sang having to pay $26
million by installments.

A third installment was not paid, leading to action against
Kwong Sang in the Higher People's Court of Hubei in 1995.
According to a judgement in 1996, the appeal against which
was dismissed, Kwong Sang had to pay $10 million as third
installment, plus interest. Damages were assessed at just
over eight million yuan, with costs at 824,000 yuan. The
writ said that only a portion of the amounts had been paid.

China Estates has a 64 percent stake in Kwong Sang which it
bought from the liquidator overseeing the sale of Peregrine
Investments Holdings assets.


MASTER ADVERTISING LIMITED: Winding-up petition
-----------------------------------------------
A petition shown in the Hong Kong Standard for the winding
up of Master Advertising Limited was presented to the High
Court on  August 18 by Cheung Kwok Leung, Lawrence of Flat
B, 4th Floor, Block 3, Nam Fung Sun Chuen, 36 Greig Road,
Quarry Bay, Hong Kong, and the said petition is directed to
be heard before the court at 9:30 am on Sept. 23, and any
creditor or contributor of the said  company desirous to
support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or
his counsel for that purpose, and a copy of the petition
will be furnished to any creditor or contributory of the
said company requiring the same by Tam Lee Po Lin, Nina for
Director of Legal Aid, 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong on payment of the
regulated charges for the same.


PIONEER INDUSTRIES: Results announcement
----------------------------------------
Pioneer Industries, a Hong Kong property investor recorded
a net loss of HK$53.13 million for the year ended March 31
from a net profit of HK$73.65 million last year. Earnings
were hit by a HK$81.19 million exceptional loss arising
from the firm's Thai subsidiaries and a HK$24.56 million
loss on diminution in value of listed shares. Exceptional
loss also included a HK$1.17 million loss arising from the
on liquidation of a textile mill in Malaysia, a HK$7.73
million gain on disposal of long term investments and a
HK$2.65 million gain on disposal of land held for
development in the US. Loss per share amounted to 12.97
cents and no dividend was recommended.


RICH OCEAN INVESTMENT LIMITED: Winding-up petition
--------------------------------------------------
A petition shown in the Hong Kong Standard for the winding
up of Rich Ocean Investment Limited was presented to the
High Court on  August 14  by Chan King Pun of Room 1710,
Yiu Yat House, Tin Yiu Estate, Tin Shui Wai, New
Territories, and the said petition is directed to be heard
before the court at 11:00 am on Sept. 16, and any creditor
or contributor of the said  company desirous to support or
oppose the making of an order on the said petition may
appear at the time of hearing by himself or his counsel for
that purpose, and a copy of the petition will be furnished
to any creditor or contributory of the said company
requiring the same by Tam Lee Po Lin, Nina for Director of
Legal Aid, 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong on payment of the regulated charges
for the same.


SKYLAND HOLDINGS: Skyland provisions hit $40m
---------------------------------------------
Skyland Holdings, a Hong Kong financial and property
company, posted a loss of HK$48.6 million for the year to
March, mainly due to a provision of HK$40million for
diminishing property value and doubtful debts.


STREETSCAPE COMPANY LIMITED: Members' voluntary liquidation
-----------------------------------------------------------
The creditors of Streetscape Company Limited, which is
being voluntarily wound up, are required on or before
September 18 to send in their names, addresses and
particulars of their debts or claims, as well as the names
and addresses of their solicitors (if any) to the
Liquidators of the said company, L. Mervyn Butcher at
Caroline Centre, 10th Floor, 28 Yun Ping Road, Causeway Bay,
Hong Kong and if so required by notice in writing from the
liquidators, to prove their debts or claims at such time
and place specified in such notice, or in default thereof,
they will be excluded from the benefit of any distribution
before such debts are proved.


SUN KAI PROPERTIES: Predicts substantial provisions
---------------------------------------------------
Earnings at Sun Hung Kai Properties, a Hong Kong listed
company, could be dragged down heavily by provisions to
cover a plunge in the value of two of the company's sites.
Vice-chairman and managing director of SHKP said with
property prices plunging, the firm might have to make
substantial provisions which would appear in results for
the year to June 30, which are due in mid-October. Market
forecasts say SHKP will make a loss provision of between
HK$2.5 billion and HK$4 billion for the two sites.  


TAK SING ALLIANCE: Tak Sing Alliance loses $1.5m
------------------------------------------------
Tak Sing Alliance, a Hong Kong garment designer,
manufacturer and retailer, posted a net loss for the year
to March 31, of HK$1.54 million, compared with a net profit
of HK$71.09 million last year.


TAK WING INVESTMENTS: Results announcement
------------------------------------------
The Independent Accountant is updating their review on the
financial position of Tak Wing Investment (Holdings)
Limited and its subsidiaries (together the 'Group'), which,
together with the report prepared by the Financial Adviser,
will be presented to the banks of the Group at a bankers'
meeting to be held on 26 August 1998.

The Company has received on 20 August 1998 a writ in
respect of a claim for the repayment of an outstanding
balance of HK$20,444,869.03 due to Sumitomo Bank. The
Company has sought legal advice in relation to the writ.
The Bank has indicated that it will attend the  bankers'
meeting on 26 August 1998.


TUNG FONG HUNG: Results announcement
------------------------------------
Tung Fong Hung Holdings, a Hong Kong listed food and
medicine distributor, posted a net loss of HK$772.9 million
for the eight months to March 31, 1998 compared to full-
year profit of HK$134.89 million for the 12-month period
ended July 31, 1997.

Turnover in the period fell 7.4 % to HK$508.8 million. Loss
per share was HK$17.7 cents, compared with earnings per
share of HK$5.4 cents for the previous full year. No
dividend was declared.

Tung Fong Hung, which also invested in property, blamed the
result on the collapse of property prices and slack
consumer spending since the regional currency crisis. The
fall in turnover was mainly due to a decline in property
transactions and sale of goods.


WAH HENG GLASS: Winding-up petition
-----------------------------------
A petition shown in the Hong Kong Standard for the winding
up of Wah Heng Glass & Metal Products Limited was presented
to the High Court on  August 10  by Chan Chun-ching of Room
1311, Shun Sang House, Siu Hin Court, Tuen Mun, New
Territories, and the said petition is directed to be heard
before the court at 9:30 am on Sept. 9, and any creditor or
contributor of the said  company desirous to support or
oppose the making of an order on the said petition may
appear at the time of hearing by himself or his counsel for
that purpose, and a copy of the petition will be furnished
to any creditor or contributory of the said company
requiring the same by Tam Lee Po Lin, Nina for Director of
Legal Aid, 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong on payment of the regulated charges
for the same.


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

MEDCO ENERGI: Debt delay brings suit against oil company
--------------------------------------------------------
According to the SCMP, Indonesia's Medco Energi Corp,
having been sued for failure to repay commercial paper on
time, plans to reschedule most of its foreign debts. The
company, an oil and gas producer, said that the suit was
suspended and the two sides were recommended to negotiate
on repayment. The amount involved was not revealed, but
Medco said that it amounted to 0.4 percent of its
outstanding debt.

Medco also said that as soon as a concrete rescheduling
plan for all its debts was drawn up, it would notify all
creditors it intended to delay payments.

The company's first quarter earnings report showed its debt
was about 1.8 trillion rupiah at March 31, suggesting it
owes about 7.2 billion rupiah on the unpaid commercial
paper.

In January, the company missed a note repayment of US$5
million, which it said was missed because it could not find
its creditors, not because it did not have the cash.

Medco has at least $65 million in foreign debt, in the form
of floating-rate notes that come due in December 2001. The
next payment is due this December.

A new bankruptcy law which the government says will level
the playing field for creditors and debtors is set to come
into effect next Tuesday.


=========
J A P A N  
=========

LONG TERM CREDIT BANK: LTCB rescue plan in jeopardy
---------------------------------------------------
As reported on the Hong Kong Standard, leading opposition
forces in Japan's powerful lower house yesterday threatened
to derail the government's rescue plans for the ailing Long
Term Credit Bank. The lawmakers showed their criticism by
boycotting a key lower house committee meeting. Three
opposition groups are to submit a bill as early as next
week to tackle the country's crippling bad loan crisis that
directly hedges the government's proposals.

Opposition groups insist on a more radical solution, and
would ban the use of public money to support a troubled
bank. They would rather see weak banks forced to fail.

Prime Minister Keizo Obuchi said he was ready to talk with
the opposition to work out a compromise and amend the
government's plan.

According to Kyodo News, the Financial Supervisory Agency
(FSA) is expected to order LTCB to present a restructuring
program under the so-called Prompt Corrective Action rule,  
sources familiar with the case said Thursday.

The FSA order, however, is expected to be a procedural one
to follow a restructuring program LTCB announced last
Friday. FSA inspectors have found LTCB's capital falling
short of the equivalent of 8% of its risk-weighted assets,
a level required for banks with international operations,
the sources said.

The FSA may order LTCB to draft a more drastic
restructuring program depending on the final outcome of its
inspections of the bank which it has been conducting since
July 13, the sources said.


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

CHUNGGU CONSTRUCTION: S. Korean Aide Imprisoned Again
-----------------------------------------------------
According to the Associated Press, a convicted aide to
former South Korean President Kim Young-sam was imprisoned
again Wednesday, seven months after his prison term was
suspended for medical reasons, prosecutors said.

Last December, the Supreme Court found Hong guilty of
taking dlrs 670,000 in  bribes from a bankrupt steel firm
in return for helping it obtain preferential bank loans.

He allegedly received $2.86 million in 1994-95 from Chang
Soo-hong, chairman of the Chunggu construction group, in
exchange for helping Chang obtain a government license to
operate a TV station.

Prosecution officials said Hong admitted receiving money
from Chunggu but claimed that it was a political donation
with no strings attached, an excuse commonly used by
politicians to evade legal punishment.

The Chunggu chairman, Chang, is now on trial on charges of
embezzling company funds and using them to bribe
politicians and government officials.


DONG SHIN PHARMACEUTICAL: Company declares bankruptcy
-----------------------------------------------------
The Asian Wall Street Journal reported that the Dong Shin
Pharmaceutical Company went bankrupt after failing to honor
maturing loans of 4.27 billion won. Trading of shares of
this company were suspended early Wednesday. The company
was reportedly under severe financial pressure following
the bankruptcy of its sister units earlier this year,
including the Paper & Technology Company.

Last June, the Korea Herald reported that Dong Shin
Pharmaceutical is a company with annual sales of $45
million and a producer of albumin, vaccines for a type of
encephalitis, and several antibiotics. It is widely
recognized as a leading pharmaceutical firm with high
technical know-how.

However, the bankruptcy of Dong Shin Leisure (a 45-hole
golf course established just last March and which sold
memberships to the medical and pharmaceutical community)
was also reportedly a great blow to the parent Dong Shin
Pharmaceutical Company.


KIA MOTORS: Rumors suggest more debt relief needed
--------------------------------------------------
The Korea Times reported that that there are rumors that
all four companies (Samsung, Hyundai, Daewoo, and Ford)
that have submitted bids to buy Kia Motors have each
written their bids outside of the legal specifications of
the bidding procedure.

These rumors claim that all four bidders have proposed
prices for new shares at below face value, or have attached
clauses to the effect that Kia's debts must be written off.

It is believed that such an action would be an attempt to
send a message to the government and to Kia's creditors
that no one is willing to take over Kia and its enormous
debt under the conditions prescribed in the tender
process. Even Ford is thought to be unable to afford to
simply take over all of Kia's debts, and it is believed
that some type of arrangement will have to be made with the
Korean government and its creditors.

Bidding results are expected to be released on September 1.  

The Korea Times in July reported that the total debt before
any write-offs for Kia Motors is 9.13 trillion won, and
2.73 trillion won for its sister company, Asia Motors.  
However, before the bids were submitted in August, a new
debt structure was announced by officials from the Korea
Development Bank, the major creditor of the two auto
makers, which supposedly reduced Kia's debt to 4.02
trillion won and Asia Motor's debt to 1.27 trillion
won.

Kia Motors became insolvent last July. Kia Motors and Asia
Motors were granted protection from creditors under court
receivership in October 1997.  

Kia Motors' total assets were valued at 7.72 trillion won
last March, and Asia Motors had assets of 1.64 trillion
won.


SLC LEASING:  Will not pay loans to former parent firm
------------------------------------------------------
The Asian Wall Street Journal front page article cited the
new management of SLC Leasing as saying that after they had
examined their books, they have found records showing that
its former parent Sitca Investment Finance & Securities had
transferred almost 2 billion baht to it, and that the money
went straight out again in cash or checks without vouchers
to companies and individuals connected with Sitca
management.

SLC has stated that there is no way that it is going to pay
back these loans to Sitca, and it has asked the Thai
Finance Ministry to cancel or settle the fraudulent loans
between Sitca and SLC.  

The article also reported that the central bank of Thailand
has formally accused four former executives of the closed
Sitca Investment Finance & Securities PCL, (which owned SLC
Leasing until late last year) with misappropriating funds.  

The four unnamed officials are accused of setting up five
companies to borrow a total of 415 billion baht from Sitca
and then use the money to buy new Sitca shares issued as
part of a capital raising effort in November 1995.  

This action by the central bank follows complaints by the
foreign investors who purchased SLC Leasing from Sitca
Investment Finance & Securities last year. SLC Leasing is a
auto leasing company formerly known as Sitca Leasing. Thai
authorities closed its parent Sitca Investment Finance &
Securities along with 55 other insolvent finance companies
in December 1997.  


SSANGYONG INVESTMENT: H&Q says SISCO's losses to increase    
---------------------------------------------------------
The Korea Herald reports that Hambrecht and Quist (H&Q)
Asia Pacific, the San Francisco fund management company
seeking to take over a 28 percent stake in the Ssangyong
Investment & Securities Company (SISCO) believes that
SISCO's losses may increase in the future. A spokesman for
H&Q was cited as saying that SISCO was expected to incur
further losses because of its credit guarantee for a large
amount of corporate bonds.

The Korea Financial Supervisory Commission (FSC) has
already ordered SISCO to submit re-capitalization plans by
September 19.  

H&Q officials also denied rumors that it was demanding that
the government take over SISCO's losses before it invests.  
However, H&Q was asking for "cooperation" in setting up the
prices and the terms of new stock issues.

The Korea Times earlier reported that SISCO originally
exceeded the FSC's minimum requirements below which
security firms must prepare a new re-capitalization plan.  
However, SISCO's re-capitalization through the issuance of
subordinate bonds was later viewed as improper. SISCO's
operating capital ratio was subsequently readjusted
downward to the minus 103.6 level.  

SISCO must submit a rehabilitation plan outlining how it
will meet a 150 percent capital adequacy requirement by
September 1999 and a 100 percent asset to debt ratio. The
FSC will then decide whether or not to approve this plan.  
If the plan is rejected, SISCO's operation may then be
suspended pending ultimate liquidation.  

The Korea Times also earlier reported that the FSC has
barred SISCO from purchasing new foreign currency
securities and from investing in offshore funds and
derivative trades in order to prevent additional debt
exposure.  


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

ACS CREDIT SERVICE (M) SDN BHD: Winding-up petition
---------------------------------------------------
Leeco Electric Sdn. Bhd. had on 4.8.1998 presented a
winding-up petition against ACS Credit Service (M) Sdn.
Bhd. The petition is directed to be heard on 13.1.1999.


BENASCOPE SDN BHD: Winding-up petition
--------------------------------------
Malayan Banking Bhd. had on 14.8.1998 presented a winding-
up petition against Benascope Sdn. Bhd.  However, no date
has been fixed for hearing of the petition.


BORN HEATERS (M) SDN BHD: Winding-up petition
---------------------------------------------
Syarikat Steelcon Sdn. Bhd. had on 31.7.1998 presented a
winding-up petition against Born Heaters (M) Sdn. Bhd.   
However no date has been fixed for hearing of the petition.


KRISI MACDOW SDN BHD: Members' voluntary winding up
---------------------------------------------------
A special resolution passed at an EGM held on 27.8.1998 had
resolved that the company be wound up voluntarily.  
Creditors are to submit their claims/debts by 17.9.1998.


MBF LAND BHD: Winding-up petition
---------------------------------
Mohd Rafiza bin Ab. Rais had on 2.7.1998 presented a
winding-up petition against MBf Land Bhd. The petition is
directed to be heard on 16.10.1998.


SECTER SDN BHD: Winding-up petition
-----------------------------------
Bank of Commerce (M) Bhd. had on 30.6.1998 presented a
winding-up petition against Secter Sdn. Bhd. The petition
is directed to be heard on 30.10.1998.


SELANGOR DREDGING BHD: Results announcement
-------------------------------------------
Selangor Dredging Bhd, listed in the KLSE involving in
property and manufacturing, posted a 61% drop in pre-tax
profit from RM16.15mil to RM6.33mil for the year ended
31/3/98. The fall was mainly attributed to higher interest
cost and losses recorded by its hotel operations (Radisson
Plaza Hotel in Kuala Lumpur) in its first year. The hotel
posted a loss of RM9.56 million for 31.3.1998.


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

ATLAS CONSOLIDATED MINING: In talks with foreign partners
---------------------------------------------------------
BusinessWorld reports Atlas Consolidated Mining and        
Development Corp. (ACMDC) is pursuing plans to rehabilitate
its mines and eventually regain its position as Asia's
biggest mining company.

Talks are ongoing with Minoro Mining and Exploration Co.,
which has expressed interest to rehabilitate the mines in
southwest Cebu, said Atlas resident manager Hilario Farcon.

Minoro executives are inviting other foreign investors to       
take part in the rehabilitation of the company. Mr. Farcon
said he was told by Minoro officials that the negotiations
with other foreign investors are already in an "advanced
stage."

At least US$110 million is needed to rehabilitate the
Carmen underground and open pit as well as to put up a 65-
megawatt power plant at the company's mining complex in
Toledo City.


NATIONAL POWER CORP: Buyers may have to shoulder debts
------------------------------------------------------
BusinessWorld reports state-run National Power Corp.
(Napocor) yesterday said buyers may be required to shoulder
existing debts once the state utility firm is privatized,
thus, ensuring the national government will be freed from
any obligation of absorbing Napocor's liabilities estimated
to reach US$1.3 billion by yearend.

This developed as the state-owned power firm said it is
asking the Bureau of Internal Revenue (BIR) to speed up the
processing of its pending tax credit certificates, worth
about five billion Philippine pesos (PhP) to fund its
operating and capital expenses.

In a statement, Napocor's privatization and restructuring
external office (PREO) said the retirement of the power
firm's existing debts is not the focus of the privatization
program, although it admitted that the payment of their      
obligations is a serious consideration.

Napocor figures show government will realize up to $4
billion in revenues from the power firm's privatization, or
$1.3 billion lower than Napocor's $5.3-billion total
liabilities.


=================
S I N G A P O R E
=================

NATIONAL STEEL: Losses due to Malaysian associate
-------------------------------------------------
Steep losses at its Malaysian associate hammered NatSteel's
interim earnings, which plummeted 69 per cent to $11.59
million.

Of the $1.97 billion available credit facilities, the group
has activated $968 million. Of this, 82 per cent are short-
term, and 62 per cent are in Singapore dollars. NatSteel
has been paying an annualised effective interest rate of
6.5 per cent in the last six months.

The group's strategy is to liquidate its non-core
businesses, including its Australian properties and certain
engineering activities, and these "divestments eventually
will have a significant impact on our total borrowings".

The group in May placed 29 million shares to Temasek
Holdings for $57 million. But this has not halted the debt
from rising from last December's $930 million.

The group, which made provisions of $115 million last year,
did not set aside anything this time.


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

HOTEL NIKKO MAHANAKORN: Creditors fail in bankruptcy suit
---------------------------------------------------------
The Bangkok Post reports creditors failed in their attempt
to file a bankruptcy against Hotal Nikko Mahanakorn. The
court ruling on August 7 was the first under the new law.

The hotel's major creditors, including Bangkok Bank, the
Bank of Asia and Union Asia Finance and Securities, filed
for bankruptcy against the hotel on June 26.

But the court found that the hotel was not on the verge of
bankruptcy as its assets totalled 3.88 billion baht,
exceeding its debts of 3.43 billion.

The previous law was seen as limiting the rehabilitation of
businesses because, when a bankruptcy case was filed,
liquidation was the only option. The law was amended to
allow borrowers and creditors to resolve their differences
through a debt restructuring process supervised by the
court.

As Hotel Nikko Mahanakorn had not paid its debts for about
two years, its creditors filed the suit with the intention
of asking the court to start the restructuring process.
But the court noted that the new law allowed this process
to begin only when the debtor was ruled insolvent.


SIAM CEMENT: Names new restructuring advisors
---------------------------------------------
The Bangkok Post reports Siam Cement Plc yesterday named
McKinsey & Co Inc as its consultant for its ongoing
restructuring plan.

The international consulting firm will assist the Thai
conglomerate in refining its business strategies and
developing a plan to guide the growth of the group, said
SCG president Chumpol NaLamlieng.

Siam Cement's recently announced a restructuring plan which
will see its industrial groups spun off into separate
subsidiaries with its parent firm acting as a holding
company.



S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily
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Copyright 1998.  All rights reserved.  ISSN: 1520-9482.  

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