---

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, December 8, 1998, Vol. 1, No. 202

                    Headlines


* C H I N A   &   H O N G   K O N G *

AGRICULTURAL BANK OF CHINA: Moody's cuts ratings
BANK OF COMMUNICATIONS: Moody's cuts ratings
CAPETRONIC INTERNATIONAL: Proposed rights issue announced
CHINA CONSTRUCTION BANK: Moody's cuts ratings
CULTURECOM HOLDINGS: Viagold may pass stake

DHARMALA HOLDINGS: Announces change of company name
EXPORT-IMPORT BANK OF CHINA: Moody's cuts ratings
GKC HOLDINGS: GKC arm liquidation sought
INDUSTRIAL & COMMERCIAL BANK OF CHINA: Moody's cuts ratings
LEADING SPIRIT HOLDINGS: SFC lifts Leading Spirit ban

NAM FONG INTERNATIONAL: Nam Fong sued over US$6m loan
STATE DEVELOPMENT BANK OF CHINA: Moody's cuts ratings


* I N D O N E S I A *

PT BAKRIE: AIG affiliates invest in Iridium


* J A P A N *

ASAHI CHEMICAL: To restructure ailing ABS resin business
COSMO SECURITIES: Daiwa to write off group loans


* K O R E A *

DAEWOO: Affiliates get special deal from creditors
HALLA CLIMATE: Stake improperly used as collateral
HANBO IRON & STEEL: Creditors set new bidding date
HYUNDAI: Affiliates get special deal from creditors
KIA MOTORS: Hyundai recommends Kia receivership manager

LG: Affiliates get special deal from creditors
SK: Affiliates get special deal from creditors
SAMSUNG MOTORS: Confirms swap with Daewoo


* M A L A Y S I A *

ADVANCE HITECH CERAMICS (M) SDN BHD: Winding-up petition
ANSON PERDANA BHD: Results - 31/8/98
ATLAN HOLDINGS BHD: Results - 31/8/98
BINA PETRA SDN BHD: Winding-up petition
CONCRETE ENGINEERING PRODUCTS BHD: Results - 31/8/98

HSBC FINANCE (MALAYSIA) BHD: Voluntary winding-up
JP ENGINEERING SDN BHD: Voluntary winding-up
L.K. OOI CONSTRUCTION SDN BHD: Winding-up petition
NORTHERN ROLLER SHUTTER SDN BHD: Winding-up petition
PACK-POINT TECHNOLOGIES SDN BHD: Winding-up petition

RENONG BHD: Results announcement


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

PHILIPPINE AIRLINES: Estrada urges PAL and Cathay to talk
PHILIPPINE AIRLINES: PAL, SIA talk after Cathay pull-out


* T H A I L A N D *

KRUNG THAI BANK: Announces appointment of new directors
THAI OIL: PTT rules out sale of stake in Thai Oil
THAI PETROCHEMICAL: Notice of creditors meeting


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

AGRICULTURAL BANK OF CHINA: Moody's cuts ratings
------------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Services Inc. has cut the long-term foreign-currency debt
ratings and the financial strength ratings of six banks in
China. The Agricultural Bank of China had its financial
strength rating downgraded from Baa1 to Baa2.


BANK OF COMMUNICATIONS: Moody's cuts ratings
--------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Services Inc. has cut the long-term foreign-currency debt
ratings and the financial strength ratings of six banks in
China. The Bank of Communications had its financial
strength rating downgraded from Baa1 to Baa2.


CAPETRONIC INTERNATIONAL: Proposed rights issue announced
---------------------------------------------------------
The board of directors of Capetronic International Holdings
Limited has been notified by Capetronic International
(Thailand) Public Company Ltd. ("CIT") that on 27th
November, 1998 CIT announced in Thailand a proposed 1 for 3
rights issue at a price of Baht4.30 (equivalent to
approximately HK$0.935) per rights share. CIT is listed on
the Stock Exchange of Thailand and is an associated   
company of the Company.

The rights issue price represents a discount of
approximately 28% to the closing price of Baht6.00
(approximately HK$1.305) per CIT share quoted on the SET on
27th November, 1998.

As at the date of this announcement, the Company owns    
98,789,062 shares, representing approximately 36.77% of    
the issued share capital of CIT. Once the conditions to    
the CIT rights issue are satisfied, the Board will decide
whether the Company should take up its rights entitlement
on or before the end of the subscription and payment
period. According to CIT's proposed timetable for the
rights issue, the subscription and payment period will run
from 25th to 29th January, 1999. A further announcement
will be made in due course.


CHINA CONSTRUCTION BANK: Moody's cuts ratings
---------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Services Inc. has cut the long-term foreign-currency debt
ratings and the financial strength ratings of six banks in
China. China Construction Bank had its financial strength
rating downgraded from Baa1 to Baa2.


CULTURECOM HOLDINGS: Viagold may pass stake
-------------------------------------------
According to the South China Morning Post, Viagold Capital
has the right to transfer its purchased 32 per cent stake
in Culturecom to its own controlling shareholder Harvest
Smart Overseas. Its proposed $21 million purchase of the
Cutlurecom stake from Sing Tao Holdings was being funded by
a loan from Harvest Smart. If during due diligence
investigations in the next three months Viagold did not
like what it saw, it could transfer the Culturecom stake to
Harvest Smart in full settlement of the loan.

Viagold told the Australian Stock Exchange it had developed
a comprehensive business plan which identifies strategies
that it believes will result in Culturecom achieving break-
even profitability within six months. It claims it will be
able to cut operating costs by about 10 per cent and labor
costs by about 20 per cent. There were also plans to expand
the business scope of Culturecom by applying advanced
technologies.

Viagold said Cheung Wai-tung will become Culturecom's
chairman while banker Joseph Hui will be appointed an
executive director. Chan Hiing-yuen will be made president.


DHARMALA HOLDINGS: Announces change of company name
---------------------------------------------------
The directors of Dharmala Holdings recently proposed that    
the name of the Company be changed to Chinney Alliance
Group Limited, following the recent investment of Chinney    
Investments in Dharmala.

Chinney currently owns an interest of approximately 16.67%
in the issued ordinary share capital of the Company and
also has an option (exercisable up until 20th October,
1999) to purchase a further interest of up to 23.03% of the
existing issued ordinary share capital of the Company
(based on the number of ordinary shares of the Company
presently in issue). Reference is made to the Company's
announcement dated 15th October, 1998 for further
information relating to Chinney's investment in the
Company.

The Registrar of Companies in Bermuda has since given
consent for the change of name, which became effective on
30th November, 1998.


EXPORT-IMPORT BANK OF CHINA: Moody's cuts ratings
-------------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Services Inc. has cut the long-term foreign-currency debt
ratings and the financial strength ratings of six banks in
China. The Export-Import Bank of China had its long-term
foreign-currency debt rating downgraded from A3 to Baa1.


GKC HOLDINGS: GKC arm liquidation sought
----------------------------------------
According to the South China Morning Post, creditors of GKC
Holdings' subsidiary, German Kitchen (HK), have filed a
petition to wind up German Kitchen. The creditor listed on
the petition was Citic Beijing subsidiary Shortridge, which
has a 40 per cent stake in Major Shareholder, which owns 72
per cent of GKC Holdings.


INDUSTRIAL & COMMERCIAL BANK OF CHINA: Moody's cuts ratings
-----------------------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Services Inc. has cut the long-term foreign-currency debt
ratings and the financial strength ratings of six banks in
China. The Industrial & Commercial Bank of China had its
financial strength rating downgraded from Baa1 to Baa2.


LEADING SPIRIT HOLDINGS: SFC lifts Leading Spirit ban
-----------------------------------------------------
According to the South China Morning Post, the Securities
and Futures Commission is to permit Leading Spirit Holdings
and its subsidiary Leading Spirit Conrowa Electric (LS
Conrowa) to resume trading today, despite its ongoing
investigation into alleged market manipulation of the two
companies' shares but warned that trading could be
suspended at any time if market irregularities were found.

The SFC said the resumption was appropriate after Leading
Spirit's chairman Wong Shi-ling signed a written agreement
he would cooperate with the SFC to maintain an orderly
market and inform the SF if his own shareholding changed.

The two firms also announced they had reached an agreement
with all their creditor banks to delay the repayment of
$1.07 billion debt and that the banks would not seek
liquidation until a debt restructuring plan had been made.
Under the agreement, Leading Spirit will pledge its 1.2
billion of LS Conrowa shares, representing 15 per cent of
issued shares of LS Conrowa, as collateral to banks.

As of last Thursday, Leading Spirit had bank loans of $843
million, while LS Conrowa owed banks $227 million.

Leading Spirit and LS Conrowa said talks were continuing
with several parties interested in the two firms' shares.

The Hong Kong Standard also reported on the resumption of
trading and the agreement with creditor banks which
according to the paper became effective on Dec 2.

The paper said that Mr Wong has pledged 36.76 per cent of
Leading Spirit and a further 2.4 per cent of Leading Spirit
Conrowa to various financial institutions and securities
houses for loans.

In an announcement, the two companies cited three instances
that could have led to unusual trading in their shares
before the suspension on May 19. The first was possibly a
statement by Mr Wong to the board of Leading Spirit that he
had settled his personal debts. Another possible cause was
on-going negotiations with potential investors who  
expressed interest in acquiring securities of the
companies. Anther possible cause was that a subsidiary of
Leading Spirit Conrowa was cited as one of the 10 best-
selling color TV brands by the mainland's statistics
bureau.

Trading in Leading Spirit was originally suspended on Jan.
16 after the company said it was having cash-flow problems.
An initial SFC investigation in January revealed Leading
Spirit Conrowa shares were allegedly manipulated by a group
of connected brokers controlling most of the shares in
public hands. The SFC allowed trading to resume on April 3,
but a suspension directive was issued again on May 19 after
both stocks saw heavy trading volumes.


NAM FONG INTERNATIONAL: Nam Fong sued over US$6m loan
-----------------------------------------------------
According to the South China Morning Post, Nam Fong
International Holdings was sued by a licensed money-lender
Milstart More Finance for loan and interest of $6.3
million, $6 million of which was a loan extended in
February. The writ said Nam Fong failed to pay accrued
interest and an annual fee due on Aug 9. Milstart was also
claiming damages for costs and expenses incurred in
solicitors' fees.

Guarantors also named in the writ - Oceancycle Enterprises,
Wong Wah and Wong Siu-mui - were also claimed to be liable
to pay the sum.  

It was stipulated in the loan agreement that there would be
an immediate default on the loan if Nam Fong or its
guarantors failed to pay any money due to any one of their
creditors. It was claimed that in July Milstart discovered
one of Nam Fong's subsidiaries was being sued for the
repayment of debts totalling $5 million, but Nam Fong
failed to provide full details of the debt, and a further
$5.4 million debt was not explained.


STATE DEVELOPMENT BANK OF CHINA: Moody's cuts ratings
-----------------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Services Inc. has cut the long-term foreign-currency debt
ratings and the financial strength ratings of six banks in
China. The State Development Bank of China had its long-
term foreign-currency debt rating downgraded from A3 to
Baa1.


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

PT BAKRIE: AIG affiliates invest in Iridium
-------------------------------------------
Iridium LLC announced today that American International
Underwriters Overseas, Ltd. (AIUO), a wholly-owned
subsidiary of American International Group, Inc. (AIG), and
AIG Asian Infrastructure Fund LP (the Fund) will together
acquire approximately four million Class 1 interests in
Iridium LLC, joining the 19 other strategic investors in
Iridium.

AIUO and the Fund will acquire the Class 1 interests from
certain subsidiaries of PT Bakrie Communications
Corporation of Indonesia as part of the financial
restructuring of PT Bakrie & Brothers Group, BBK, including
PT Bakrie Communications Corporation. The sale of the
shares does not impact the joint venture between Bakrie
Communications and DDI Corporation of Japan, called Iridium
South Pacific Pty Limited, which is responsible for
offering Iridium services in Australia, New Zealand and the
South Pacific. Financial terms of the transaction were not
disclosed.

The AIG Asian Infrastructure Fund, formed in 1994, is
sponsored by AIG. The Fund, which has aggregate commitments
of $1.086 billion, makes equity and convertible debt
investments in infrastructure and related industries
throughout Asia.

Iridium LLC has developed a global wireless communications
network that combines the worldwide reach of 66 low-earth-
orbit satellites with land-based wireless systems to enable
subscribers to communicate using handheld telephones and
pagers virtually anywhere in the world.


=========
J A P A N  
=========

ASAHI CHEMICAL: To restructure ailing ABS resin business
--------------------------------------------------------
Nikkei English News reports Asahi Chemical Industry Co.
will reorganize its ABS (acrylonitrile butadien styrene)
resin operations, aiming to return the division to
profitability next fiscal year, company officials said. ABS
resin is used mainly for car mirror frames, personal
computer casings and toys. The company plans to consolidate
output of ABS resin at a single line at its Kurashiki,
Okayama Prefecture plant by spring. It will maintain the
current 80,000 ton a year production capacity by employing
a technology that allows polymerization of high-density
butadien.

Along with the production shifts, the company plans to
sharply pare the work force involved in producing the
material, hoping to save nearly 1 billion yen a year.
Asahi Chemical's sales of the resin for this fiscal year
are estimated at 15 billion yen, compared with 23 billion
yen in peak year of fiscal 1990. The business started
registering losses in fiscal 1993.


COSMO SECURITIES: Daiwa to write off group loans
------------------------------------------------
Nikkei English News reports Daiwa Bank has decided to write
off in fiscal 1998 half the 60 billion yen in loans
extended to two companies in the Cosmo Securities Co.
group, The Nihon Keizai Shimbun has learned. The Osaka-
based bank decided on the move to keep subsidiary Cosmo
Securities afloat.

The two companies, one in the information services field
and the other in real estate, are both based in Osaka.
Daiwa lent 20 billion yen to the former firm, and 40
billion yen to the latter. Both companies have heavy debt
burdens, including evaluation losses on their
stockholdings, which Daiwa judged left them unable to repay
the loans.

Daiwa evaluated the stocks, real estate and other assets
held by the two companies at around 30 billion yen,
sufficient collateral for only half their borrowings. As a
result, the bank decided to write off the remainder at one
stroke in this fiscal year's accounts.


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

DAEWOO: Affiliates get special deal from creditors
--------------------------------------------------
The Korea Times reported that eight units of the Korea's
five largest family-owned conglomerates (or chaebols) will
be subjected to a creditor lead rehabilitation program.  
The plan is designed to allow these units to reduce their
massive debts using debt-for-equity swaps while  
implementing restructuring programs.  A similar story in
the Korea Herald says the these eight affiliates will be
the subject of a "fined-tuned workout program."

According to the Korea Times, the creditor banks involved
in this action expressed concerns about possible losses
from participating in debt-for-equity exchanges, so only
relatively sound affiliates of these chaebols were chosen
for this procedure. In fact, all of the eight units
involved reported net profits last year.

Additionally, unlike the usual workout formula where the
company owners were required to surrender all management
rights and hand over their shares to creditors, these eight
chaebol affiliates' owners and managers will retain all of
there managerial rights. The eight affiliates that will
undergo this creditor lead restructuring are Hyundai Pipe,
Hyundai Petrochemical Company, LG Information &
Communications, Orion Electric (Daewoo), Samsung Aerospace
Industry, Samsung Heavy Industry, Siltron Inc. (LG), and SK
Oxychemical.


HALLA CLIMATE: Stake improperly used as collateral
--------------------------------------------------
The Korea Herald reports Korea Investments Trust Company
failed to consult the foreign joint-venture partner when it
designated Mando Machinery's 35 percent stake in Halla
Climate Control as collateral for loans made to other Halla
Group affiliates. The foreign-joint venture partner, Ford
Motor Company of the United States, won an injunction from
the Seoul District Court preventing Korean financial
institutions from disposing of Mando's shares of Halla
Climate Control via the stock market.  

Mando Machinery, Korea's largest automotive parts maker, is
a leading subsidiary of the Halla Group, which declared
bankruptcy at the end of last year. Although Mando was
known to be relatively healthy, it had reportedly provided
huge repayment guarantees to other debt ridden Halla
affiliates.

Rothschild Inc., a leading American fund manager,
orchestrated a deal to provide bridge loans to Halla to get
the group out of trouble. The Rothschild company worked
closely on the Halla group's normalization plans and
arranged for debts to be paid back so Halla companies could
be sold to foreign investors easily.

Halla Climate Control, an air-conditioner maker was
reported slated as one of the Halla companies that was to
be sold to foreigners.


HANBO IRON & STEEL: Creditors set new bidding date
--------------------------------------------------
The creditors of Hanbo Iron & Steel Company have indicated
that final bidding for the large steel company will now be
scheduled for around December 15, and Bankers Trust Company
(BTC) of the US has been commissioned to organize the sale
of Hanbo. BTC has also reportedly been in individual
discussions with prospective bidders since last June.

Creditor banks prefer to sell off Hanbo's two main plants
as a package, but they could be sold off in separate parts
contingent on buyer interest. Hanbo's main facility is its
Tanjin Steelworks which includes a mill producing 1.8
million tons of crude steel a year for hot coils and steel
rods, as well as a cold-rolled steel plate plant that
suspended operations this last July.  The other part of the
company comprises uncompleted facilities (whose
construction was stopped last year) that were slated to
become a 2.1 million ton hot coil mill and a 2 million ton
cold-rolled sheet plate plant.

Hanbo, once the second largest steel maker in Korea, at one
point produced 3 million tons of steel products per year,
but the company collapsed in January, 1997 under bank debts
estimated at 8 trillion won. The value of the assets at
Hanbo have been evaluated at 3.4 trillion won, although the
construction of some facilities is still not complete.


HYUNDAI: Affiliates get special deal from creditors
---------------------------------------------------
The Korea Times reported that eight units of the Korea's
five largest family-owned conglomerates (or chaebols) will
be subjected to a creditor lead rehabilitation program.  
The plan is designed to allow these units to reduce their
massive debts using debt-for-equity swaps while  
implementing restructuring programs.  A similar story in
the Korea Herald says the these eight affiliates will be
the subject of a "fined-tuned workout program."

According to the Korea Times, the creditor banks involved
in this action expressed concerns about possible losses
from participating in debt-for-equity exchanges, so only
relatively sound affiliates of these chaebols were chosen
for this procedure. In fact, all of the eight units
involved reported net profits last year.

Additionally, unlike the usual workout formula where the
company owners were required to surrender all management
rights and hand over their shares to creditors, these eight
chaebol affiliates' owners and managers will retain all of
there managerial rights. The eight affiliates that will
undergo this creditor lead restructuring are Hyundai Pipe,
Hyundai Petrochemical Company, LG Information &
Communications, Orion Electric (Daewoo), Samsung Aerospace
Industry, Samsung Heavy Industry, Siltron Inc. (LG), and SK
Oxychemical.


KIA MOTORS: Hyundai recommends Kia receivership manager
-------------------------------------------------------
The Korea Herald reports the Hyundai group plans to ask
that the newly appointed president of Kia Motors
Corporation be named as the manager of Kia's court
receivership process. The existing court appointed
receiver of Kia is expected to step down before Hyundai
completes the purchase of shares of both the bankrupt Kia
Motors Company and its sister bus and truck maker the Asia
Motors Company. This share purchase is scheduled to be
completed by March of 1999.


LG: Affiliates get special deal from creditors
----------------------------------------------
The Korea Times reported that eight units of the Korea's
five largest family-owned conglomerates (or chaebols) will
be subjected to a creditor lead rehabilitation program.  
The plan is designed to allow these units to reduce their
massive debts using debt-for-equity swaps while  
implementing restructuring programs.  A similar story in
the Korea Herald says the these eight affiliates will be
the subject of a "fined-tuned workout program."

According to the Korea Times, the creditor banks involved
in this action expressed concerns about possible losses
from participating in debt-for-equity exchanges, so only
relatively sound affiliates of these chaebols were chosen
for this procedure. In fact, all of the eight units
involved reported net profits last year.

Additionally, unlike the usual workout formula where the
company owners were required to surrender all management
rights and hand over their shares to creditors, these eight
chaebol affiliates' owners and managers will retain all of
there managerial rights. The eight affiliates that will
undergo this creditor lead restructuring are Hyundai Pipe,
Hyundai Petrochemical Company, LG Information &
Communications, Orion Electric (Daewoo), Samsung Aerospace
Industry, Samsung Heavy Industry, Siltron Inc. (LG), and SK
Oxychemical.


SK: Affiliates get special deal from creditors
----------------------------------------------
The Korea Times reported that eight units of the Korea's
five largest family-owned conglomerates (or chaebols) will
be subjected to a creditor lead rehabilitation program.  
The plan is designed to allow these units to reduce their
massive debts using debt-for-equity swaps while  
implementing restructuring programs.  A similar story in
the Korea Herald says the these eight affiliates will be
the subject of a "fined-tuned workout program."

According to the Korea Times, the creditor banks involved
in this action expressed concerns about possible losses
from participating in debt-for-equity exchanges, so only
relatively sound affiliates of these chaebols were chosen
for this procedure. In fact, all of the eight units
involved reported net profits last year.

Additionally, unlike the usual workout formula where the
company owners were required to surrender all management
rights and hand over their shares to creditors, these eight
chaebol affiliates' owners and managers will retain all of
there managerial rights. The eight affiliates that will
undergo this creditor lead restructuring are Hyundai Pipe,
Hyundai Petrochemical Company, LG Information &
Communications, Orion Electric (Daewoo), Samsung Aerospace
Industry, Samsung Heavy Industry, Siltron Inc. (LG), and SK
Oxychemical.


SAMSUNG: Affiliates get special deal from creditors
---------------------------------------------------
The Korea Times reported that eight units of the Korea's
five largest family-owned conglomerates (or chaebols) will
be subjected to a creditor lead rehabilitation program.  
The plan is designed to allow these units to reduce their
massive debts using debt-for-equity swaps while  
implementing restructuring programs.  A similar story in
the Korea Herald says the these eight affiliates will be
the subject of a "fined-tuned workout program."

According to the Korea Times, the creditor banks involved
in this action expressed concerns about possible losses
from participating in debt-for-equity exchanges, so only
relatively sound affiliates of these chaebols were chosen
for this procedure. In fact, all of the eight units
involved reported net profits last year.

Additionally, unlike the usual workout formula where the
company owners were required to surrender all management
rights and hand over their shares to creditors, these eight
chaebol affiliates' owners and managers will retain all of
there managerial rights. The eight affiliates that will
undergo this creditor lead restructuring are Hyundai Pipe,
Hyundai Petrochemical Company, LG Information &
Communications, Orion Electric (Daewoo), Samsung Aerospace
Industry, Samsung Heavy Industry, Siltron Inc. (LG), and SK
Oxychemical.


SAMSUNG MOTORS: Confirms swap with Daewoo
-----------------------------------------
An Associated Press report confirms Samsung, South Korea's
second-largest conglomerate, said Monday it would swap its
fledgling automobile subsidiary for Daewoo Group's home
appliance businesses. The $10 billion deal was the
highlight of plans announced by the heads of the nation's
top five conglomerates to sharply pare the number of
affiliates that each controls.

In all, the Samsung, Hyundai, Daewoo, LG and SK groups said
they would spin off at least 130 of their 264 subsidiaries
in a move to raise some 20 trillion won ($16.6 billion). If
successful, the sales, mergers and swaps would allow each
of the giant groups to lower debt levels to twice their
equity by the end of l999. Some now have debt almost six
times equity.

The announcement came after leaders of the five
conglomerates met with President Kim Dae-jung, who has been
pressing them for months to restructure their bloated,
overlapping empires.

"To reduce the debt-capital ratio, they have to sell a huge
amount of assets or increase their capital drastically in a
short period of time," said Yoon Kun- young, an economics
professor at Yonsei University. "Only foreign investors
have that much money and I don't think they would just rush
to buy everything in the market." he said.


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

ADVANCE HITECH CERAMICS (M) SDN BHD: Winding-up petition
--------------------------------------------------------
H. Rogers (M) Sdn Bhd on 24/8/98 petitioned for the
winding-up of Advance Hitech Ceramics (M) Sdn Bhd. The
petition is directed to be heard on 10/2/99.


ANSON PERDANA BHD: Results - 31/8/98
------------------------------------
Anson Perdana Bhd (listed on the KLSE) reported a post-tax
loss of RM149.308mil for the year ended 31/8/98, compared
to a post-tax profit of RM28.323mil previously. EPS fell
805.6% from 20.1sen to a loss per share of RM1.42 during
the same period.


ATLAN HOLDINGS BHD: Results - 31/8/98
-------------------------------------
Atlan Holdings Bhd (listed on the KLSE) reported a post-tax
loss of RM1.804mil for the 6months ended 31/8/98, compared
to a post-tax loss of RM2.919mil previously. Loss per share
slipped 43.6% from 15.5sen to 8.7sen during the same
period.


BINA PETRA SDN BHD: Winding-up petition
---------------------------------------
Active Hydro Control Sdn Bhd on 25/11/98 petitioned for the
winding-up of Bina Petra Sdn Bhd.


CONCRETE ENGINEERING PRODUCTS BHD: Results - 31/8/98
----------------------------------------------------
Concrete Engineering Products Bhd posted a post-tax loss of
RM14.144mil for the year ended 31/8/98, compared to a post-
tax loss of RM2.573mil. previously. Loss per share rose
451.2% from 8.6sen previously to 47.4sen during the same
period.


HSBC FINANCE (MALAYSIA) BHD: Voluntary winding-up
-------------------------------------------------
The members of HSBC Finance (Malaysia) Bhd on 5/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 26/12/98.


JP ENGINEERING SDN BHD: Voluntary winding-up
--------------------------------------------
The members of JP Engineering Sdn Bhd on 2/12/98 resolved
to wind-up the company voluntarily. Creditors are requested
to submit their claims before 2/1/99.


L.K. OOI CONSTRUCTION SDN BHD: Winding-up petition
--------------------------------------------------
Public Bank Bhd on 26/10/98 petitioned for the winding-up
of L.K. Ooi Construction Sdn Bhd. The petition is directed
to be heard on 19/3/99.


NORTHERN ROLLER SHUTTER SDN BHD: Winding-up petition
----------------------------------------------------
Tatt Giap Metal Services Sdn Bhd on 28/8/98 petitioned  for
the winding-up of Northern Roller Shutter Sdn Bhd. The
petition is directed to be heard on 7/1/99.


PACK-POINT TECHNOLOGIES SDN BHD: Winding-up petition
----------------------------------------------------
Lindeteves-Jacoberg (Malaya) Sdn Bhd on 13/10/98 petitioned
for the winding-up of Pack-Point Technologies Sdn Bhd. The
petition is directed to be heard on 5/2/99.


RENONG BHD: Results announcement
--------------------------------
Renong Bhd (an infrastructure company listed on the KLSE)
reported a group pre-tax loss of RM128.26mil for the
3months ended 30/9/98, compared to a group pre-tax profits
of RM64.90mil previously. The losses were attributed to the
weak property and equity markets and the slowing down of
infrastructure projects. The group will dispose of assets
to meet short-term obligations.


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

PHILIPPINE AIRLINES: Estrada urges PAL and Cathay to talk
---------------------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, Philippine president Joseph Estrada appealed on
Saturday to PAL and Cathay Pacific Airways to resume talks
but sources privy to the abandoned talks said that the
differences were deep-rooted and there would be little
point in resuming discussions.

One source said there appeared to be little trust. Another
source said the present shareholders of PAL presented the
biggest stumbling blocks. A source said Cathay wanted
complete management control but immunity from legal
liability.

Despite Mr Estrada's entreaties, Cathay officials are not
yet responding favorably to the issue but said the airline
have good contacts with the government.

According to the South China Morning Post, PAL is going
ahead with a restructuring program, which is scheduled to
be submitted to the Philippine Securities and Exchange
Commission today.

PAL senior vice president Manolo Aquino on Saturday said
that one part of the plan would seek debt forgiveness from
creditors, adding that the rehabilitation plan would
specify the terms and conditions of the debt forgiveness
and restructuring, not how much of the loans would be
forgiven.

PAL owes about US$2 billion to 9,000 creditors, including
suppliers.


PHILIPPINE AIRLINES: PAL, SIA talk after Cathay pull-out
--------------------------------------------------------
According to the South China Morning Post, debt-ridden
Philippine Airlines is negotiating with Singapore Airlines
(SIA) for a possible alliance and a SIA team was due to
arrive in the country next week.

Philippine president Joseph Estrada said earlier this week
that talks with US Northwest Airlines were unsuccessful. A
lawyer for PAL chairman Lucio Tan, however, said
negotiations with Northwest were still underway but no
agreement had been reached yet, so Northwest will not be in
the rehabilitation plan. He was referring to the plan to be
submitted top the Securities and Exchange Commission on
Monday, part of a bid by the airline to put together a
strategy allowing it to continue flying without a foreign
partner.

Earlier yesterday Mr Estrada's executive secretary Ronaldo
Zamora said government financial institutions might offer
credit lines to keep PAL flying even without alliance with
a foreign partner. He also said Mr Estrada was confident
Cathay had not closed all of the doors to an agreement with
PAL. He said a stand-alone rehabilitation plan was worth
considering and PAL management was confident they had
enough money to turn the airline around. He said PAL's
creditors assured PAL that the airline's debts would not
immediately come due if it failed to conclude an agreement
with a foreign partner.

According to the Hong Kong Standard, Cathay Pacific Airways
yesterday again denied the resumption of talks with PAL but
the airline had good contacts with the government.

PAL might have to rely on the government and shareholders
for its recovery following the breakdown of talks. PAL said
on Thursday its majority shareholder Lucio Tan was also
part of a local group that had committed to inject US$90
million of the required US$150 million to get the carrier
back on its feet.


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

KRUNG THAI BANK: Announces appointment of new directors
-------------------------------------------------------
The Krung Thai Bank has informed the Stock Exchange of
Thailand Mr. Vuthichai Pongprasit tendered his resignation
from his directorship on the Board of Directors with effect
from 2 December 1998 onward. Such a resignation also
resulted in his leaving the office of Chairman of the Audit
Committee of the bank at the same time as his resignation.
The resignation of Mr. Chulchit Boonyaketu from his office
had been previously announced. The board also resolved to
appoint Mr. Kamolchai Pattarodom and Mr. Suparat Kawatkul
directors to replace the two directors. The said
appointment of directors takes effect from 4 December 1998
onward.


THAI OIL: PTT rules out sale of stake in Thai Oil
-------------------------------------------------
The Petroleum Authority of Thailand (PTT) denies wanting to
sell its 49% stake in Thai Oil, the country's largest oil
refiner, to ease financial burdens, according to the
Bangkok Post. The state oil company had a definite policy
to retain its stake in Thai Oil, which ran the country's
best refinery with an oil processing capacity of 220,000
barrels a day, PTT governor Pala Sookawesh said yesterday.
"Thai Oil will continue to be the core in supporting the
PTT's oil businesses," he said, responding to local
reports.

However, the PTT will reduce to 10% its 36% stakes in the
two other local oil refineries, one operated by Rayong
Refinery Co (RRC) and the other by Star Petroleum Refining
Co (SPRC). The sale of shares in RRC and SPRC would enable
the PTT to increase its capital in Thai Oil, a move
approved by the cabinet.

Meanwhile, the PTT was working with Thai Oil's management
to negotiate restructuring of Thai Oil's US$1.85 billion
debt. Thai Oil last month suspended servicing its debts to
124 creditors as the refiner faced its worst financial
crisis in its 40-year history. Thai Oil's gross refining
margin, its only major source of income, for the fiscal
year ending last September plummeted to an average of $1.80
a barrel from $3.50 in fiscal year 1997 and $4.50 in 1996.
The $1.80 margin barely covers costs. Last fiscal year,
Thai Oil recorded a loss of 8.8 billion baht.


THAI PETROCHEMICAL: Notice of creditors meeting
-----------------------------------------------
Thai Petrochemical Industry PCL has informed the Stock
Exchange of Thailand a creditors' meeting was held
on December 3, 1998 to present the Debt Restructuring Plan.  
The meeting was held to explain the Draft of the Indicative
Term Sheet which had been negotiated between TPI and the
Steering Committee of its creditors. Creditors have been
asked to vote on the Indicative Term Sheet by December 17,
1998.


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

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

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