/raid1/www/Hosts/bankrupt/TCRAP_Public/981130.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      

         Monday, November 30, 1998, Vol. 1, No. 196
  
                          Headlines

* C H I N A   &   H O N G   K O N G *

FOUR SEAS: Avoids losing $28m in receivables
SOUNDWILL HOLDINGS: Proposes Debt Restructuring to Bankers
WHIMSY ENTERTAINMENT: Brilliance makes play for Whimsy

* I N D O N E S I A *

PT OMETRACO: Indonesian Supreme Court Says Ometraco Not Bankrupt

* J A P A N *

ASAHI BEER: Breweries Forgives Loans To Its Finance Unit
FR CORP: Shares Dive on News of Yen 12 billion Half-Year Loss
LONG TERM: Bank Charged with Hiding Bad Loans in Dummy Firms
TOKYU CONSTRUCTION: Restructuring Plan Outlined

* K O R E A *

NAMSUN PRECISION: Completed Creditor Reconciliation
SAMSUNG GROUP: Releases "Restructuring Plans & Progress" Brochure
TONGSUN SPECIAL: Cosmetic Maker Goes Bankrupt

* M A L A Y S I A *

ACE SOLUTION (M) SDN BHD: Winding-up Petition
AOKAM PERDANA: Creditors Accept Scheme of Arrangement
AYAM N S: Winding-up petition
CINI TIMBER: Winding-up petition
ELECTRICAL SWITCHGEARS: Winding-up petition
FABER GROUP: Sells Hotels & Issuing Bonds to Pay Debts
PEMBINAAN SERAYA: Winding-up petition
TRAVEL TRAVEL: Winding-up petition

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

PHILIPPINE AIRLINES: Cathay-PAL merger talks broken off
VICTORIAS MILLING: Bank Opposes Revised Rehabilitation Plan

* T H A I L A N D *

NAKORNTHON BANK: FRAC Turns-Down Capital Request
SIAM CEMENT: Restructuring Plan Outlined
SIAM CITY: Chief Executive Steps Down to Make Way for Change


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


FOUR SEAS: Avoids losing $28m in receivables
--------------------------------------------
According to the SCMP, minority shareholders in airline-ticket
vendor Four Seas Travel International have approved two proposed
transactions that will help the company avoid writing off $28.8
million in receivables due from substantial shareholders and
related parties. The receivables piled up because the group
offered much longer and more favourable credit terms when selling
airline tickets and other services worth $20 million up to August
31 to family members of substantial shareholders Leung Yeung Lai-
ling who is the group's chairman and her husband Leung Hoi who is
the group's vice chairman. The Leungs also owed the group $8.8
million in rent in the 21 months to Sept 30, according to the
transaction document.

As the Leung family was hit by the Asia financial turmoil, $25
million worth of transactions were devised to offset the
receivables. The $3 million shortfall will be repaid within three
years. The transactions involved the purchase of a loss-making
hotel by Four Seas from Mr and Mrs Leung and a $55.14 million
loan due from the hotel from the hotel to the couple.

Four Seas had $30 million in deposit and interest locked up in
Guangdong International Trust and Investment Corp.  Mr Leung
yesterday denied that any financial difficulties were affecting
him, his family or Four Seas.


SOUNDWILL HOLDINGS: Proposes Debt Restructuring to Bankers
----------------------------------------------------------
Soundwill Holdings, which has proposed a $2.1 billion debt-re-
structuring to bankers, is releasing a retail property in Tsuen
Wan for tender - the second asset it has put on sale in less than
two weeks. The company is offering 10,670 square feet of retail
space on the second level of the Fou Wah Centre. The tender is
scheduled to close on December 8.The firm earlier offered its
Kimberley Plaza shopping centre in Tsim Sha Tsui for tender.
Investment department general manager Thomas Tse Chun kong said
it expected the Tsuen Wan property to fetch a better price
following last week's interest-rate cut. Soundwill has a 50 per
cent stake in the Fou Wah Centre. Mr. Tse said the space was
generating a monthly rent of at least $590,000 from two tenants,
food outlets Pizza Hut and Fairwood. The company and its joint-
venture partner had no plans to dispose of the remaining 23.300
square feet of retail space in the centre, he said. Mr. Tse said
the company had sold three of eight low-rise residential blocks
near Silverstrand Beach, Sai Kung. The company expected to
generate revenue of $50 million if the whole development was
sold. Part of the revenue would be used to reduce debt.


WHIMSY ENTERTAINMENT: Brilliance makes play for Whimsy
------------------------------------------------------
According to the South China Morning Post, Brilliance China
Automotive Holdings, a Chinese minibus manufacturer listed in New
York, has agreed to purchase a controlling stake in Whimsy
Entertainment. Brilliance said it would pay 25 cents each for
115.48 million shares in Whimsy, a 15.3 per cent discount from
Friday's closing price.  Brilliance said it would expand Whimsy's
existing business - operating amusement arcades and trading games
equipment and merchandise. Brilliance will take control from
husband-and-wife team Kiu Chung-kun and Kin Yu-wong, who in turn
took control from Yaohan International Holdings, the retail and
services empire. Yaohan, in provisional liquidation, may still
own 24.5 per cent of Whimsy.


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


PT OMETRACO: Indonesian Supreme Court Says Ometraco Not Bankrupt
----------------------------------------------------------------
The Asian Wall Street Journal reported that Indonesia's Supreme
Court has ruled that the publicly listed PT Omertraco Corporation
is not bankrupt, as $60 million loans to the company are not due
until December 3.  Creditors, however claimed the debt matured on
July 7.  

The case involves an appeal of a decision by the Jakarta
Commercial Court related to a bankruptcy petition filed by a
syndicate of foreign and domestic banks (led by American Express
Bank Ltd.) against this large, listed, and well known Indonesian
conglomerate.  The syndicate was seeking to recover $125 million,
$60 million of which was lent to Omertraco, and $65 million that
was lent to a subsidiary via a loan agreement for which Omertraco
has acted as guarantor of its subsidiary.  The syndicate has also
tried to recover from Ometraco Multi Artha $75 million owed to a
consortium of domestic banks.

As the companies are two separate legal entities, the creditors
filed two separate cases.  However, the judge in the Jakarta
Commercial Court threw out the petition against PT Omertraco
Corporation claiming the creditors should have filed just one
bankruptcy case against the group.  Ometraco Multi Artha has
earlier secured a 45 day suspension of payment for its debts
pending the results of negotiations with its creditors.

The Supreme Court did reject the reasoning of the Jakarta
Commercial Court's ruling, but also rejected the bankruptcy
petition on different reasons, saying it was filed prematurely
before the loans are due.


=========
J A P A N
=========


ASAHI BEER: Breweries Forgives Loans To Its Finance Unit
--------------------------------------------------------
The Asian Wall Street Journal reported that Asahi Breweries Ltd.
will be forgiving loans it made to its unit, the Asahi Beer
Finance Company, and will permit a suspension of payments.  This
decision is reportedly part of a move by Asahi Breweries Ltd. to
speed up its restructuring efforts.  This move will reportedly
have no significant effect on its earning outlook.


FR CORP: Shares Dive on News of Yen 12 billion Half-Year Loss
-------------------------------------------------------------
Shares in FR Corp. (9822 JP) fell as much as 20 yen to 25 in
trading last week.  The direct importer and discounter of luxury
goods widened its parent net loss forecast to 12 billion yen from
3.05 billion yen for the half-year ended in September, according
to Bloomberg, L.P.


LONG TERM: Bank Charged with Hiding Bad Loans in Dummy Firms
------------------------------------------------------------
According to the South China Morning Post, the Yomiuri reported
yesterday citing LTCB internal documents, that the Long Term
Credit Bank of Japan (LTCB) which was taken over by the
government last month, hid bad loans of 1.15 trillion yen by
transferring them to dummy firms which were not included in
LTCB's accounts. The report said that the amount of LTCB loans
used in such debts had doubled in the past threee years. It also
said at least 120 billion yen was given in illegal tobashi deals,
under which bad loans were sold to firms for more than their
market value to hide losses. Such deals were believed to be
behind the collapse of Yamaichi Securities.

The report said the finance ministry knew about the dummy firms
and in Oct 1996 told the banks to clean up the problem. LTCB
spokesman Ichiro Murakami said he had no knowledge of the
allegations. The Tokyo District Public Prosecutors Office has
launched an inquiry into the transaction.  On Tuesday the bank
said it had risky loans of 2.02 trillion yen as of the end of
September. It said it had lost 629.6 billion yen in the half-
year, as it wrote off 743.8 billion yen in bad loans.

As previously reported, under state control, LTCB will be split
up, its bad loans sold off and private buyers will be sought to
pick up the pieces.

The Hong Kong Standard shows a similar report saying that LTCB
admitted it took a 679.9 billion yen parent pre-tax loss in the
six months to September and wrote off 743.8 billion yen in bad
loans during the period. It said that the bank's capital to asset
ratio was just 6.32 per cent, well below the eight per cent
required for internationally operating banks.


TOKYU CONSTRUCTION: Restructuring Plan Outlined
-----------------------------------------------
Shares in Tokyu Construction Co. (1855 JP) rose as much as
4 yen to 98 in trading last week, according to Bloomberg, L.P.
The contractor has drawn up a restructuring plan that calls for
cutting 1,000 employees over a three-year period beginning in
April, and getting funds from Tokyu Corp., its largest
shareholder, Nikkei English News reported, citing unidentified
sources familiar with the plan. Tokyu Construction has been
negotiating with Tokyu Corp. for about 35 billion yen ($287.2
million) by the end of the current fiscal year in an effort to
improve its finances, Bloomberg recalled.


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


NAMSUN PRECISION: Completed Creditor Reconciliation
---------------------------------------------------
The Taechon District Court advertised in the Korean language
Maeil Kyungje that the Namsun Precision Industry Company has
completed its creditor reconciliation procedure.  The company's
address is 42-5 Munpyong-dong Taeduk-gu Taechon-shi and the
president is Mr. Son Jong-kwan.


SAMSUNG GROUP: Releases "Restructuring Plans & Progress" Brochure
-----------------------------------------------------------------
The Samsung group released a brochure Tuesday entitled
"Restructuring Plans and Progress" which stated that the company
has cut personnel by 20%, laying off 30,000 workers, and reducing
costs by US$1.5 billion, according to a report appearing in the
ChosunIlbo.  The report indicated a management target for 1999 of
increasing competitiveness by 30%, and also said that Samsung is
to 'drastically liquidate' poor performing none core businesses.
Beginning 2000, the group will invest into new areas including
the digital, information and communication industries.

By 2002 it plans to repay back US$20 billion in loans, the
ChosunIlbo reported, reducing its debt ratio to 124%, by disposal
of assets and share offers. To date the company has attracted
overseas investment of US$3.33 billion and is hoping to raise a
further US$4.5 billion in sales of assets.

The group's telecom and multimedia sectors are expected to seek
US$1 billion in foreign investments, the white goods division
US$500 million, its defence industry US$500 million and
distribution US$100 million, according to a report appearing in
China Daily.  

Samsung is also considering a strategic alliance with foreign
companies in the consumer electronics, semiconductors and
telecommunications sectors, reports say, and may abandon its
managerial control over its joint ventures, the paper said.

China Daily also reported that Samsung will scrap cross-
subsidiary guarantees on loan payments between different business
divisions by  year-end, and it will remove all payment guarantees
among units by the end of 1999.


TONGSUN SPECIAL: Cosmetic Maker Goes Bankrupt
---------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief
Section, the Tongsun Special Material Company, an affiliate of
the Peerless cosmetic maker, went bankrupt.


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


ACE SOLUTION (M) SDN BHD: Winding-up Petition
---------------------------------------------
Ays Metal Products & Engineering Sdn Bhd on 30/10/98 petitioned
for the winding-up of Ace Solution (M) Sdn Bhd.  The petition is
directed to be heard on 23/2/99.



AOKAM PERDANA: Creditors Accept Scheme of Arrangement
-----------------------------------------------------
Aokam Perdana Bhd's proposed schemes of arrangement with respect
to it and  its three principal subsidiaries - Pembangunan Papan
Lapis (Sabah) Sdn Bhd,  Aokam Industries Sdn Bhd and Pacific Wood
Products Sdn Bhd - have received the  approvals of creditors and
members of the companies, according to Business Times.  The
approvals were obtained at court-convened meetings of creditors
and  members on November 23 and were certified late last week by
the independent scrutineer for the meetings, according to BT.

"This vote will enable the APB companies to complete their
financial reorganisation under Section 176 and recommence
operations," BT said.  The effectiveness of the schemes is
subject to their approval by the High Court of Malaya.  They have
already been approved by the Securities Commission, Bank Negara's
Exchange Control Department, the International Trade and Industry  
Ministry and the Foreign Investment Committee, BT advised.  Under
the schemes, BT recalled, holders of APB's 3.5 per cent
convertible Eurobonds due 2004 will convert their  approximately
US$123 million (US$1 = RM3.80) of bonds into equity of the
reorganised company.


AYAM N S: Winding-up petition
-----------------------------
Gold Coin Feedmills (M) Sdn Bhd on 1/10/98 petitioned for the
winding-up of Ayam N S Sdn Bhd. The petition is directed to be
heard on 26/2/99.


CINI TIMBER: Winding-up petition
--------------------------------
Sime Bank Bhd on 5/11/98 petitioned for the winding-up of Cini
Timber Industries Sdn Bhd.  The petition is directed to be heard
on 9/2/99.


ELECTRICAL SWITCHGEARS: Winding-up petition
-------------------------------------------
Lindeteves-Jacoberg (Malaya) Sdn Bhd on 13/10/98 petitioned for
the winding-up of ELectrical Switchgears Automation (M) Sdn Bhd.  
The petition is directed to be heard on 5/2/99.


FABER GROUP: Sells Hotels & Issuing Bonds to Pay Debts
------------------------------------------------------
Faber Group Bhd (a diversified group listed on the KLSE) plans to
sell its hotel holdings to local and foreign parties, as it
redirects its focus on the healthcare and transport activities.

The group reported a pre-tax loss of RM330.7mil for the year
ended 30/6/98, attributed to RM187.5mil in unrealised foreign
exchange loss.

In its debt restructuring exercise, Faber would issue long term
convertible bonds to raise RM500mil to RM600mil.  

The group has debts totalling about RM800mil. Faber is struggling
to pay debt and aims to raise up to US$600 million through the
sale of bonds that could be exchanged for Faber shares in five
years. Faber, which owns 2,463 rooms in six Sheraton hotels in
Malaysia, is struggling to raise capital to repay as much as $560
million worth of debts, due next June.

According to the SCMP, Faber Group, the hotel arm of Malaysia's
biggest industrial group, Renong, has rejected an offer by Hilton
International to buy two of Faber's Sheraton hotels, saying the
price is too low.  Hilton International, owned by the Ladbroke
Group of Britain, offered in July to buy some Sheraton hotels at
half their value on Faber's books.  Faber chairman Abdullah Yusof
said potential buyers such as Hilton are trying to get assets at
fire-sale prices.

Faber officials said there were two other serious offers from
Malaysian hotel groups. They expect a sale to be completed by
next June.

According to a sales brochure prepared by Faber's sales agent,
JLW TransAct, Faber intends to sell its six Sheraton hotels in
Malaysia, as well as the Sheraton Hanoi in Vietnam and the Hilton
Durban in South Africa.  If successful it would end the company's
three year alliance with the Sheraton brand, which is owned by
Starwood Hotels & Resorts of the United States.

The company is not leaving the hotel industry entirely. It owns
511 rooms in four Merlin hotels in Malaysia and has real estate
projects in the country. In Kuala Lumpur, Sheraton owns 49 per
cent of flagship hotel Sherton Imperial and it holds the first
right of refusal when Faber sells its stake.


PEMBINAAN SERAYA: Winding-up petition
-------------------------------------
AYS Metal Products & Engineering Sdn Bhd on 30/10/98 petitioned
for the winding-up of Pembinaan Seraya Maju Sdn Bhd.  The
petition is directed to be heard on 21/4/99.


TRAVEL TRAVEL: Winding-up petition
----------------------------------
Arab-Malaysian Bank Bhd on 31/10/98 petitioned for the winding-up
of Travel Travel Tours & Travel Services Sdn Bhd.  The petition
is directed to be heard on 13/1/99.


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


PHILIPPINE AIRLINES: Cathay-PAL merger talks broken off
-------------------------------------------------------
According to the South China Morning Post, an official statement
issued yesterday by the Philippine Presidential Palace confirmed
talks between PAL and Cathay Pacific have been called off.
President Joseph Eatrada also confirmed PAL chairman Lucio Tan is
in the US to restart talks with Northwest Airlines for a possible
alliance.

Mr Ronaldo Zamora, Mr Estrada's chief aide, said the fit between
Cathay and PAL does not seem to be right because the two are
competitors in the Asia region and Cathay planned to make its
Manila operations a mere subsidiary. For Northwest, however,
Manila will become the hub of its Asia operations.

The trouble is Northwest is merely proposing to manage PAL for
one year before deciding on whether to infuse capital into PAL.
Cathay is prepared to invest between US$75 million and $100
million, but only in exchange for a number of conditions which
PAL find hard to accept.

The Hong Kong Standard published a largely similar report. It
said that Finance Secretary Edgardo Espiritu had spoken of an
investment offer by IFC which could facilitate Cathay's bid to
push through with its purchase bid for PAL's majority stake. The
report said that in a related development, PAL pilots are seeking
about 905.9 million pesos to be included in the airline's
rehabilitation plan.


VICTORIAS MILLING: Bank Opposes Revised Rehabilitation Plan
-----------------------------------------------------------
"The rehabilitation of cash-strapped Victorias Milling Co., Inc.
(VMC) cannot seem to get off the ground," says BusinessWorld,
explaining that once again, one of Victorias' creditors asked the
Securities and Exchange Commission (SEC) to shoot down VMC's
rehabilitation plan, which was recently updated on the suggestion
of its creditors.

In a motion presented to the SEC, Bank of the Philippine Islands
(BPI) said it is opposing VMC's updated rehabilitation plan
because it gives undue preference to some creditors.  In
particular, BPI is objecting to provisions in the revised plan
relating to interest rates charged on VMC's Philippine peso and
dollar-denominated loans. The new plan provides for a 10%
interest on VMC's restructured peso loans, and 6% on dollar
loans.

VMC explained that "the interest rate of 10% is way below the
normal interest rates on Treasury bills. On the other hand, the
interest rate of 6% exceeds the normal prevailing rate for
Singapore interbank offered rate."  

The bank complained the "standards normally used for fixing
interest rates on peso and dollar loans" were not used to compute
the interest rate to be used in the rehabilitation plan. It was
not even explained why the standard was ignored, it added.


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


NAKORNTHON BANK: FRAC Turns-Down Capital Request
------------------------------------------------
The Financial Restructuring Advisory Committee (FRAC) Tuesday
turned down Nakornthon Bank's proposal seeking financial aid via
the government's tier-1 capital project while asking for two
years to meet requirements, according to a report appearing in
The Nation.  "It's unacceptable as NTB is asking for help now,
but will meet the conditions [under the government's project] in
the next two years," Sivaporn Dardarananda, director of the FRAC,
said Tuesday.  He said the FRAC, chaired by Panas Simasathien,
did not agree with NTB's proposal. However, the FRAC will
continue to consider other proposals which the bank has come up
with. He said the FRAC has returned the proposal to NTB to fix
some details and re-submit it later on.

Sivaporn told The Nation that the NTB had made the proposal
because its foreign partners, who are now in talks with the bank,
do not agree with the conditions which will become effective
immediately after fresh money is injected into the bank.
According to media reports, NTB has been negotiating with two
foreign banks -- Bank of Nova Scotia and Standard Chartered Bank
-- to help it raise new capital.

NTB reported to the Bank of Thailand in early November that it
needed to put off the planned signing of a memorandum of
understanding agreement until early January next year, given that
its capital adequacy ratio under the Bank for International
Settlement is still below requirement.


SIAM CEMENT: Restructuring Plan Outlined
----------------------------------------
Siam Cement PCL released Wednesday further insighs about its
business restructuring plan that streamlines its core businesses
and paves the way for unrelated projects to be jettisoned.
Chumpol Nabamlieng, president of the group, said that the new
business divisions will be cement, petrochemicals, pulp and
paper, ceramics, gypsum, roofing and concrete products, tires and
chemicals. The group will also set up a company to distribute its
products nationwide. Previously, Siam Cement had 10 business
divisions, all managed by the group parent company. Under the new
plan, each of the eight core divisions will be a separate company
in a bid to enable them to operate more independently, Mr.
Chumpol said.

From Jan. 1, group executives who had been responsible for
specific businesses will be transferred to the companies handling
those businesses. They will be able to independently take steps
to improve the businesses they run, provided that they consult
with the parent company on major issues, Mr. Chumpol said.

A holding company will also be set up to take stakes in the
businesses that don't fall in any of these eight categories; Siam
Cement will later seek to liquidate or sell off these non-core
businesses. Mr. Chumpol said the group's emphasis will remain on
cement, petrochemicals and pulp and paper, whose combined
turnover account for 60% of the group's revenue. Management is
hoping that a smaller, more focused Siam Cement group of com-
panies will allow Thailand's largest industrial conglomerate to
cope with the economic crisis, which has cut into revenue and
bolstered the cost of repaying foreign-currency debts.

"We've expanded too much. Now we need to focus only on businesses
in which we have strong potential," Mr. Chumpol said.  "It's
impossible for us to maintain 100 different businesses under the
current situation."


According to a report appearing in the Bangkok Post, Siam
Cement's restructuring that will result in the country's largest
industrial conglomerate concentrating only on its core cement,
petrochemical and pulp and paper industries.  The future of other
businesses now considered as non-core operations - iron and
steel, machinery and auto accessories, electrical and metal
products - would be decided next year, president Chumpol
NaLamlieng said.  A holding company will be established next year
to oversee non-core businesses. The new company, SCG Holding Co,
could decide to sell them or to bring in foreign strategic
partners, he said.  

"With limited resources in the current economic crisis, SCG has
decided to concentrate on only a few businesses." Mr Chumpol said
the group decided to keep cement, pulp and paper and  
petrochemicals as SCG was already a major player in these sectors
and had its own technology for future development.  Besides SCG
Holding, the group also set up six new holding companies to
oversee core businesses, plus two listed companies: Siam Tyre Plc
and Siam Pulp and Paper Plc.  

The Post related that company executives will be asked to submit
new plans for the companies to the Siam Cement board by the
middle of next year. However, they were cautioned not to expand
too quickly and to focus on stabilising and preserving existing
business and turnover.  

Although ceramics was not listed as a core business, the group
decided to retain it, giving the unit two years to restructure.
Siam Tyre was also retained because it was listed on the stock
market, he noted.  

Mr Chumpol also told the Post that SCG was working to reduce its
debt-to-equity ratio, from 4.5 times at present to between to 1.5
and two times within the next three to five years.  


SIAM CITY: Chief Executive Steps Down to Make Way for Change
------------------------------------------------------------
Siam City Cement Public Company Limited reports that at the 41st
meeting of the Company's Board of Directors on November 25, 1998
Mr. Somkiart Limsong, the Company's Managing Director, submitted
a request for an early retirement from the position of the
Managing Director of the Company to be effective on March 1,
1999.  He also submitted his resignation from the position of the
Board Director and from all other positions in the Company, also
to be effective on March 1, 1999.  SCCC's Board of Directors
approved the request for an early retirement, and acknowledged
the resignations.

SCCC also released a copy of Mr. Limsong's resignation letter:

To: -  Chairman and Members of the Board of Directors,
        Siam City  Cement Public Company Limited ("SCCC")

        A few months ago there was a change in the shareholders'
structure and in the Board of Director's of the company.  It has
now become apparent that the new shareholders and the new
Directors wish to change the business direction of the company as
well as the way the company is to be managed.  The desired change
constitutes a significant departure from the way the company has
operated during the 30 yeas of its existence.  Therefore, in
order to avoid possible conflicts in the organization which could
definitely result in deleterious effects on the organization, and
in order to clear the way for the new group to have an
opportunity to prove themselves in producing a clear and
convincing performance to maximize the shareholders' valve for
the benefit of all the shareholders of the company and to the
financial institutional lenders of the company, I have decided
that it would be best if I retire from the company.  This
decision is taken foe the benefit of the company, and for my own
personal health, after having worked tirelessly for the company
for more than 30 years.  I therefore hereby request approval for
an early retirement from the company in the position of Managing
Director, and I also hereby submit my resignation from all the
other position in the company, which are:-

       1.  President
       2.  Director of the Board
       3.  Executive Director
       4.  Chairman of the Board of Executive Directors
       5.  Vice-Chairman of the Board of Directors

to be effective on March 1, 1999 so that my successor to be
appointed by the Board of Directors will have sufficient time to
take over my responsibility during the transition period.

       I wish to take this opportunity to thank you and other
members of the Board of Directors for the cooperation and the
support given to me during my tenure.

       Please therefore approve my request for an early
retirement.

                                   Yours sincerely,
                                      ( Somkiart Limsong )
                                   Managing Director



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

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