---

T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Tuesday, September 22, 1998, Vol. 1, No. 148

                    Headlines


* C H I N A   &   H O N G   K O N G *

ANRISE-IMC LIMITED: Winding-up petition
COPYRIGHT (DISCOVERY BAY) LIMITED: Winding-up petition
DATA SYSTEMS (HONG KONG) LIMITED: Appointment of liquidator
EDA GROUP OF COMPANIES: Members' and creditors' meeting
EARN ACTIVE LIMITED: In members' voluntary liquidation

HING SHING TIMBER FACTORY LIMITED: Winding-up petition
HK TELECOMMUNICATIONS: Acts to stave off worker action
JADE PROJECT DEVELOPMENT: Amended winding-up petition
JETBO INTERNATIONAL LIMITED: Winding-up petition
JINTECH RESEARCH INTERNATIONAL: Winding-up order

OXMORE COMPANY LIMITED: In members' voluntary liquidation
PAPER-MAKER LIMITED: Winding-up petition
PERFECT MADE INVESTMENT LIMITED: Winding-up petition
POLKATE COMPANY LIMITED: Winding-up proceedings
SEACON SHIPPING LIMITED: Winding-up order

SHEUNG KEE ENTERPRISES: Winding-up order
START CIRCLE LIMITED: In members' voluntary liquidation
TAI WAH PAPER PRODUCTS: In members' voluntary liquidation
WELLCORP FREIGHT EXPRESS INTERNATIONAL: Winding-up order


* J A P A N *

DAI NIPPON PRINTING: Downgraded by Moody's
JAPAN LEASING: Yasuda wants to keep credit claim
TOPPAN PRINTING: Downgraded by Moody's


* K O R E A *

SAMICK CONSTRUCTION: Files for receivership, bankruptcy
SHINHWA: Faces likely liquidation
TAEHEUNG LEATHER: Faces likely liquidation


* M A L A Y S I A *

ARAB-MALAYSIAN CORP BHD: Seeks new talks
BANK BUMIPUTRA MALAYSIA BHD: Results announcement
KINTYE SDN BHD: Voluntary winding-up
YEO HIAP SENG: Results announcement


* P H I L I P P I N E S *

PHILIPPINE AIRLINES: President Estrada meets with unions


* S I N G A P O R E *

AMTEK ENGINEERING: Results announcement
ARMSTRONG INDUSTRIAL: Results announcement
AZTECH SYSTEMS: Results announcement
FU YU MANUFACTURING: Results announcement
HOTEL PROPERTIES: Results announcement

HO WAH GENTING: Results announcement
IPC CORPORATION: Considers selling PC business
LIANG COURT HOLDINGS: Results announcement
SERIAL SYSTEM: Results announcement
SHANGRI-LA HOTEL: Results announcement

WAH SHING INTERNATIONAL: Results announcement


* T H A I L A N D *

PETROLEUM AUTHORITY OF THAILAND: No equity restructuring
SIAM CEMENT: Denies debt and share talk
SIAM CITY BANK: Seeks foreign investor by year-end
THAI COPPER INDUSTRIES: Announces appointment of advisor


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

ANRISE-IMC LIMITED: Winding-up petition
---------------------------------------
A petition for the winding up of Anrise-IMC Limited  was
presented to the High Court on Aug 13 by East Bright
International Limited whose registered address is situate
at 19th floor, Skyline Commercial Centre, 71-77 Wing Lok
Street, Central, Hong Kong, and the said petition is
directed to be heard before the court at 9:30 am on Oct 7,
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 the Solicitors for the
Petitioner, Fairbairn Catley Low & Kong, 43rd Floor,
Gloucester Tower, The Landmark, 11 Peddar Street, Central,
Hong Kong on payment of the regulated charges for the same.


COPYRIGHT (DISCOVERY BAY) LIMITED: Winding-up petition
------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Copyright (Discovery Bay) Limited by the High Court of
Hong Kong was, on the 15th day of September, 1998,
presented to the said Court by Chan Lit Kwong and the
petition is heard on 21st of October, 1998. Other creditors
who support or oppose the making of the order may appear at
the time of the hearing.  


DATA SYSTEMS (HONG KONG) LIMITED: Appointment of liquidator
-----------------------------------------------------------
On August 28, 1998, the High Court appointed Joint and
Several Liquidators for the winding up of Data Systems
(Hong Kong) Limited. The appointed liquidators are Mr
Kenneth G Morrison and Mr Leung Man Kay of Pannell Kerr
Forster, Certified Public Accountants at 7/F., Manulife
Tower, 169 Electric Road, North Point, Hong Kong.


EDA GROUP OF COMPANIES: Members' and creditors' meeting
-------------------------------------------------------
A meeting of members of Eda Group of Companies will be held
at 22/F., Wing On Centre, 111 Connaught Road Central, Hong
Kong to be followed on Oct 9 at 9:30 am to be followed by a
meeting of the creditors at 10:00 am for the purpose of
receiving an account of the liquidators' acts and dealings
and of the conduct of the winding up of the company during
the preceding year.

Joint and Several Liquidators: Man Kou Tan, Dermot Agnew.


EARN ACTIVE LIMITED: In members' voluntary liquidation
------------------------------------------------------
The creditors of Earn Active Limited, which is being
voluntarily wound up, are required on or before Oct 19 to
send in their names, addresses and particulars of their
debts or claims to the Liquidators of the said company, and
if so required by notice in writing from the liquidators,
are personally or by their solicitors to come in and prove
their debts or claims at such time and place specified in
such notice, or in default thereof, they will be deemed to
waive all of such debts or claims and the liquidators will
be entitled seven days after the above date, to distribute
the funds available or any part thereof to the Members.

Liquidators: Mr Chan Chung Woo and Ms Chan Mei Lan, Betsy,
both of 24/F., Lippo House, Causeway Bay Plaza II, 463
Lockhart Road, Causeway Bay, Hong Kong.


HING SHING TIMBER FACTORY LIMITED: Winding-up petition
------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Hing Shing Timber Factory by the High Court of Hong Kong
was, on the 2nd of September, 1998, presented to the said
Court by the High Court of Hong Kong and the petition is
heard on 7th of October, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.


HK TELECOMMUNICATIONS: Acts to stave off worker action
------------------------------------------------------
According to a report by Reuters, Hong Kong
Telecommunications Ltd is trying to seek ways to minimise
the blow of the planned wage cuts, said Loong Hon-biu,
director of corporate affairs.

The giant telecommunications provider, which employs 13,800
people, sent jitters across the territory when it announced
on Thursday that it was cutting wages across the board by
10 percent from November, instead of laying off workers.

The highly profitable company, which for years enjoyed
monopolistic control over the provision of highly lucrative
services such as international direct dial calls, said the
move would save it HK$300 million (US$39 million) annually.

The company, which made a net profit of HK$17 billion for
the year ended March 1998, up 52.3 percent compared with a
year earlier, laid off 270 staff in July.

The plan has sparked outrage. The company's workers union
said late on Friday that the union would support any
industrial action taken by company workers.


JADE PROJECT DEVELOPMENT: Amended winding-up petition
-----------------------------------------------------
A amended petition for the winding up of Jade Project
Development Limited was presented to the High Court on Aug
12 by Kingdom Land Development Limited, whose registered
address is situate at 6th floor, Hong Kong Spinners
Industrial Building, Phase I & II, 601-3 Tai Nan West
Street, Kowloon, Hong Kong, and the said petition is
directed to be heard before the court at 9:30 am on Oct 21,
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 the Solicitors for the
Petitioner, Lo & Lo, 35th Floor, Gloucester Tower, The
Landmark, 11 Peddar Street, Central, Hong Kong on payment
of the regulated charges for the same.


JETBO INTERNATIONAL LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Jetbo International Limited by the High Court of Hong
Kong was, on the 24th day of August, 1998, presented to the
said Court by World Houseware Producing Company Limited and
the petition is heard on 30th of September, 1998. Other
creditors who support or oppose the making of the order may
appear at the time of the hearing.  


JINTECH RESEARCH INTERNATIONAL: Winding-up order
------------------------------------------------
A notice for a winding-up order appeared in the Hong Kong
Standard for Jintech Research International Limited. The
petition was presented on August 7, 1998 and the registered
Office: Unit C2, 2/F., Star House, 3 Salisbury Road,
Tsimshatsui,. Kowloon. The Acting Official Receiver &
Provisional Liquidator is J.S. Bush.


OXMORE COMPANY LIMITED: In members' voluntary liquidation
---------------------------------------------------------
The creditors of Oxmore Company Limited, which is being
voluntarily wound up, are required on or before Oct 19,    
to send in their names, addresses and particulars of their
debts or claims to the Liquidators of the said company, and
if so required by notice in writing from the liquidators,
are personally or by their solicitors to come in and prove
their debts or claims at such time and place specified in
such notice, or in default thereof, they will be deemed to
waive all of such debts or claims and the liquidators, they
will be excluded from the benefit of any distribution
before such debts are proved.

Liquidators: J G W Blaauw, 23/F., Sunning Plaza, 10 Hysan
Avenue, Causeway Bay, Hong Kong.


PAPER-MAKER LIMITED: Winding-up petition
----------------------------------------
Notice is hereby given that a petition for the winding-up
of Paper-Maker Limited by the High Court of Hong Kong was,
on the 31th day of August, 1998, presented to the said
Court by Artwell Enterprises Limited and the petition is
heard on 7th of October, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


PERFECT MADE INVESTMENT LIMITED: Winding-up petition
----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Perfect Made Investment Limited by the High Court of
Hong Kong was, on the 8th day of September, 1998, presented
to the said Court by Tam Mo Suen and the petition is heard
on 14th of October, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


POLKATE COMPANY LIMITED: Winding-up proceedings
-----------------------------------------------
A notice appeared in the Hong Kong Standard for the
creditors of Polkate Company Limited for intended dividend
and winding-up proceedings. The last day for receiving
proofs is October 9, 1998 and the registered office is 10th
Floor, Queensway Government Offices, 66 Queensway, Hong
Kong. The Acting Official Receiver & Provisional Liquidator
is J.S. Bush.


SEACON SHIPPING LIMITED: Winding-up order
-----------------------------------------
A winding-up order notice is hereby given that Seacon
Shipping Limited is undergoing a companies winding-up
proceedings (No 483 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 9, 1998. The date of
presentation of petition was July 16, 1998.    


SHEUNG KEE ENTERPRISES: Winding-up order
----------------------------------------
A winding-up order notice is hereby given that Sheung Kee
Enterprises Company Limited is undergoing a companies
winding-up proceedings (No 535 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on September 9, 1998.  
The date of presentation of petition was August 6, 1998.    


START CIRCLE LIMITED: In members' voluntary liquidation
-------------------------------------------------------
The creditors of Start Circle Limited, which is being
voluntarily wound up, are required on or before Oct 19 to
send in their names, addresses and particulars of their
debts or claims to the Liquidators of the said company, and
if so required by notice in writing from the liquidators,
are personally or by their solicitors to come in and prove
their debts or claims at such time and place specified in
such notice, or in default thereof, they will be deemed to
waive all of such debts or claims and the liquidators will
be entitled seven days after the above date, to distribute
the funds available or any part thereof to the Members.

Liquidators: Mr Chan Chung Woo and Ms Chan Mei Lan, Betsy,
both of 24/F., Lippo House, Causeway Bay Plaza II, 463
Lockhart Road, Causeway Bay, Hong Kong.


TAI WAH PAPER PRODUCTS: In members' voluntary liquidation
---------------------------------------------------------
The creditors of Tai Wah Paper Products & Printing Press
Limited, which is being voluntarily wound up, are required
on or before Oct 20, to send in their names, addresses and
particulars of their debts or claims to the Liquidator of
the said company, and if so required by notice in writing
from the liquidator, are personally or by their solicitors
to come in and prove their debts or claims at such time and
place specified in such notice, or in default thereof, they
will be deemed to waive all of such debts or claims and the
liquidators, they will be excluded from the benefit of any
distribution before such debts are proved.

Liquidator: Lai Pui Chuen of Flat E, 11/F., Fullview Court,
32 Fortress Hill Road, Hong Kong.


WELLCORP FREIGHT EXPRESS INTERNATIONAL: Winding-up order
--------------------------------------------------------
A winding-up order notice is hereby given that Wellcorp
Freight Express International Company Limited is undergoing
a companies winding-up proceedings (No 528 of 1988) in the
High Court of the Hong Kong Special Administrative Region
court of first instance. The date of order is on September
9, 1998. The date of presentation of petition was August 4,
1998.    


=========
J A P A N  
=========

DAI NIPPON PRINTING: Downgraded by Moody's
------------------------------------------
Moody's Investors Service cut its credit ratings for
Japan's two largest printers, Dai Nippon Printing and
Toppan Printing. Moody's downgraded long-term ratings for
Dai Nippon Printing from Aaa to Aa1 and reduced Toppan
Printing from Aa2 to Aa3. Both firms were stuck with a
negative outlook. Moody's said it expected the sluggish
growth and increasing pressure anticipated in the Japanese
printing market will impair Dai Nippon Printing's ability
to sustain earnings performance.  


JAPAN LEASING: Yasuda wants to keep credit claim
------------------------------------------------
Kyodo News reports Yasuda Trust and Banking Co. has taken a
step to keep intact its 20 billion yen worth of credit
claims to the troubled Japan Leasing Corp., one of the
three nonbank financing affiliates of the ailing Long Term
Credit Bank of Japan (LTCB), industry sources said
Saturday.

Yasuda Trust has sent a letter to about 1,700 customers of
Japan Leasing asking them to pay leasing fees not to the
company but to an account which the trust bank controls.

It said in the letter that the fees will be forwarded to
the nonbank as long as it pays interest on its loans from
the trust bank, but if interest payments go overdue, the
money will be kept by the bank, according to the sources.

They said Japan Leasing has so far kept up with payments of
interest on loans, but Yasuda Trust believes failure is
possible in the future.

LTCB, which itself is also on the verge of collapse due to
massive nonperforming loans, said it will waive about 250
billion yen of its claims to Japan Leasing.

The sources said Japan Leasing has demanded that Yasuda
Trust withdraw its request to the customers, saying there
is no need for concern over its loan  interest payments and
that such a move will only cause the clients inconvenience.

Yasuda Trust's move, the sources said, could spur similar
action by other creditors of Japan Leasing and may hamper
its restructuring plan.

If Japan Leasing cannot rehabilitate itself, it would
negatively affect a government-backed merger plan for LTCB
with Sumitomo Trust and Banking Co., they said. The merger
is planned on the basis that the businesses of LTCB's three
nonbank companies are reconstructed.


TOPPAN PRINTING: Downgraded by Moody's
--------------------------------------
Moody's Investors Service cut its credit ratings for
Japan's two largest printers, Dai Nippon Printing and
Toppan Printing. Moody's downgraded long-term ratings for
Dai Nippon Printing from Aaa to Aa1 and reduced Toppan
Printing from Aa2 to Aa3. Both firms were stuck with a
negative outlook. Moody's said it expected the sluggish
growth and increasing pressure anticipated in the Japanese
printing market will impair Dai Nippon Printing's ability
to sustain earnings performance.  


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

SAMICK CONSTRUCTION: Files for receivership, bankruptcy
-------------------------------------------------------
The Korean language Maeil Kyungje reports that the Samick
Construction company went bankrupt on September 18, 1998.  
According to the company's main creditor bank, Cheil (or
First) Bank, Samick has been in the red for the past three
years and could not repay a 1.15 billion won note. The
paper also reported that Samick filed for court
receivership a day prior to its bankruptcy.


SHINHWA: Faces likely liquidation
---------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Seoul District Court has decided not to
grant court receivership to the Shinhwa Company. Therefore
it is likely that the company will be liquidated.


TAEHEUNG LEATHER: Faces likely liquidation
------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Seoul District Court has decided not to
grant court receivership to the Taehung Leather Company.  
Therefore it is likely that the company will be liquidated.


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

ARAB-MALAYSIAN CORP BHD: Seeks new talks
----------------------------------------
Arab-Malaysian Corp Bhd (Amcorp), listed in the KLSE, is
seeking Bank Negara (Central Bank) approval to negotiate
with another party following the failed talks with Dutch-
Belgian group Fortis to take up a stake in AMMB Holdings
Bhd.


BANK BUMIPUTRA MALAYSIA BHD: Results announcement
-------------------------------------------------
Bank Bumiputra Malaysia posted one of the biggest losses in
the country's banking history as it set aside money for
ballooning bad loans. For the year ended March 30,
Malaysia's second largest bank said it swung to a net loss
of 1.41 billion ringgit from a profit of 455.6 million
ringgit in the year-earlier period.

The losses were attributable to huge loss and loan
provisions of RM2.48billion for the period.

At the bank level, it registered a pretax loss of
RM1.198billion due to a loan and financing loss and
provision of RM2.1billion.

Total bank loan exposure amounted to RM28.3billion, of
which RM7billion was non-performing loans.

The report comes a day after Commerce Asset Holding, which
owns the country's sixth-largest bank, agreed to merge with
state-owned Bank Bumiputra to create a bank combined assets
of 80 billion ringgit.


KINTYE SDN BHD: Voluntary winding-up
------------------------------------
The members of Kintye Sdn Bhd on 15/9/98 resolved to wind-
up the company voluntarily. Creditors of the company are
requested to submit their claims before 16/10/98.


YEO HIAP SENG: Results announcement
-----------------------------------
Singapore BusinessTimes reports Food and beverage maker Yeo
Hiap Seng (M) Bhd posted a lower-than-expected group net
profit of 4.42 million Malaysian ringgit (S$2 million) for
the first six months ended June 30, 1998, or a 69.7 per
cent plunge from the previous interim's net profit of
RM14.597 million.

YHS (M), which is 40 per cent owned by Singapore's Yeo Hiap
Seng Ltd, blamed steep rises in raw material and packaging
costs as the main causes of its poorer performance.

Yesterday, it reported that group turnover rose 3 per cent
to RM256.73 million in the first half from RM249.16 million
in the previous interim. Group investment and other income
fell by 14 per cent to RM381,000.

However, group pre-tax profit was a sharp 68.2 per cent
lower at RM6.41 million, compared with the RM20.14 million
it made in the last interim.


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

PHILIPPINE AIRLINES: President Estrada meets with unions
--------------------------------------------------------
President Joseph Estrada of Philippine said he would meet
with union leaders of Philippine Airlines next week to try
to prevent the impending closure of the national flag
carrier. PAL has announced that it would close down next
Wednesday after the collapse of an agreement between union
leaders and management designed to help the airline
survive. Mr Estrada had met with union members late on
Thursday after PAL announced it was closing down but made
no progress in persuading them to come to a new agreement.


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

AMTEK ENGINEERING: Results announcement
---------------------------------------
Singapore BusinessTimes reports Amtek Engineering reported
a 38 per cent drop in net earnings to $12.3 million for the
year ended June 30, 1998. Turnover climbed 9 per cent to
$281.6 million. Earnings per share came to 8.52 cents,
against 13.86 cents a year ago.

Amtek declared a $4.13 million extraordinary loss which it
said was "provision for doubtful debts due from its wholly
owned investment trading company, Amtek Investments Pte
Ltd". It proposed a dividend of 4 per cent, down from 7.5
per cent previously.


ARMSTRONG INDUSTRIAL: Results announcement
------------------------------------------
Singapore BusinessTimes reports Armstrong Industrial
Corporation has slipped into the red, posting a small
interim loss of $72,000, against a profit of $1.84 million
at half-time last year. Turnover fell 21 per cent to $21
million.

Armstrong, which services the electronics industry, said
losses were caused by lower turnover and an unrealised
exchange loss of $1.3 million from its Indonesian
subsidiary. This was partly offset by an extraordinary gain
of $866,000 arising from the disposal of a leasehold
factory. The company expects second half performance to
improve.


AZTECH SYSTEMS: Results announcement
------------------------------------
Singapore BusinessTimes reports Aztech Systems has swung to
a net loss of $11.1 million in the first half of 1998 from
a net profit of $1.06 million a year ago, due to a sharp
decline in sales and an inventory charge of $2.3 million.


FU YU MANUFACTURING: Results announcement
-----------------------------------------
Singapore BusinessTimes reports Fu Yu Manufacturing's
interim net earnings plunged to $482,000 from $5.03 million
a year ago. Earnings per share slumped to 0.1 of a cent
from 1.1 cents previously. Turnover fell 8.9 per cent to
$78.9 million.

The company said its half-time performance was the result
of "severe price pressures felt and the high structured
costs of doing business in Singapore". It expects the
second half to be difficult and its full-year results to be
lower than that in 1997.


HOTEL PROPERTIES: Results announcement
--------------------------------------
Singapore BusinessTimes reports Hotel Properties has been
hit with a loss of $42.7 million in the first half of 1998,
after suffering an extraordinary loss of $34.9 million as a
result of provisions against the fall in value of its
assets and investments.

The company said it made total provisions of $71.5 million,
of which $10 million was charged against its reserves and
the remaining $61.5 million recorded as an extraordinary
loss. This was partially offset by an extraordinary gain of
$26.6 million from the sale of its investments in a
subsidiary and associated companies.

The provisions comprised $2.3 million for the loss from the
sale of a long-term investment, $32.8 million for under-
performing investments and $28.7 million for the fall in
value of a hotel development.


HO WAH GENTING: Results announcement
------------------------------------
Singapore BusinessTimes reports Ho Wah Genting
International's interim net loss has more than doubled to
$2.49 million from $708,000 last year. Loss per share rose
to 8.04 cents from 2.29 cents. Turnover fell 22 per cent to
$3.7 million. No dividend was declared.


IPC CORPORATION: Considers selling PC business
----------------------------------------------
Singapore BusinessTimes reports IPC Corp yesterday said it
was considering winding down or selling its personal
computer business in view of the intense price competition
in this market. However, no firm decision has been made.
The company added that it intended to concentrate on more
profitable lines of business but did not elaborate.


LIANG COURT HOLDINGS: Results announcement
------------------------------------------
Singapore BusinessTimes reports Liang Court Holdings Ltd
has plunged into the red with a $13.7 million loss for the
half year ended June 30. It made net earnings of $7.6
million in the same period last year. Turnover also fell,
down 17 per cent to $83.1 million from $99.7 million.

The company said it would have remained profitable "if not
for substantial provisions being made". It set aside
provisions of $56.9 million for the interim period.


SERIAL SYSTEM: Results announcement
-----------------------------------
Singapore BusinessTimes reports Serial System yesterday
posted a 92 per cent drop in net earnings to $557,000 for
the year ended June 30, 1998. Turnover was up 7 per cent at
$198.7 million. Earnings per share plunged to 0.3 of a
cent, down from 4.2 cents previously.


SHANGRI-LA HOTEL: Results announcement
--------------------------------------
Singapore BusinessTimes reports Shangri-La Hotel yesterday
announced a 72 per cent plunge in interim profit to $3
million, with bottomline losses at $24.9 million resulting
from $28 million in provisions for a fall in value of long-
term investments.

Group turnover fell 20 per cent to $55.6 million, even
though investment income was maintained at $7.1 million.

Provisions of $28 million were made for a fall in value of
the group's long-term investments, of which $14.7 million
has materialised as of yesterday.


WAH SHING INTERNATIONAL: Results announcement
---------------------------------------------
Singapore BusinessTimes reports Wah Shing International
yesterday posted a 64 per cent drop in interim net earnings
to HK$13.9 million (S$3.1 million). First-half turnover
fell 9.3 per cent to HK$417 million, due largely to a
change in customers' ordering patterns and their inventory
flow policies which led to delays in sales orders received.
Earnings per share fell to 3.7 HK cents from 10.7 HK cents
while net tangible asset backing per share rose 7.2 HK
cents to 103.8 HK cents.


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

PETROLEUM AUTHORITY OF THAILAND: No equity restructuring
--------------------------------------------------------
Equity restructuring is not a feasible option for the
Petroleum Authority of Thailand to salvage its oil
subsidiaries in the present environment where world oil
prices are at their lowest in ten years, the PTT governor
said.

Pala Sookawesh said the state-owned oil and gas enterprise,
which is talking with some Middle East investors about
selling its stake in oil refining companies, is finding it
difficult to succeed with the deals because of changing
circumstances in the global oil industry.

"PTT's financing option through the divestiture of our
stake in unsuccessful subsidiaries may not happen in the
near term. This would cause us more difficulty since while
our revenues are going down, and demand for working capital
has been increased by the baht devaluation," Pala said.


SIAM CEMENT: Denies debt and share talk
---------------------------------------   
The Bangkok Post reports Siam Cement Plc (SCC), one of
Thailand's major industrial concerns, yesterday denied it
was moving to restructure debt and sell up to 25% of its
shares to foreign investors.

Executives insisted there was no need at the moment to
restructure debt, as the company was still capable of
making payment. There was no plan to sell shares to foreign
entities or convert debt to equity.


SIAM CITY BANK: Seeks foreign investor by year-end
--------------------------------------------------
The Bangkok Post reports Siam City Bank (SCIB) says it is
confident a new foreign investor can be found by the end of
December.

The Bank of Thailand, which took over SCIB earlier this
year, would consider loss-sharing proposals by new
investors to cover future losses on SCIB's existing
portfolio.

Bank president Sompoch Intranukul said non-performing loans
now equalled half of SCIB's 200 billion baht in outstanding
credit. The bank had loss provisions for about 40% of bad
debt. About 40% of the bad debt are real estate and
industry loans. Mr Sompoch said priority was to increase
loss provisions, reallocate staff to boost asset quality
and deposits.

Foreign creditors were also rolling over more of the bank's
debt, Mr Sompoch said. Last month the bank raised $20
million in new loans, priced at the Singapore Interbank
Offered Rate plus a 250-basis-point spread.

The bank had restructured one billion baht in loans to 20
clients, he added.


THAI COPPER INDUSTRIES: Announces appointment of advisor
--------------------------------------------------------
The Nation reports Thai Copper Industries Plc (TCI), the
first copper cathode producer in Thailand, announced
yesterday that it appointed ABN AMRO as its financial
advisor for the company's proposed recapitalisation and
financial restructuring, TCI said in a statement yesterday.

ABN AMRO will advise TCI in negotiations with potential
foreign strategic partners and assist the company in
sourcing foreign debt financing in order to complete the
construction of TCI's copper smelting and refining plant in
Rayong province. Approximately $240 million of finance is
needed to complete the project and to provide for its
initial operation, TCI said.


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

Troubled Company Reporter -- Asia Pacific is a daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  ISSN: 1520-9482.  

This material is copyrighted and any commercial use,
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forwarding, electronic re-mailing and photocopying) is
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The TCR -- Asia Pacific subscription rate is $875 per
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subscriptions for members of the same firm for the
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$25 each.  For subscription information, contact
Christopher Beard at 301/951-6400.

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