/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/980903.MBXT 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, September 3, 1998, Vol. 1, No. 136 Headlines * C H I N A & H O N G K O N G * CONTO FABRIC: Winding-up petition EVERINE DEVELOPMENT LIMITED: Notice to creditors GENTS KNITTING GARMENT FACTORY: Winding-up order HWA KAY THAI: Announcement and resumption of trade HYSAN DEVELOPMENT: S&P cuts Hysan Development's ratings INTERFORM CERAMICS: Faces eviction LONGIN INVESTMENT LIMITED: Winding-up order NEWCEPT TEXTILES: Winding-up order ON SHINE JEWELLERY: Winding-up order SHINY OFFSET PRINTING: Winding-up order SUN HUNG KAI PROPERTIES: S&P Cuts SHK Ratings TAT HING GAS WORK: Winding-up order TECHNOFASHION: Winding-up order TOMSON PACIFIC: Tomson author denies influence VISCOUNTMARINE LIMITED: Notice to creditors WELL BOND GROUP LIMITED: Notice of creditors' meeting WELLSEASON (FAREAST): Winding-up order * I N D O N E S I A * KARABHA DIGDAYA: Creditors file under new bankruptcy laws * J A P A N * ASAHI LIFE: Downgraded by Japan Rating and Investment CHIYODA LIFE: Downgraded by Japan Rating and Investment DAI-ICHI LIFE: Downgraded by Japan Rating and Investment HITACHI AMERICA: Japanese parent to close Texas plant KOYOEI LIFE: Downgraded by Japan Rating and Investment MEIJI LIFE: Downgraded by Japan Rating and Investment MITSUBISHI SEMICONDUCTOR: US unit to close facility NISSAN MOTOR: Announces restructuring SAKURA BANK: Sakura Bank to lay off 3,000 by 2001 TAISHO LIFE: Downgraded by Japan Rating and Investment TAKASHIMAYA KOSAKUSHO: Lowers forecast TOHO MUTUAL LIFE: Downgraded by Japan Rating and Investment TOKYO ELECTRON: Debt rating outlook cut TOKYO MUTUAL LIFE: Downgraded by Japan Rating TOYOTA MOTOR: Reports sharply lower sales * K O R E A * KIA MOTORS: Creditors to discuss terms of second auction * M A L A Y S I A * BESARAH MINING SDN BHD: Winding-up petition JERNIH CONSTRUCTION SDN BHD: Winding-up petition MALAYAN UNITED INDUSTRIES BHD (MUI): Pre-tax loss OILANGAS SHIPPING SERVICES (M) SDN BHD: Winding-up petition SIME BANK: Sale of bank moved back to November TAISOON HOUSING DEVELOPMENT SDN BHD: Winding-up petition * P H I L I P P I N E S * SIME DARBY PILIPINAS: Templeton objects to delisting * S I N G A P O R E * ANA HOTELS: Results announcement TUAN SING HOLDINGS: Reveals steep losses * T H A I L A N D * SAHAMITR PRESSURE: Dispute with affiliate over guarantee SIAM COMMERCIAL BANK: Results announcement THAI MODERN PLASTIC: Rehabilitation plan in civil court ================================= C H I N A & H O N G K O N G ================================= CONTO FABRIC: Winding-up petition --------------------------------- Notice is hereby given that a petition for the winding-up of Conto Fabric Limited by the High Court of Hong Kong was, on the 18th day of August, 1988, presented to the said Court by Diorva Knitters Limited and the petition is heard on 23th of September, 1998. Creditors who support or oppose the making of the order may appear at the time of the hearing. EVERINE DEVELOPMENT LIMITED: Notice to creditors ------------------------------------------------ Everine Development Limited (in Members' Voluntary Liquidation) has posted a final notice, dated August 28, to creditors to prove debts. The final date for creditors to prove their debts or claims is fixed to be on or before Sept 29 by the liquidators, Cho Che Kwong Alex and Chiu Soo Ching, Katherine c/o Horwath Management Services Limited of 2001 Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. GENTS KNITTING GARMENT FACTORY: Winding-up order ------------------------------------------------ A winding-up order notice is hereby given that Gents Knitting Garment Factory Limited is undergoing a companies winding-up proceedings (No 478 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 19, 1998. The date of presentation of petition was July 15, 1998. HWA KAY THAI: Announcement and resumption of trade -------------------------------------------------- The board of directors of Hwa Kay Thai have announced that a legally binding heads of agreement was entered into on 29th August, 1998 between Hwa Kay Thai and Hung Cheong Machinery Company Limited regarding a proposed financial restructuring (the "Restructuring Proposal") of Hwa Kay Thai. The Heads of Agreement and completion of the Restructuring Proposal are subject to conditions and may be terminated. If PUMA or Hwa Kay Thai's bankers gives notice that they do not accept the Restructuring Proposal on or before 15th September, 1998 or if the Restructuring Agreement is not executed by 15th September, 1998, the Heads of Agreement will terminate. If Hwa Kay Thai is unable to restructure its indebtedness with its creditors or to secure new equity financing, Hwa Kay Thai will have a negative net asset value and will be insolvent and may go into liquidation. Shareholders and investors should exercise caution when dealing in Hwa Kay Thai's securities. The Restructuring Proposal will involve, among other things, (i) capital reduction and consolidation to the effect that for every ten shares of HK$0.50 each held as at the relevant record date will become one consolidated share of the Company of HK$0.10 each; (ii) a rights issue of new shares to raise approximately HK$50 million whereby Hwa Kay Thai's shareholders as at the relevant record date will be provisionally allotted five shares for every two shares held by them. The subscription price will be HK$0.10 per rights share. The rights issue will be underwritten by underwriters to be procured by Hung Cheong and Hung Cheong agrees to underwrite any rights shares which are not underwritten by the underwriters; (iii) following the rights issue, Hung Cheong subscribing for approximately HK$100,000,000 of new shares in the capital of Hwa Kay Thai at a subscription price of HK$0.10 per share. The total subscription price will be satisfied by the transfer to any member of the Group of the entire share capital of a company related to Hung Cheong, which will hold certain retail shop units with a net asset value of not less than the total subscription price. Following completion of the Restructuring Proposal contemplated under the Heads of Agreement, Hung Cheong will become the single largest shareholder of Hwa Kay Thai. Hung Cheong is a company which is beneficially controlled by Mr. Wong Chai Chung; and (iv) restructuring of indebtedness owed by Hwa Kay Thai to its bank creditors, Puma and its trade creditors. At the request of Hwa Kay Thai, trading in its securities was suspended with effect from 10:00 a.m. on Monday, 31st August, 1998. Hwa Kay Thai will request that trading in its securities resume with effect from 10:00 a.m. on Tuesday, 1st September 1998. HYSAN DEVELOPMENT: S&P cuts Hysan Development's ratings ------------------------------------------------------- The Asian Wall Street Journal reports that the Standard & Poor's Rating Group downgraded both the corporate debt and guaranteed issue of the Hysan Development Company from A- to BBB+. The report also stated that the ratings outlook of this developer is negative. This rating action reflects growing financial risk stemming from Hysan's increased debt burden and pressure from earnings related to downturn in the Hong Kong property market. Hysan is the largest landlord in the prime Causeway area, and holds a portfolio of high quality buildings. This company acquired the Entertainment Building in 1997, which reportedly acted to increase Hysan's debt leverage to about 20 percent, up from an average of 10 percent during most of the 1990s. INTERFORM CERAMICS: Faces eviction ---------------------------------- Interform Ceramics Technologies, a tile maker in Hong Kong, is facing eviction from its Lockhart Road Office for failing to pay a mortgage of HK$22.2 million, according to a writ. The China State Bank is seeking the sum from Interform Ceramics as guarantor of the loan made to Interform International, also named as defendant in the High Court writ. LONGIN INVESTMENT LIMITED: Winding-up order ------------------------------------------- A winding-up order is hereby given that Longin Investment Limited is undergoing a companies winding-up proceedings. The date of the order is August 19, 1998. The petition was presented July 22, 1998. The official receiver and provisional liquidator is A.R. Hearder. NEWCEPT TEXTILES: Winding-up order ---------------------------------- A winding-up order notice is hereby given that Newcept Textiles Limited is undergoing a companies winding-up proceedings (No 479 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 19, 1998. The date of presentation of petition was June 15, 1998. ON SHINE JEWELLERY: Winding-up order ------------------------------------ A winding-up order notice is hereby given that On Shine Jewellery & Goldsmith Company Limited is undergoing a companies winding-up proceedings (No 366 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 28, 1998. The date of presentation of petition was June 16, 1998. SHINY OFFSET PRINTING: Winding-up order --------------------------------------- A winding-up order notice is hereby given that Shiny Offset Printing Company Limited is undergoing a companies winding- up proceedings (No 489 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 19, 1998. The date of presentation of petition was July 21, 1998. SUN HUNG KAI PROPERTIES: S&P Cuts SHK Ratings --------------------------------------------- The Asian Wall Street Journal reported that the Standard & Poor's Rating Group downgraded the corporate credit rating of Sung Hung Kai Properties Ltd. from A+ to A-. Additionally, the ratings outlook of this property company is negative. This downgrade reflects the increased risks in the Hong Kong properties industry, which is the source of this company's earnings. Property prices in all sectors in Hong Kong have dropped 40 to 50 percent since October 1997. This move follows a similar downgrade on August 31 of Sung Hung Kai Properties' long-term debt ratings by the Japan Rating and Investment Information Inc. Sung Hung Kai Properties is one of the largest Hong Kong property developers and the largest landlord in Hong Kong. TAT HING GAS WORK: Winding-up order ----------------------------------- A winding-up order notice is hereby given that Tat Hing Gas Work and Appliances Limited is undergoing a companies winding-up proceedings (No 486 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 19, 1998. The date of presentation of petition was July 20, 1998. TECHNOFASHION: Winding-up order ------------------------------- A winding-up order notice is hereby given that Technofashion Limited is undergoing a companies winding-up proceedings (No 490 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 19, 1998. The date of presentation of petition was July 21, 1998. TOMSON PACIFIC: Tomson author denies influence ---------------------------------------------- According to the SCMP, John Lees, appointed by the financial secretary in 1992 to probe alleged wrongdoings surrounding Tomson Pacific's takeover of the World Trade Centre, was queried at the Court of First Instance on meetings with other agencies such as the police and the Independent Commission Against Corruption. It was put to Mr Lees that Arthur Lai, then chairman of Chin Tung Holdings, never denied accepting commissions of A$2 million and HK$26.4 million for his part in the takeover. Arthur Lai denies that the payments were bribes. He and Raymond Lai, Peter Mou, Jade Hsu Jye and David Tong Cun-lin all deny conspiring to defraud the SFC and the Takeover and Mergers Commission. The case continues. VISCOUNTMARINE LIMITED: Notice to creditors ------------------------------------------- Viscountmarine Limited (in Creditors' voluntary liquidation) has posted a final notice, dated August 28, 1998, to creditors to prove debts. The final date for creditors to prove their debts or claims is fixed to be on or before Oct 30 by the liquidator, David Richard Hague of Price Waterhouse, 22nd floor, Prince's Bldg. Hong Kong. WELL BOND GROUP LIMITED: Notice of creditors' meeting ----------------------------------------------------- The creditors of Well Bond Group Limited are notified of a meeting on Sept. 8 at2:30 pm and a contributories' meeting at3:30 pm the same day at the official receiver's office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong. WELLSEASON (FAREAST): Winding-up order -------------------------------------- A winding-up order notice is hereby given that Wellseason (FarEast) Company Limited is undergoing a companies winding-up proceedings (No 480 of 1988) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on August 19, 1998. The date of presentation of petition was July 15, 1998. ================= I N D O N E S I A ================= KARABHA DIGDAYA: Creditors file under new bankruptcy laws --------------------------------------------------------- According to the SCMP and the Hong Kong Standard, law firm Makarim and Taira S. has filed on behalf of a Japanese controlled company, Jaya Obayashi, and local firm Nusaraya Cipta. The bankruptcy case will be the first in Indonesia's newly set up commercial court against golf course developer Karabha Digdaya. The company is owned by Judith Suryajaya, daughter of the founder of car maker Astra International, William Suryajaya. Mr Hotman Paris Hutapea of the law firm said the plaintiffs sought 15.3 billion rupiah in fees and interests in the construction of the Emerald One Golf and Real Estate in nearby Cimanggis between 1993 and 1996. The creditors said Karabha Digdaya had ignored several demands to pay for the golf course construction costs. They have asked the court to declare Karabha bankrupt and sell the firm's assets including the Emerald Golf course and real estate, to pay the money owed. The petition said there are worries that the defendant may move its assets to avoid fulfilling its obligations to its creditors. There are nine more cases in the new commercial court, but they cannot be filed yet as the related documents have not been completed. About 75 per cent of the cases will be filed on behalf of Singapore banks. The commercial court will settle bankruptcy cases under the new law, which allows 30 days for settlement and 30 days for appeal. The country's old bankruptcy law was considered insufficient in the face of rising business collapses caused by the country's deepening economic crisis. ========= J A P A N ========= ASAHI LIFE: Downgraded by Japan Rating and Investment ----------------------------------------------------- The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Asahi Life Insurance was downgraded from A-op to BBB-op. CHIYODA LIFE: Downgraded by Japan Rating and Investment ------------------------------------------------------- The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Chiyoda Life Insurance was downgraded from BBB- to BB. DAI-ICHI LIFE: Downgraded by Japan Rating and Investment -------------------------------------------------------- The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Dai-Ichi Life Insurance was downgraded from AA- op to A-op. HITACHI AMERICA: Japanese parent to close Texas plant ----------------------------------------------------- According to the Financial Times, Hitachi plans to close its Texas memory chip plant and lay off 650 workers. The company also plans to merge its two California chip development sites, Hitachi Semiconductor and Hitachi Micro Systems, into a single unit. KOYOEI LIFE: Downgraded by Japan Rating and Investment ------------------------------------------------------ The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Koyoei Life Insurance was downgraded from BB+ to BB. MEIJI LIFE: Downgraded by Japan Rating and Investment ----------------------------------------------------- The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Meiji Life Insurance was downgraded from AA-op to A-op. MITSUBISHI SEMICONDUCTOR: US unit to close facility --------------------------------------------------- A Kyodo News summary reports a local chip manufacturing unit of Japan's Mitsubishi Electric Corp. said Tuesday it will halt semiconductor assembly and testing in the United States under a restructuring plan to centralize such operations in Japan. Mitsubishi Semiconductor America Inc. said it will close down discrete integrated circuit assembly, test and module assembly operations at its facility in Durham, North Carolina, on Nov. 6. NISSAN MOTOR: Announces restructuring ------------------------------------- Nissan Motor announced its plan to restructure the company in May after it recorded its fifth net loss in six years. The company's shares hit an eight-year low. SAKURA BANK: Sakura Bank to lay off 3,000 by 2001 ------------------------------------------------- According to the Hong Kong Standard, Sakura Bank will increase an earlier planned cut in its work force to 3,000 from 2,000 by the end of March 2001, as reported by the Nihon Keizai Shimbun, a business daily in Tokyo yesterday. The bank had 17,500 employees as of the end of March. The report also said the bank will close 50 of its outlets by the end of March 1999, earlier than an initial plan for end of March 2001. In March, the bank said it had 497 outlets. TAISHO LIFE: Downgraded by Japan Rating and Investment ------------------------------------------------------ The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Taisho Life Insurance was downgraded from BB-op to B-op. TAKASHIMAYA KOSAKUSHO: Lowers forecast -------------------------------------- Bloomberg reports shares of Takashimaya Kosakusho Co. fell 2 yen to 248. It last traded at 250 yen. The retailer of interior decoration for department stores reversed its previous forecast to a parent pretax loss of 150 million yen for the half-year ending in Sept. That's 350.0 percent more than the most recent forecast by Toyo Keizai. TOHO MUTUAL LIFE: Downgraded by Japan Rating and Investment ----------------------------------------------------------- The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Toho Mutual Life Insurance was downgraded from BB- to B+. TOKYO ELECTRON: Debt rating outlook cut --------------------------------------- Bloomberg reports shares of Tokyo Electron Ltd. rose 50 yen to 3,280. The world's second-largest maker of microchip- making equipment had its debt rating outlook cut to "negative" from "stable" by Moody's Investors Service on pessimism about the outlook for the industry. TOKYO MUTUAL LIFE: Downgraded by Japan Rating --------------------------------------------- The Asian Wall Street Journal reports that the Japan Rating and Investment Information Inc. has downgraded the insurance payment ratings on four Japanese life insurance companies. It has also changed the "op" ratings on four other insurers. The "op" ratings are based on publicly available information. These downgrades reflect the increasingly severe business environment for life insurance companies. Tokyo Mutual Life was downgraded from BBB- to BB+. TOYOTA MOTOR: Reports sharply lower sales ----------------------------------------- Bloomberg reports shares of Toyota Motor Corp. fell 30 yen to 3,000 amid concern about sluggish domestic sales after industry figures showed that domestic sales of cars, trucks and buses fell 9.6 percent in August on year. Toyota had one of the biggest declines in sales -- at 10.5 percent -- among the five largest makers. ========= K O R E A ========= KIA MOTORS: Creditors to discuss terms of second auction -------------------------------------------------------- The Korea Herald reports that creditors must meet before a second attempt is made to auction off Kia Motors Corporation and its sister bus and truck maker, the Asia Motors Company. The main creditors, including the Korea Development Bank, need to discuss further plans to reduce the massive debts of these companies, which is reported to be the main factor behind the failure of the first auction last month. All four companies (Samsung, Hyundai, Daewoo, and Ford) bidding on Kia requested sharp cuts in Kia's debt, estimated to be between 9.6 trillion won and 12.5 trillion won. The president of Kia, Mr. Lee Jong-dae, was quoted as saying that Kia will discuss with creditors whether or by how much they plan to write off debts before the second action. A similar story in the Korea Times cites the president of Kia as saying it is obliged to establish the maximum debt write-off from the outset in order to settle the Kia issue at the earliest possible date. Adjustment of the debt write-off figures needs the consent of creditors in accordance with court-dictated management procedures. The second bidding will be held at as early a date as possible, though consultation still must be made with creditors as to the schedule, the scope of participants, and whether an additional cut in the total debt will be made, and how much that would be. A Reuters report says Ford claims it remains interested in buying Kia, but the bankrupt South Korean firm's debt must be trimmed first. Ford spokesman John Spelich said "Further reduction of the debt is an absolute key aspect to this whole thing. That was one bit of unanimity amongst the bidders." He said Ford remains interested in buying Kia under the right circumstances because it would give the U.S. automaker a stronger entry into the Korean market, where its sales are weak, and provide the ability to make low- cost cars to sell in Asia. =============== M A L A Y S I A =============== BESARAH MINING SDN BHD: Winding-up petition ------------------------------------------- The members of Besarah Mining Sdn BHd on 26/8/98 resolved to wind-up the company voluntarily. Creditors of the company are requested to submit their claims before 1/10/98. JERNIH CONSTRUCTION SDN BHD: Winding-up petition ------------------------------------------------ Hiap Wing Marketing Sdn Bhd on 10/6/98 petitioned for the winding-up of Jernih Construction Sdn Bhd. The petition is directed to be heard on 30/10/98. MALAYAN UNITED INDUSTRIES BHD (MUI): Pre-tax loss ------------------------------------------------- MUI (listed in the KLSE) posted a group pre-tax loss of RM478.48mil for the half year ended 30/6/98 compared to a pre-tax profit of RM132.39mil previously. The performance of the group was adversely affected by the substantial provision for doubtful debts amounting to RM562.5mil by stockbroking subsidiaries, Pengkalen Securities Sdn Bhd and Kimara Equities Sdn Bhd. OILANGAS SHIPPING SERVICES (M) SDN BHD: Winding-up petition ----------------------------------------------------------- RHB Bank Bhd (listed in the KLSE) on 20/7/98 petitioned for the winding-up of Oilangas Shipping Services (M) Sdn Bhd. The petition is directed to be heard on 24/9/98. SIME BANK: Sale of bank moved back to November ---------------------------------------------- Sime Darby Bhd said yesterday that the completion of the sale of its stake in Sime Bank Bhd to RHB Bank Bhd has been deferred to Nov 30 from the initial deadline of Sept 6. In a statement, the company said it has agreed to a request by RHB Bank and Rashid Hussain Bhd to extend the cut-off date. RHB said that, as of July 30, the approvals of the Securities Commission, Bank Negara and the Foreign Investment Committee were still pending. RHB Bank and RHB have advised that this was "unavoidable, as the agreements for the funding exercise for the recapitalisation of the merged RHB Bank and the restructuring of the companies within the RHB group to facilitate the acquisition of Sime Bank were only finalised and executed at the end of April". As approvals from the authorities were only expected by the end of August at the earliest, the companies are only able to convince their respective EGMs to approve the scheme by the end of September at the earliest. As such, RHB Bank and RHB anticipate the sale of the shares agreement to be completed by Nov 30. TAISOON HOUSING DEVELOPMENT SDN BHD: Winding-up petition -------------------------------------------------------- An order was made by the Official Receiver on 13/8/98 for the winding-up of Taisoon Housing Development Sdn BHd. ===================== P H I L I P P I N E S ===================== SIME DARBY PILIPINAS: Templeton objects to delisting ---------------------------------------------------- BusinessWorld reports British firm Templeton Asset Management Ltd., a minority shareholder in local firm Sime Darby Pilipinas, Inc. (SDPI), has objected to the recent proposal of the SDPI board to delist SDPI shares from the local bourse. In a disclosure to the Philippine Stock Exchange (PSE), Templeton managing director J. Mark Mobius said the move is an attempt "to hide" the effects of SDPI's buy-in into London-based manufacturing firm LEC Refrigeration Plc. Like businessman Leonardo Alehandrino, another SDPI shareholder objecting to the buy-in, Templeton finds as suspect SDPI's move to buy a 1.17-billion Philippine peso (PhP) stake in LEC. Both claim LEC is a losing company. Still, Mr. Mobius said Templeton "will participate in the tender provided the valuation of the shares and the terms of the tender offer are fair and appropriate." ================= S I N G A P O R E ================= ANA HOTELS: Results announcement -------------------------------- According to a report in Singapore BusinessTimes, ANA Hotels has provided more details of its financial performance at the request of the Stock Exchange of Singapore. The company said revenue fell 22 per cent or by $3.81 million due to a 17 per cent decrease in occupancy rate because of the slowdown in visitor arrivals from Japan and Asean. Fixed operational and non-operational costs did not increase significantly but interest on borrowings rose 35 per cent due to tight credit conditions and pre-tax profit fell 80 per cent to $404,500. TUAN SING HOLDINGS: Reveals steep losses ---------------------------------------- Singapore BusinessTimes reports listed Tuan Sing Holdings yesterday announced a $39.2 million interim loss and said it does not expect to make a profit this year. For the six months to June 30, the property, construction and electronic subcontracting group saw turnover fall 34 per cent to $194 million. At the pre-tax level, it registered losses of $39.4 million, a sharp contrast to the $22 million profit a year ago. After tax and minorities, it suffered a net loss of $39.2 million, against a $15.2 million profit last year. Loss for each of its 1.137 billion shares came to 3.45 cents, while a year ago earnings per share was 1.34 cents. SPP saw revenue fall 70 per cent in a year to $40 million, while net losses soared from a mere $327,000 in the first half of 1997 to $15.5 million this year. This was partly due to provisions on projects in Indonesia ($1.3 million), a Singapore project ($2.6 million) and $1.7 million taken to wind down its steel trading business. It also wrote off $5.5 million for "inter-company loans due to subsidiaries" at the extraordinary level. =============== T H A I L A N D =============== SAHAMITR PRESSURE: Dispute with affiliate over guarantee -------------------------------------------------------- Sahamitr Pressure Container PCL has acknowledged to the SET that it is in dispute with Sahamitr Steel Co., Ltd. concerning acting as guarantor for the amount of Baht 1.5 billion. Now, Bangkok Bank Limited Plabplachai Branch has taken legal action to request payment from Sahamitr Pressure Container Co., Ltd. as guarantor. An additional amount at Baht 13 million was further added to make total amount at Baht 1.15. Sahamitr Pressure Container Public Co.,Ltd. will try to arrange payment at soon as possible. SIAM COMMERCIAL BANK: Results announcement ------------------------------------------ Siam Commercial Bank announced audited half year financial statements for the period ending June 30, 1998 as a net loss of Bt11 billion, which compares to a net profit of Bt3.68 billion for the corresponding 1997 period. THAI MODERN PLASTIC: Rehabilitation plan in civil court ------------------------------------------------------- Thai Modern Plastic Industry PCL has confirmed to the SET a news report in the newspaper Krungthep Turakij that five commercial banks have filed a petition for rehabilitation Against the company in the civil court in accordance with the new bankuptcy act. The five banks are Credit Agricole indosuez Bank, ING NV Bank, The Development Bank of Singapore Bank, Schroeder International Merchant Bankers and the Thai Danu Bank Pcl. The court has received such petition and has called for a hearing on August 27, 1998 at 9.00 a.m. The court does authorize the rehabilitation plan and has approved the appointment of South Sathorn Planner Limited to control and manage the company under the new bankuptcy act. 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $875 per month delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *