/raid1/www/Hosts/bankrupt/TCRAP_Public/981028.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Wednesday, October 28, 1998, Vol. 1, No. 174

                    Headlines


* C H I N A   &   H O N G   K O N G *

BURLINGAME INTERNATIONAL: Burlingame secures $64m loan
CAPITAL ASIA LTD: Timetable for capital reorganization
CHARTER GAIN DEVELOPMENT LIMITED: Winding-up order
CHARTER LINK DEVELOPMENT LIMITED: Winding-up order
CHRISTAN LIMITED: Winding-up order

ECKOXA MACHINERY COMPANY LIMITED: Winding-up order
GAIN WAY ENTERPRISES LIMITED: Winding-up order
GUANGDONG INTERNATIONAL: Gitic set for historic default
GUOCO GROUP: Hong Leong may take remaining stake in Guoco
HUANENG GROUP: Receives 500 million RMB yuan loan

ISHIKAWAJIMA-HARIMA: Results announcement
KEL HOLDINGS: Announcement on interim financing
KERRY PROPERTIES: Considers share placement
KWONG HING INTERNATIONAL: Shares fall as trading resumes
NEW WEALTH BRAND HOLDINGS LIMITED: Winding-up order

OJI PAPER: Results announcement
PERFECT MADE INVESTMENT LIMITED: Winding-up order
SIU-FUNG CERAMICS: Interim loss down to $52m
UDL ARGOS ENGINEERING: Wins short reprieve
WAH TAK FUNG HOLDINGS: Disposals reduce debts by $200m


* J A P A N *

LONG TERM CREDIT: LTCB counterparty rating not meaningful
NIKKO SECURITIES: Dismisses some Singapore staff


* M A L A Y S I A *

BESMAS SDN BHD: Winding-up petition
CONTAINER DECAL INDUSTRIES (M) SDN BHD: Winding-up petition
CORREN TECHNOLOGY & SERVICES SDN BHD: Winding-up petition
INTERVAL TRAVEL NETWORK SDN BHD: Winding-up petition
KUNTUM BAHAGIA SDN BHD: Voluntary winding-up

LOHSONS SDN BHD: Voluntary winding-up
MARIL-RIONEBEL (MALAYSIA) SDN BHD: Winding-up petition
OVERRUNS SHOP SDN BHD: Winding-up petition
SKYCARE TOURS & TRAVEL SDN BHD: Winding-up petition
TENAGA NASIONAL: IPPs deflect attempt to renegotiate

TENGGARA CAPITAL BHD: Sells associate company
VALIANT POINT SDN BHD: Winding-up petition
WORLD INFONEXUS SDN BHD: Winding-up petition


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

PHILIPPINE AIRLINES: PAL to resume international flights


* S I N G A P O R E *

HO WAH GENTING: Cancels proposed rights issue for Hui Yuan
PARKWAY HOLDINGS: Tan family reduces stake
SEMBCORP INDUSTRIES: Shares surge on restructuring plan
SINGAPORE AIRLINES: Results bring mixed reviews
UNITED ENGINEERS: Secures loan facilities

URACO: Notice on substantial share sale
VAN DER HORST: Announces surprise standstill agreement


* T H A I L A N D *

AMSTEEL SECURITIES: Phillip Securities takes over Amsteel
CHAROEN PAKPHAND INSURANCE: Eyes foreign partnership
FINANCE ONE: Former director to fight charges
FLEISHMAN-HILLARD: US firm to close Thai operations
JALAPRATHAN CEMENT: French firm to take 49% stake

PRECIOUS SHIPPING: Confident it won't be delisted
SAFETY INSURANCE PLC: NRMA buys stake in Thai firm
SUBMICRON TECHNOLOGY: German firm in talks with Submicron


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

BURLINGAME INTERNATIONAL: Burlingame secures $64m loan
------------------------------------------------------
According to the SCMP, Burlingame International yesterday
said it had secured a US$64.5 million refinancing loan that
would bring its loan to a security ratio below 80 per cent.
The announcement came in response to creditors' request for
an update on its financial position. The company's
directors said it was vigorously preparing a proposal for
debt restructuring that amounted to about $894 million, on
the basis that the refinancing arrangement may not be
successful.


CAPITAL ASIA LTD: Timetable for capital reorganization
------------------------------------------------------
Capital Asia Limited has informed the SEHK that the court
hearing of the summons for directions for the Capital
Reorganization is fixed at 4th November, 1998. A further
announcement will be made as soon as practicable to confirm
the anticipated Effective Date and advise the shareholders
of the trading arrangements concerning the New Shares. All
other terms and conditions in relation to the Capital
Reorganization Proposal remain the same.


CHARTER GAIN DEVELOPMENT LIMITED: Winding-up order
--------------------------------------------------
A winding-up order notice is hereby given that Charter Gain
Development Limited is undergoing a companies winding-up
proceedings (No 648 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 14, 1998. The date of
presentation of petition was September 9, 1998.    


CHARTER LINK DEVELOPMENT LIMITED: Winding-up order
--------------------------------------------------
A winding-up order notice is hereby given that Charter Link
Development Limited is undergoing a companies winding-up
proceedings (No 563 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.  
The date of order is on October 14, 1998. The date of
presentation of petition was August 14, 1998.    


CHRISTAN LIMITED: Winding-up order
----------------------------------
A winding-up order notice is hereby given that Christan
Limited is undergoing a companies winding-up proceedings
(No 638 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance . The date of
order is on October 14, 1998.  The date of presentation of
petition was September 8,1998.    


ECKOXA MACHINERY COMPANY LIMITED: Winding-up order
--------------------------------------------------
A winding-up order notice is hereby given that Eckoxa
Machinery Company Limited is undergoing a companies
winding-up proceedings (No 563 of 1998) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on October 14, 1998.  
The date of presentation of petition was August 14, 1998.    


GAIN WAY ENTERPRISES LIMITED: Winding-up order
----------------------------------------------
A winding-up order notice is hereby given that Gain Way
Enterprises Limited is undergoing a companies winding-up
proceedings (No 644 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 14, 1998. The date of
presentation of petition was September 9, 1998.    


GUANGDONG INTERNATIONAL: Gitic set for historic default
-------------------------------------------------------
According to the SCMP, Guangdong International Trust and
Investment Corp (Gitic) looks set today to become the first
mainland issuer to default on an international bond since
1949, as Finance Minister Xiang Huaicheng warned that
Beijing will not bail out foreign banks that have made
loans to bankrupt mainland finance companies. Gitic is due
to make an US$8.75 million coupon payment on a 20-year,
US$200 million Yankee bond issue.

The estimates of more than US$1.9 billion on its
outstanding foreign debt and contingent liabilities,
excluding bilateral loans, includes the Yankee bond, which
matures in 2016.

Chase Manhattan Bank, the payment agent for the bond, said
it would not comment on the issue until after the due date,
which was yesterday in New York. Bankers said Gitic was
expected to default on the coupon payment as the PBOC made
it clear that all interest and principal repayments would
be halted for three months during which debtors should
register their claims with the Bank of China. A lawyer said
the rights of bondholders would rank equally with other
unsecure lenders, which meant they would receive repayment
after secured lenders.

Sources said Guangdong Enterprises had made a partial
repayment on a syndicated loan worth tens of millions of
Hong Kong dollars due yesterday with an extension obtained
for the outstanding amount.

The Hong Kong Standard also reported on the issue,
describing the payment on the bond issue as uncertain. The
reports says that Linda Bui, a fixed income analyst at
Merrill Lynch & Company, which arranged the bond issue two
years ago, also said that there were no indications yet
that payment would be made.


GUOCO GROUP: Hong Leong may take remaining stake in Guoco
---------------------------------------------------------
A report in Singapore Business Times says Hong Leong Group
-- controlled by Malaysia's Quek Leng Chan and his
Singapore cousin Kwek Leng Beng -- said it may make a full
takeover for the remaining 68.63 per cent that it does not
already own in Hongkong-listed Guoco Group Ltd.

James Eng, executive director of Guoco Management, told BT
that the Quek family saw "very good value and is confident
about Guoco Group's prospects".

Hong Leong's possible takeover offer, through wholly-owned
subsidiary Guoline Overseas Limited, was announced
yesterday and sent the share prices of Guoco Group,
subsidiaries Guoco Land and Dao Heng Bank surging. Guoco
Group's main assets are property and banking.

The report says that while Guoco is still profitable, many
companies in the Hong Leong stable in Malaysia are bleeding
in the current recession, the first after 10 boom years.  
For instance, Hong Leong Credit posted a net loss of 162.8
million Malaysian ringgit (S$69.7 million) for the year
ended June 30 against a net profit of RM281.7 million in
1997. Hume Industries recorded a net loss of RM164.4
million against a net gain of RM281.9 million in 1997. And
Hong Leong Industries chalked up a net loss of RM163.5
million compared to a net profit of RM140.5 million in the
previous year.


HUANENG GROUP: Receives 500 million RMB yuan loan
-------------------------------------------------
AsiaPort reports China Huaneng Group reached an agreement
with the Beijing Branch of China Agricultural Bank on
October 14. According to the agreement, Huaneng gets a loan
of 500 million RMB yuan. The group was established in 1988
and is a state-owned large enterprise engaging in extensive
lines of business with electrical power as the center. It
is appraised as the AAA credit grade enterprise by the
China Agricultural Bank. The Beijing Branch of CAB is among
the key banks doing liquidation and credit loans business
for Huaneng. The total 500 million RMB yuan of loans is a
credit loan at the basic interest rate set by the Chinese
People's Bank.


ISHIKAWAJIMA-HARIMA: Results announcement
-----------------------------------------
The Nihon Keizai cites a Dow Jones report that
Ishikawajima-Harima Heavy Industries Co., a major Japanese
heavy machinery maker, reported Monday that its parent
pretax profit for the first half ended Sep. 30 tumbled 29%
to 7.94 billion yen due to poor domestic demand and
worsening profitability from exports. IHI said interim
sales edged up 0.1% to 400.80 billion yen while operating
profit dropped 27% to 10.22 billion yen. Net profit dropped
29% to 5.34 billion yen.


KEL HOLDINGS: Announcement on interim financing
--------------------------------------------------
The board of UDL Holdings and the board of KEL Holdings
have noted various articles on 22nd October, 1998 and 23rd
October, 1998, which mentioned that interim financing to
KEL in the sum of HK$20 million; intended equity injection
for KEL together with a debt restructuring proposal for
KEL.

The board of KEL wishes to clarify that proposals for
interim financing of HK$20 million were received from Deson
Development International Holdings Limited on 8th October,
1998 and Sino Group Limited on 30th September, 1998 which
were tabled for discussion by the board of KEL. On the
balance of terms under the proposals, the board of KEL
decided to pursue with Deson's proposal and recommended to
the steering committee of KEL's bankers for their approval
under the prevailing debenture agreement with KEL. No
formal reply from KEL's bankers has been received by the
board of KEL up to date of this announcement. KEL also
asserts no concrete plan for the debt restructuring
proposal was received from Sino and Deson or any other
party except for very preliminary indicative information
for discussion.

Additionally, a winding-up petition was presented by Ajax
Pong Machinery Leasing Limited against UDL Kenworth
Engineering Limited, a wholly-owned subsidiary of KEL. The
principal activity of Kenworth is the provision of
electrical and mechanical engineering services in the
building and construction industry. The board of KEL knows
that Ajax is one of our lessor for machineries and is
claiming an amount of HK$317,465.93 starting from late
1997. Kenworth has substantial dispute on the claim amount
and considers that the claim made by Ajax is
unsubstantiated and unjustifiable. The board of KEL
considers that the winding-up petition by Ajax is malicious
and without reasonable and probable cause, thereby
entitling Kenworth to bring an action for damages against
Ajax.


KERRY PROPERTIES: Considers share placement
-------------------------------------------
Kerry Properties is in talks to sell a strategic stake in
the company through a placement of shares. Analysts said
the possible sale indicated the developer's need for cash
to improve its financial position. Group financial
controller Chew Fook Aun declined to comment further.

Property Analyst Terry Ip said Kerry properties needed cash
for new projects such as two mainland commercial
developments in Beijing and Shanghai. He expected Kerry
Properties would place shares at below market value, which
would represent a huge discount to its net asset value.

The group recorded a 39.4 % drop in net profit to $559.68
million for the six months to June due to lower rental
income and a fall in property sales. It also included a
$150 million provision for a decline in value of its $5
billion portfolio of development  properties. Analysts said
more such provisions were likely to be made at the end of
the year.


KWONG HING INTERNATIONAL: Shares fall as trading resumes
--------------------------------------------------------
According to the Hong Kong Standard, the share price of
knitted fabric distributor Kwong Hing International
Holdings (Bermuda), which resumed trading of shares
yesterday, fell 51.4 per cent, or 38 cents to close at
36 cents compared to the record closing price of 74 cents
recorded six months ago.

Kwong Hing was listed in March this year and suspended from
trading on April 16 due to the unusual increase in the
share price and volume. The SFC has suspected it was due to
joint activities by several traders.

Its directors warned shareholders and potential investors
to take extreme caution in trading the shares saying the
SFC will continue to monitor the share price and volume
movements of the shares.

For the year ended March 31, the company's net annual
profit plunged 52.8 per cent to $24.3 million. But turnover
rose 5 per cent to $400.8 million.


NEW WEALTH BRAND HOLDINGS LIMITED: Winding-up order
---------------------------------------------------
A winding-up order notice is hereby given that New Wealth
Brand Holdings Limited is undergoing a companies winding-up
proceedings (No 643 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 14, 1998. The date of
presentation of petition was September 9, 1998.    


OJI PAPER: Results announcement
-------------------------------
The Nihon Keizai reports Oji Paper Co. announced Monday its
pretax profit for the first fiscal half ended Sept. 30 fell
62% year on year to 8.8 billion yen. The drop is attributed
to a plunge in the prices of coated paper and other paper
products as well as a dip in sales volume. At the same
time, evaluation loss on stockholdings of the failed Long-
Term Credit Bank of Japan reduced after-tax profit by 99%
to 100 million yen. For the year ending March, pretax
profit is expected to decline 53% to 19 billion yen on
sales of 878 billion yen, down 9%.


PERFECT MADE INVESTMENT LIMITED: Winding-up order
-------------------------------------------------
A winding-up order notice is hereby given that Perfect Made
Investment Limited is undergoing a companies winding-up
proceedings (No 639 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 14, 1998. The date of
presentation of petition was September 8, 1998.    


SIU-FUNG CERAMICS: Interim loss down to $52m
--------------------------------------------
According to the Hong Kong Standard, Siu-Fung Ceramics
Holdings continues to negotiate with creditors for a
bailout plan of debt restructuring. The majority of
creditors have in principle indicated acceptance but no
agreement has been made yet.

The company reduced its loss to $52m for the half year to
June 30 from a loss of $76 million over the same period
last year. A 32 per cent reduction in the net loss is
primarily due to aggressive cost-cutting at the corporate
level and improved performance of plants on the mainland
which achieved a 22 per cent loss reduction due to
successful cost reduction.

In aggregate, the plants reported a turnover of about $181
million for the first six months, a decrease of 18 per cent
over the same period last year.


UDL ARGOS ENGINEERING: Wins short reprieve
------------------------------------------
According to the SCMP, UDL Argos Engineering & Heavy
Industries, which is the subject of a winding-up petition,
has been given three weeks' adjournment by the court to
devise a scheme to pay off creditors. UDL was the
contractor for CLP's Black Point Power Station and laid off
520 workers in November 1996 after completing 50 per cent
of the construction work.


WAH TAK FUNG HOLDINGS: Disposals reduce debts by $200m
------------------------------------------------------
According to the SCMP, property developer Wah Tak Fung
Holdings has reduced short-term debt by $200m from $800m to
$600m with the sale of a commercial building and a
serviced-apartment building. Part of the $600m short-term
loan had been renewed and the remainder was being
negotiated. The reduction enabled the company to save at
least $3m in interest expenses a year.

The company had debts of $1.2b, which it aimed to reduce to
less than $1b by selling commercial properties.

The company reported a net loss of $255.69 million for the
year to March including an exceptional loss of $253.4
million due to a sharp deterioration recorded in the
property market. This compared with a $99.59 million profit
previously.


=========
J A P A N  
=========

LONG TERM CREDIT: LTCB counterparty rating not meaningful
---------------------------------------------------------
The Asian Wall Street Journal reports Standard & Poor's
Ratings Group has changed the long-term and short-term
counterparty credit ratings of the Long-Term Credit Bank of
Japan Ltd. (LTCB) to N.M., or not meaningful.

On October 23 the Japanese government placed LTCB under
special public management (essentially temporarily
nationalizing it), and concluded that the bank was
insolvent. The change of the bank's counterparty ratings is
consistent with S&P's view of regulatory takeovers
resulting from poor financial conditions.  

The bank will be officially nationalized once a public
announcement is made of the acquisition of all LTCB shares
by the Deposit Insurance Corporation.  


NIKKO SECURITIES: Dismisses some Singapore staff
------------------------------------------------
Nikko Securities of Japan last week dismissed one third of
its staff in Singapore, a company official said. The Nikko
official blamed the restructuring on the current market
situation. He said volumes have shrunk and they are not
doing as much business. Officials said eight people from
sales and the back office were dismissed, leaving 15 people
who will concentrate on the execution business.

Nikko cuts Singapore are in line with similar reductions by
international financial institutions sealing back staff
because of global market volatility. Nikko reported losses
of 57.7 billion yen for the six months ended Sept 30. The
restructuring has been ongoing since mid-year when it sold
25% stake to Solomon Smith Barney.  


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

BESMAS SDN BHD: Winding-up petition
-----------------------------------
Boral Plasterboard (Malaysia) Sdn Bhd on 9/9/98 petitioned
for the winding-up of Besmas Sdn Bhd. The petition is
directed to be heard on 27/11/98.


CONTAINER DECAL INDUSTRIES (M) SDN BHD: Winding-up petition
-----------------------------------------------------------
3M Malaysia Sdn Bhd on 9/9/98 petitioned for the winding-up
of Container Decal Industries Sdn Bhd. The petition is
directed to be heard on 27/11/98.


CORREN TECHNOLOGY & SERVICES SDN BHD: Winding-up petition
---------------------------------------------------------
AYS Metal Products & Engineering Sdn Bhd on 10/3/98
petitioned for the winding-up of Corren Technology &
Services Sdn Bhd. The petition is directed to be heard on
13/11/98.


INTERVAL TRAVEL NETWORK SDN BHD: Winding-up petition
----------------------------------------------------
Perangsang Hotel & Properties Sdn Bhd on 27/8/98 petitioned
for the winding-up of Interval Travel Network Sdn Bhd. The
petition is directed to be heard on 27/11/98.


KUNTUM BAHAGIA SDN BHD: Voluntary winding-up
--------------------------------------------
The members of Kuntum Bahagia Sdn Bhd on 22/10/98 resolved
to wind-up the company voluntarily. Creditors are requested
to submit their claims before 27/11/98.


LOHSONS SDN BHD: Voluntary winding-up
-------------------------------------
The members of Lohsons Sdn Bhd on 26/10/98 resolved to
wind-up the company voluntarily. Creditors are requested to
submit their claims before 27/11/98.


MARIL-RIONEBEL (MALAYSIA) SDN BHD: Winding-up petition
------------------------------------------------------
Perdana MErchant Bankers Bhd on 24/1/94 petitioned for the
winding-up of Maril-Rionebel (Malaysia) Sdn Bhd. The
petition is directed to be heard on 27/11/98.


OVERRUNS SHOP SDN BHD: Winding-up petition
------------------------------------------
Uda Holdings Sdn Bhd on 21/9/98 petitioned for the winding-
up of Overruns Shop Sdn Bhd. The petition is directed to be
heard on 18/12/98.


SKYCARE TOURS & TRAVEL SDN BHD: Winding-up petition
---------------------------------------------------
Uda Holdings Sdn Bhd on 21/9/98 petitioned for the winding-
up of Skycare Tours & Travel Sdn Bhd. The petition is
directed to be heard on 18/12/98.


TENAGA NASIONAL: IPPs deflect attempt to renegotiate
----------------------------------------------------
According to Singapore Business Times Malaysia's five
independent power producers (IPPs) have fended off an
attempt by Tenaga Nasional, the national power authority,
to renegotiate key purchase agreements, despite the
pressure of a one-month suspension of payments while talks
were taking place.

Tenaga, citing a deteriorating financial situation arising
from falling electricity demand, asked the IPPs in mid-
August to reduce their charges for generating electricity
in exchange for extended power purchase agreements beyond
the current 21 years.

Standard & Poor's, the rating agency, says Tenaga's "cash
flow remains adequate to cover all interest and power
purchase obligations" but that the company is hampered by
"the absence of a transparent and predictable tariff
regime". In Malaysia, the electricity payment issue is
complicated by the fact that Tenaga and the IPPs are listed
companies with wide shareholder bases, including foreign
investors who see utilities as defensive stocks due to
recently imposed currency controls.


TENGGARA CAPITAL BHD: Sells associate company
---------------------------------------------
Tenggara Capital Bhd (listed on the KLSE) is selling its
entire 40% equity interest in Prestige Packaging Sdn Bhd
for RM7.5mil. The proceeds is planned to be used for
settling some bank borrowings and for working capital.


VALIANT POINT SDN BHD: Winding-up petition
------------------------------------------
Sony (Malaysia) Sdn Bhd on 15/9/98 petitioned for the
winding-up of Valiant Point Sdn Bhd. The petition is
directed to be heard on 8/1/99.


WORLD INFONEXUS SDN BHD: Winding-up petition
--------------------------------------------
Sony (Malaysia) Sdn Bhd on 11/8/98 petitioned for the
winding-up of World Infonexus Sdn Bhd. The petition is
directed to be heard on 2/12/98.


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

PHILIPPINE AIRLINES: PAL to resume international flights
--------------------------------------------------------
According to the Hong Kong Standard, PAL said yesterday it
would resume its Middle East flights on Dec. 1 and would
fly three flights a week to Saudi Arabian cities of Dhahran
and Riyadh using its A340-300 aircraft.

It also reiterated its earlier announcement that it would
begin its Manila-Los Angeles-San Francisco-Manila flights
on Oct. 29 using A340-300 aircraft and would later use the
bigger Boeing 747-400 for its US route beginning on Dec. 1.
It said it would resume its 14 times a week flights to Hong
Kong and daily flights to Tokyo on Nov. 11, and would fly
to Singapore and Taipei on Nov 18. and then to Fukuoka the
following day.


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

HO WAH GENTING: Cancels proposed rights issue for Hui Yuan
----------------------------------------------------------
Singapore Business Times reports Ho Wah Genting
International yesterday said it is aborting its proposed 2-
for-1 rights issue of 61.88 new shares at 25 cents each to
finance the acquisition of Hui Yuan Asia International
Group Ltd. The company said it was withdrawing the issue
"in light of unfavourable market conditions". Ho Wah
Genting is, however, proceeding with its purchase of Hui
Yuan, which has filed a registration statement with the US
Securities and Exchange Commission and received a response
from the SEC, with comments. Barring unforeseen
circumstances, the flotation of Hui Yuan on the National
Association of Securities Dealer Automated Quotation System
is expected to be completed soon.


PARKWAY HOLDINGS: Tan family reduces stake
------------------------------------------
Singapore Business Times reports Parkway Holdings' Tan
family sold 22,000 shares in the company on Oct 23 for
$2.73 per share. The sale of the stake, held through
Intercontinental Aviation Services Sdn Bhd, reduces the
stake in Parkway held by Tan Chin Nam from 65.67 million
(18.31 per cent) to 65.65 million shares. Managing director
Tony Tan's stake is reduced by the same sale from 78.85
million shares, or 21.99 per cent, to 78.83 million shares.
Other substantial holders in Parkway, Pauline Tan and
Robert Tan have also seen their stakes reduced, to 70.05
million shares and 69.49 million shares respectively.


SEMBCORP INDUSTRIES: Shares surge on restructuring plan
-------------------------------------------------------
Singapore Business Times reports shares of SembCorp
Industries and its listed units, Delifrance Asia and
Sembawang Marine and Logistics, have shot up as much as 92
per cent over the past two trading days as investors warmed
to the conglomerate's restructuring plans. But analysts
said yesterday they saw little reason for the run-ups in
share values and cautioned that most of the price gains
were propelled by a rumour frenzy in a market starved of
good news.


SINGAPORE AIRLINES: Results bring mixed reviews
-----------------------------------------------
Singapore Business Times cites a Reuters report that
Singapore Airlines' (SIA) full year profits are unlikely to
go into a tailspin despite disappointing first half
results, analysts said.

SIA, regularly ranked among the world's top airlines, said
last Friday its airline operations hovered just above the
break-even point for the first half of its 1998/99
financial year.

The national carrier said its net profit for the six months
ended Sept 30 fell 24 per cent to $468.3 million against
$615.9 million last year while on the company side,
operating profit after deducting tax and extraordinaries
fell 26.5 per cent to $399.5 million.

Compared with other faltering regional carriers, SIA's
results look robust but analysts said the carrier was more
fairly measured against global competition. "You have to
compare it with other global airlines and if you do, then
the performance looks quite bad," said one analyst.


UNITED ENGINEERS: Secures loan facilities
-----------------------------------------
Singapore Business Times reports United Engineers has
secured term loan facilities for up to $120 million. It
said the term loans would be used to partially finance
redemption of a $130 million bond issue expiring on Monday.


URACO: Notice on substantial share sale
---------------------------------------
Singapore Business Times reports Uraco yesterday said
substantial shareholder Lim Ee Ann sold his last lot of
shares in the company on April 15. The 22.9 million shares,
representing a 7.17 per cent stake, were sold for an
average of 35 cents each. The company did not explain why
it was notified by Mr Lim only last week. Uraco closed half
cent down at 31 cents yesterday.


VAN DER HORST: Announces surprise standstill agreement
------------------------------------------------------
According to Singapore Business Times Van Der Horst (VDH)
said yesterday it is negotiating an interim standstill
agreement with its lenders to enable it to review its
operations and implement a restructuring plan. VDH said the
need for an interim debt moratorium arose after the recent
forced sale of the shares of its executive chairman Johanes
Kotjo. This caused a "technical breach" of the terms of a
financing agreement, it said in a statement.

The "standstill arrangement" will enable the company to
develop and implement the restructuring plan. "The company
expects to reach an agreement with its lenders on the
standstill in due course," it added.

VDH has appointed BNP Prime Peregrine (Singapore) to act as
its advisor and to assist its directors in developing the
restructuring plan.


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

AMSTEEL SECURITIES: Phillip Securities takes over Amsteel
---------------------------------------------------------
The Nation reports Singapore-based Phillip Securities has
taken over Amsteel Securities (Thailand) Plc from Asset
Plus Holding and Amsteel Holding of Malaysia. Vikit
Kachonnarongvanich, executive director Amsteel Securities,
refused to disclose the price at which Amsteel Securities
was acquired, but said Amsteel Holding agreed to a price
lower than the Bt800 million it paid when it purchased its
block from Securities One Plc a year ago.

After the purchase of the 50.89 per cent stake from Asset
Plus Holding and 49 per cent from Amsteel Holding, Phillip
Securities (Singapore) now holds 99.89 per cent in the Thai
securities company. Of the 50.89-per cent stake of Amsteel
Securities owned by Asset Plus Holding, 34.89 per cent was
previously owned by a local group and 16 per cent by
Intelligence Holding of Malaysia.

According to Vikit, Amsteel Holding decided to sell its
stake in Amsteel Securities a year after making the
purchase because the holding company wanted to downsize its
business after being affected by the economic crisis.
Amsteel Holding's businesses include department stores,
finance and securities, and steel. The holding company
wants to focus on its speciality business -- steel.
Vikit said Amsteel Securities currently has a registered
capital of Bt370 million with a paid-up capital of Bt250
million. It fund size is at Bt507 million, and the net
capital rule (NCR) is at 250 per cent. Moreover, the
company has more than Bt400 million of deposits in
financial institutions.


CHAROEN PAKPHAND INSURANCE: Eyes foreign partnership
----------------------------------------------------
The Nation reports Charoen Pokphand Insurance Co Ltd has
proposed to the Insurance Department that it sell a 25-per-
cent stake to a foreign partner. Universal Insurance Co
Ltd, which is an affiliate of American International
Assurance, is a potential investor which could buy a 99.99-
per-cent holding.

Cabinet approval is needed because founding shareholders
are not permitted to transfer their shares in the first
three years after insurance licences are granted. By law
new general-insurance firms must have a minimum capital of
Bt300 million and life-insurance companies Bt500 million.
Old and new insurance licensees are seeking foreign
investors to form joint ventures because they need the
cash.


FINANCE ONE: Former director to fight charges
---------------------------------------------
The Nation reports Finance One Plc's former managing
director Termchai Pinyawatana has vowed to fight all
charges filed against him by the Bank of Thailand which
alleges that he and two other officials brought the finance
company to collapse. Termchai had been rumoured to be
staying abroad, like Pin Chakkapak, executive director of
the country's former largest finance company, Finance One,
since it was shut down last December. Apart from Termchai,
Pin and Samran Kanokwathanawan were also charged.

Pol Maj Gen Somwong Lippipun, new chief of the Economic
Crime Investigation Division, which is tasked with filing
charges in court on behalf of the central bank and the
Securities and Exchange Commission, said last week the
division had evidence to prove that Pin and Termchai had
gone abroad, adding that there is no evidence so far that
they had returned to Thailand.


FLEISHMAN-HILLARD: US firm to close Thai operations
---------------------------------------------------
The Nation reports Fleishman-Hillard Hickson, an
international public relations company has closed its Thai
operations. Fleishman is affiliated with a similarly named
US firm. A press release sent out by Spindler & Associates
indicated that all Fleishman-Hillard Hickson accounts will
be handled by Spindler & Associates. Prior to the formation
of an independent Fleishman Hillard Hickson several years
ago, the company was affiliated with Spindler in Thailand.


JALAPRATHAN CEMENT: French firm to take 49% stake
-------------------------------------------------
The Bangkok Post reports Ciments Francais plans to take a
49% stake in Jalaprathan Cement (JCC), the smallest cement
firm listed on the Stock Exchange of Thailand (SET). The
proposal, part of moves to restructure the indebted Thai
company, awaits final approval from both companies'
shareholders, as well as JCC's creditors.

Chirabhongsa Lertconsarnsiri, JCC's general manager for
finance, told the SET yesterday that the company would
issue 65.4 million new shares, providing JCC shareholders
agreed at a meeting scheduled for November 26.

Ciments Francais, a unit of Talcementi Group, would pay 14
baht each for 28.6 million shares, and the remaining 38.6
million would be set aside as convertible debentures as
part of the debt restructuring plan proposed by the French
company. Part of JCC's debt would also be transformed into
convertible debentures totalling 515.2 million baht for
subscription by the company's 20 creditors.

JCC would issue the debentures at a par value of 1,000
baht. Ciments Francais would then buy the debentures for
1,107.142857 baht each.

The repayment period for remaining loans, included those
owed by a subsidiary, Jalaprathan Concrete Co, would be
extended to 12 years with a four-year interest-free grace
period.


PRECIOUS SHIPPING: Confident it won't be delisted
-------------------------------------------------
The Bangkok Post reports Precious Shipping says it is
confident it won't be delisted from the Stock Exchange of
Thailand, despite having negative net worth of 2.25 billion
baht as of June 30. The SET has announced that starting at
the end of the year, listed companies with negative net
worth could be delisted. The market will use qualified
opinions expressed by auditors in financial statements to
make its judgment.

Precious Shipping had experienced foreign-exchange losses
of 5.8 billion baht since the baht was floated in July last
year. An appreciation of the baht, executives said, would
result in gains for the company. Shareholders' equity would
also turn positive if the baht strengthened to pre-float
levels.

About 95% of the revenues and costs of Precious Shipping
are denominated in US dollars. Another plus is the
company's relatively young fleet by industry standards.


SAFETY INSURANCE PLC: NRMA buys stake in Thai firm
--------------------------------------------------
The Nation reports NHCT Ltd, a company related to NRMA
Insurance, has purchased 7.1 million shares in Safety
Insurance at a cost of Bt21.5 per share, equal to 20 per
cent. Seamico Securities Plc acted as adviser to the
vendors. NRMA Insurance is Australia's largest home and car
insurer with gross premium income in excess of A$2 billion,
or about Bt45.7 billion, in 1997-1998. It is part of the
NRMA Group of companies, which had total assets under
management of more than A$9 billion as of June 30.


SUBMICRON TECHNOLOGY: German firm in talks with Submicron
---------------------------------------------------------
The Bangkok Post reports German semiconductor manufacturer
confirmed yesterday that it was negotiating a possible
joint venture with Submicron Technology to help revive the
latter's financially troubled semiconductor project.

Executives of the two companies were negotiating a
strategic partnership, according to Jurgen Giessmann,
spokesman for Miessner and Wurst Zander Holding GmbH (M&W).
Submicron's ambitious wafer project has been stalled since
last year due to the financial troubles of Alphatech
Electronics, its parent company. Construction of the
project is now 70% complete.


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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Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
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Copyright 1998.  All rights reserved.  ISSN: 1520-9482.  

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