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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      

      Thursday, December 17, 1998, Vol. 1, No. 209

                    Headlines


* C H I N A   &   H O N G   K O N G *

ASIANA (HK) FINANCE: Notice to creditors to prove debts
AUTO-TREASURE (CHINA) LIMITED: Winding-up petition
CITY CROWN DEVELOPMENT LIMITED: Winding-up petition
COMPANION BUILD: Group reorganisation
ENFIELD CONSTRUCTION COMPANY LIMITED: Notice of EGM

FAR EAST HOTELS: Results announcement
H.B. INTERNATIONAL: Results announcement
LEUNG KEE HOLDINGS: Results announcement
THE PAKISTAN FUND: In members' voluntary liquidation
PEREGRINE EQUITY: Notice to creditors to prove debts

PIONEER INDUSTRIES: Results announcement
POWER POLY LIMITED: Winding-up petition
RAINBOW GATE LIMITED: Appointment of liquidators
SING TAO HOLDINGS: Aw sells 23pc stake in Sing Tao
SKOBO LIMITED: In creditors' voluntary liquidation

WING MOU CONSTRUCTION COMPANY LIMITED: Notice of EGM
YEEBO INTERNATIONAL: Results announcement


* J A P A N *

TOYOTA MOTOR: To cut domestic output as sales slow
YASUDA TRUST: Shares plummet on banking fears


* K O R E A *

DAEWOO: Holds largest debt
DAEWOO ELECTRONICS: Rift deepens over swap deal
HANBO IRON AND STEEL: Auction to accelerate 'big deals'
HYUNDAI ELECTRONICS: Kim warns reluctant businesses
LG SEMICON: Kim warns reluctant businesses

SAMSUNG MOTORS: Rift deepens over swap deal


* M A L A Y S I A *

GADEK (MALAYSIA) BHD: Results - 30/9/98
KEDAH CEMENT: Blue Circle denies swap arrangements
LONG POWER BUSINESS SUPPLIES SDN BHD: Voluntary winding-up
MEGA FIRST CORP BHD (MFCB): Results - 30/6/98
SELANGOR DREDGING BHD: Results - 30/9/98

SYARIKAT WELSAN WHOLESALE: Winding-up petition


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

FIRST WOMEN'S: SEC asked to appoint interim committee
KEPPEL PHILIPPINES: Completes restructuring program
MONDRAGON INTERNATIONAL: New investor sought for resort
PHILIPPINE AIRLINES: Cathay says PAL bid still possible
SERG'S PRODUCTS: Creditors want debt shelf bid dismissed


* S I N G A P O R E *

ECON INTERNATIONAL: Results announcement
HOTEL PROPERTIES: Selling Queensland and Haagen-Daaz store


* T H A I L A N D *

SIAM AGRO: Planters still owed B42m by cannery
SRI RACHA HARBOUR: Banks to ease burden on firm
THAI PETROCHEMICAL: Delays briefing on debt plan


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

ASIANA (HK) FINANCE: Notice to creditors to prove debts
-------------------------------------------------------
A notice appeared in the Hong Kong Standard dated December
11, 1998 announcing the creditors of Asiana (HK) Finance
Limited, which is being voluntarily wound up, are required
on or before Jan 11, 1999 to send in their names, addresses
and particulars of their debts or claims to the Liquidators
of the said company at 20th Floor, Prince's Building,
Central, Hong Kong, and if so required by notice in writing
from the liquidators, are personally or by their solicitors
to come in and prove their debts or claims at such time and
place specified in such notice, or in default thereof, they
will be excluded from the benefit of any distribution  
before such debts are proved.


AUTO-TREASURE (CHINA) LIMITED: Winding-up petition
--------------------------------------------------
A notice appeared in the Hong Kong Standard dated December
11, 1998 announcing a petition for the winding up of Auto-
Treasure (China) Limited was presented to the High Court on     
Nov 25  by  Winjones Limited whose registered office is
situate at Flat F, 34th Floor, Dover Court, the Oasis,
South Horizons, Apleichau, Hong Kong, and the said petition
is directed to be heard before the court at 9:30 a.m. on  
Jan 6, 1999, and any creditor or contributory of the said  
company desirous to support or oppose the making of an
order on the said petition may appear at the time of
hearing by himself or his counsel for that purpose, and a
copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
Solicitors for the Petitioner, Messrs. S.H. Chan & Chiu,
Unit B, 5th Floor, Empire Land Commercial Centre, 83
Lockhart Road, Wanchai, Hong Kong Co, 18th Floor, China
Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong,
on payment of the regulated charges for the same.


CITY CROWN DEVELOPMENT LIMITED: Winding-up petition
---------------------------------------------------
A notice in the Hong Kong Standard dated December 11, 1998
announcing a petition for the winding up of City Crown
Development Limited was presented to the High Court on Nov
23 by The Hongkong and Shanghai Banking Corporation Limited
whose registered address is situate at No. 1 Queen's Road
Central, Hong Kong, and the said petition is directed to be
heard before the court at 11:00 am on Dec 23, and any
creditor or contributory of the said company desirous to
support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or
his counsel for that purpose, and a copy of the petition
will be furnished to any creditor or contributory of the
said company requiring the same by the Solicitors for the
Petitioner, Johnson Stokes & Master at 18th Floor, Prince's
Building, 10 Chater Road, Hong Kong, on payment of the
regulated charges for the same.


COMPANION BUILD: Group reorganisation
-------------------------------------
The Stock Exchange of Hong Kong has announced that the last
day of dealings in the ordinary shares of Companion
Building Material (Holdings) Limited will be Tuesday,
15/12/98. Upon the Scheme relating to its reorganisation
proposals becoming effective on Wednesday, 16/12/98, the
listing of which will be withdrawn. Dealings in the
ordinary shares of HK$0.01 each of Companion Building
Material International Holdings Limited will commence at
10:00 a.m. on Wednesday, 16/12/98.


ENFIELD CONSTRUCTION COMPANY LIMITED: Notice of EGM
---------------------------------------------------
A notice appeared in the Hong Kong Standard dated December
4, 1998 announcing an extraordinary general meeting of the
members of Enfield Construction Company Limited will be
held on Dec 23 at 1:30 pm at 1st Floor, Auditorium, Duke of
Windsor Social Service Building, 15 Hennessy Road, Wanchai,
Hong Kong for the purpose if thought fit of passing the
special resolution for the winding up of the company and
the appointment of Mr Nicholas Timothy Cornforth Hill and
Mr Alan Thornton Rennie of 7/F., Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong as Joint and
Several Liquidators.

Additionally, a meeting of creditors will be held on Dec 23
at  2:00 pm at 1st Floor, Auditorium, Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong
Kong for the appointment of Joint and Several Liquidators
and to consider further matters related to the creditors
voluntary winding-up of the company.


FAR EAST HOTELS: Results announcement
-------------------------------------
Far East Hotels and Entertainment Limited announced half-
year results as a net loss of HK$4.88 million on turnover
of HK$18.84 million. This compares with a HK$2.34 million
loss on turnover of HK$18.15 for the corresponding 1997
period.


H.B. INTERNATIONAL: Results announcement
----------------------------------------
H. B. International Holdings Limited announced year-end
results as a net loss of HK$326 million on turnover of
HK$703 million. This compares with a HK$635 million on
turnover of HK$1.23 billion for the corresponding 1997
period.


LEUNG KEE HOLDINGS: Results announcement
----------------------------------------
Leung Kee Holdings Limited announced half-year results as a
net loss of HK$12.7 million on turnover of HK$44.63
million. This compares with a loss of HK$8.6 million on
turnover of HK$97 million for the corresponding 1997
period.


THE PAKISTAN FUND: In members' voluntary liquidation
----------------------------------------------------
The shareholders of The Pakistan Fund approved the
voluntary winding-up of the company on 29 October 1998.
Therefore, the trading of the Shares of the Company on The
Stock Exchange of Hong Kong Limited will cease 21 December
1998. It is intended that the listing of the Shares on the
SEHK will be withdrawn with effect from the close of
business on 28 December 1998.

The Shareholders voted unanimously to approve the delisting
of the ordinary Shares with a nominal value of US$2,218,895
from SEHK, with effect from such time to be arranged
between the Liquidators and the SEHK.

Shareholders, at this stage are required to do nothing in
this regard, however, the Liquidators shall contact them in
the near future. Shareholders who are in any doubt as to
any aspect of this announcement or as to the action to be
taken should consult their stockbrokers or other registered
dealers in securities, bank managers, solicitors,
professional accountants or other professional advisers.


PEREGRINE EQUITY: Notice to creditors to prove debts
----------------------------------------------------
A notice appeared in the Hong Kong Standard dated December
4, 1998 announcing on October 7, the Company was placed in
voluntary liquidation and David Hague and John Kwok Keem Li
of PricewaterhouseCoopers, 20/F., Prince's Building,
Central, Hong Kong were appointed joint and several
liquidators.

The creditors of Peregrine Equity Capital Markets Limited,
are required to send in claims to the Liquidators of the
said company to 27/F., Island Place Tower, 510 King's Road,
North Point, Hong Kong by Jan 8, 1999. The liquidators will
then make a final distribution to creditors and a creditor
who does not make a claim by the date mentioned will not be
included in the distribution.


PIONEER INDUSTRIES: Results announcement
----------------------------------------
Pioneer Industries International (Holdings) Limited reports
half-year results as a loss of HK$62.7 million on turnover
of HK$42.8 million. This compares with a loss of HK$21.8
million on turnover of HK$58.9 million for the
corresponding 1997 period.


POWER POLY LIMITED: Winding-up petition
---------------------------------------
A notice appeared in the Hong Kong Standard dated December
8, 1998 announcing a statutory declaration of the directors
of Power Poly Limited has been delivered to the Registrar
of Companies on Dec 8 (Date of Commencement of the Winding
Up) and Steven Todd Krause and Tang Lai Yuk both of 6th
Floor, China Hong Kong Tower, 8-12 Hennessy Road, Wanchai,
Hong Kong have been appointed Joint and Several Liquidators
on the same day.


RAINBOW GATE LIMITED: Appointment of liquidators
------------------------------------------------
A notice dated December 2, 1998 appeared in the Hong Kong
Standard announcing Mr Steven Todd Krause and Mr Geoffrey
Alan Bourne both of 6th Floor, China Hong Kong Tower, 8-12
Hennessy Road, Wanchai, Hong Kong have been appointed Joint
and Several Liquidators of Ranibow Gate Limited.


SING TAO HOLDINGS: Aw sells 23pc stake in Sing Tao
--------------------------------------------------
According to the South China Morning Post, Sing Tao
Holdings chairman Sally Aw Sian has sold a 23 per cent
stake in the firm to Dublin-based China Enterprise
Development Fund (CEDF) for HK$115 million.

Sources close to the deal said Ms Aw's stake in the firm
will then be reduced to 27 per cent from 50.04 per cent.
She will retain chairmanship. However, the fund has the
right to acquire a further 10 per cent from Ms Aw during
the next two years.

Sources said the stock exchange yesterday cleared the
formal statement of agreement but the Securities and
Futures Commission held up the agreement because of some
technicalities.

The deal is expected to spark an overhaul of management and
operations of Sing Tao. CEIM will appoint two executive
directors and hire two professional managers as non-board
members. The managers will cooperate with existing
management over the daily operations of the newspapers
without making redundancies. CEIM is expected to inject
cash into Sing Tao to strengthen the newspapers through the
expansion of business and sports coverage.

CEDF has a net asset value of US$40.4 million and is
managed by China Enterprise Investment Management (CEIM).
The fund specialises in direct investment, holding
interests in a diverse range of industries, primarily on
the mainland. This will be the group's first foray into the
media.

CEIM is chaired by Sunny Yip and owned by 17 shareholders
which according to the latest information, also include
Daewoo Securities, Korea Exchange Bank and redchip Zhu Kuan
Development.

Sing Tao's share price has fluctuated widely in recent
months amid takeover speculation and court hearings into
allegations of fraud by group executives, relating to the
alleged falsification of Hong Kong Standard circulation
figures.

CEDF bought about 96 million shares at HK$1.20 a share, an
8.18 per cent premium to last Friday's HK$1.11 closing
price. The shares were suspended from the opening of
trading on Monday.


SKOBO LIMITED: In creditors' voluntary liquidation
--------------------------------------------------
A notice appeared in the Hong Kong Standard dated December
11 announcing a meeting of creditors of Skobo Limited will
be held on Dec 21 at 4:00 pm at Room 601, Admiralty Centre,
Tower One, 18 Harcourt Road, Hong Kong to appoint a
liquidator and to consider further matters relevant to the
winding up of the company during the preceding year.


WING MOU CONSTRUCTION COMPANY LIMITED: Notice of EGM
----------------------------------------------------
A notice in the Hong Kong Standard dated December 4, 1998
announces an extraordinary general meeting of the members
of Wing Mou Construction Company Limited will be held on
Dec 23 at 1:45 pm at 1st Floor, Auditorium, Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong
Kong for the purpose if thought fit of passing the special
resolution for the winding up of the company and the
appointment of Mr Nicholas Timothy Cornforth Hill and Mr
Alan Thornton Rennie of 7/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong as Joint and Several
Liquidators.

Additionally, a notice appeared in the Hong Kong Standard
dated December 4, 1998 announcing a meeting of creditors of
Wing Mou Construction Company Limited will be held on Dec
23 at 2:30 pm at 1st Floor, Auditorium, Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong
Kong to appoint Joint and Several Liquidators and to
consider further matters related to the creditors voluntary
winding up of the company.


YEEBO INTERNATIONAL: Results announcement
-----------------------------------------
Yeebo (International Holdings) Limited announced half-year
results as a loss of HK$9.4 million on turnover of HK$139
million. This compares with a gain of HK$7.63 million on
turnover of HK$224 million for the corresponding 1997
period.


=========
J A P A N  
=========

TOYOTA MOTOR: To cut domestic output as sales slow
--------------------------------------------------
Nikkei reports Toyota Motor Corp. has decided to reduce
domestic production capacity in response to sluggish car
sales, company sources said Tuesday, noting also the firm's
increasing shifts to overseas manufacturing. The auto maker
currently has 20 plants in Japan, including those of group
firms Daihatsu Motor Co., Hino Motors Ltd., Toyota Auto
Body Co. and Kanto Auto Works Ltd. The company will reduce
capacity to some 3.5 million vehicles a year over three
years from fiscal 1999, from 3.8 million at present, the
sources said.

Toyota may shut an assembly plant of Kanto Auto Works in
Yokosuka, Kanagawa Prefecture. That would be the first
domestic auto plant to close since Nissan Motor Co.  
shuttered its Zama factory in Kanagawa in 1995. The
Yokosuka plant produced 127,000 Corolla and Sprinter
subcompacts in 1997.

Domestic production by Toyota declined to 3.5 million
vehicles in 1997, compared with a peak of 4.21 million in
1990. The figure is expected to further fall to 3.2 million
this year, the sources said.


YASUDA TRUST: Shares plummet on banking fears
---------------------------------------------
Singapore Business Times reports Japan's troubled Yasuda
Trust and Banking Co Ltd crumbled on the Tokyo stock market
yesterday as the world's second largest economy cracked
down on its struggling banks. Yasuda is rated "junk" by
Moody's Investors Service and S&P Corp.

"Retail investors are selling banks that have low credit
ratings, and Yasuda Trust was the subject of the most
anxiety," said Takeshi Naito at Daiwa Securities.

About 13.6 million Yasuda Trust shares traded hands by mid-
afternoon, more than twice the three-month daily average of
5.6 million.

The bank last month said it would sell its pension business
to Fuji Bank and Dai-Ichi Kangyo Bank for 140 billion yen
(S$1.96 billion), and use the money to write of bad loans.  
The bank also said yesterday that an audit by the Financial
Supervisory Agency, which on Sunday declared Nippon Credit
insolvent, was consistent with the bank's own asset review.

Fuji Bank, as the largest shareholder in Yasuda Trust, was
also badly hit on the stock market, falling 4.5 per cent to
450 yen.


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

DAEWOO: Holds largest debt
--------------------------
Singapore Business Times reports Daewoo, South Korea's
third largest business group, is also its largest corporate
debtor, owing 44.7 trillion won (S$60.9 billion) at the end
of November, up 50 per cent from a year earlier, the
government said. Hyundai, the largest group, had 42.7
trillion won of debt at end-November, rising 1.8 trillion
won during the first 11 months, although the figure doesn't
take account of its takeover this month of bankrupt Kia
Motors Corp, for which it agreed to assume 6.39 trillion
won of liabilities.

Daewoo's debt grew by 15 trillion won in the first 11
months, said Financial Supervisory Commission officials who
asked not to be identified.

Shares of most of Daewoo's 12 listed companies are
currently trading at below face value amid persistent
speculation that the group's large debt issuance this year
is proof of serious cash-flow problems.

Group spokesman Lee Jung Seung said the debt accumulated by
Daewoo this year included 1.7 trillion won assumed when it
took over Ssangyong Motor Co but most of the rest of the
funds raised came through bond and commercial paper issues.


DAEWOO ELECTRONICS: Rift deepens over swap deal
-----------------------------------------------
The Korea Herald reports the dispute deepened between
Samsung and Daewoo groups over the proposed swap of their
respective auto and electronics units yesterday, dimming
the prospects for the early completion of industrial
realignment, business sources said yesterday. In a
statement, the Daewoo Group said that it and Samsung have
reached a broad agreement on the swap terms for Samsung
Motors Inc. and Daewoo Electronics Co.

According to the statement, Samsung has agreed to retain
all of Daewoo Electronics' current personnel, overseas
operations, parts suppliers and brand names for at least
five years after its takeover. In return, Daewoo promised
to fully absorb Samsung Motors workers and suppliers, while
leaving the firm's Pusan plant intact, it said. This,
however, was flatly denied by the Samsung Group, heralding
considerable turbulence in the forthcoming negotiations,
the sources said.

According to ministry and group officials, the two groups
showed the biggest difference over whether Daewoo Motor
will continue to produce Samsung Motors' "SM 5" passenger
car models, even after the official takeover deal is
sealed. In addition, Samsung and Daewoo still remain
different on some details of the swap terms, they noted.

Due to the latest dispute, the two groups may fail to meet
the Dec. 22 deadline for the selection of consultants to
evaluate assets of Samsung Motors and Daewoo Electronics,
he predicted.


HANBO IRON AND STEEL: Auction to accelerate 'big deals'
-------------------------------------------------------
The Korea Herald reports "big deals" in the domestic steel
industry will likely gain momentum following the
forthcoming auction of bankrupt Hanbo Iron and Steel Co.
through an international bidding, sources said yesterday.
About 10 domestic and foreign companies, including those
from India and Thailand, have expressed interest in taking
over the insolvent steel enterprise, sources said. However,
only two or three firms, including Dongkuk Steel Mill Co.,
have tendered bids as of yesterday, the deadline set by
Hanbo's creditor banks and their U.S. auction organizer,
Bankers Trust Co. (BTC), sources said.

Analysts said the auction of Hanbo will change the scope of
the domestic steel industry, disregarding the outcome of
the auction. "Whether Hanbo is taken over by a domestic or
a foreign steel maker, it is almost certain that it may
park a restructuring debate in the domestic steel
industry," said a researcher at the Korea Institute for
Industrial Economics and Trade (KIET). If Hanbo is taken
over by a domestic steel maker, it will be difficult to
expect that the overcapacity problem will be resolved, he
said. Domestic steel producers had long expected that the
oversupply of annual 9.5 million tons of steel produced
from A and B districts of the Tangjin Steelworks of Hanbo
in South Chungchong Province may be resolved through the
sell-off of Hanbo to a foreign steelmaker.

In case Dongkuk Steel fails to acquire Hanbo, the electric
furnace-based steel maker is considering taking over rival
Inchon Iron and Steel Co., a subsidiary of the Hyundai
Group, according to sources. In return, Hyundai may acquire
Union Steel Ltd., a producer of cold-rolled steel plates
owned by Dongkuk Steel. BTC, lead manager in the Hanbo
auction, said it will select the successful applicant after
consultation with Hanbo's creditor banks by the end of the
year.

Creditor banks, on their side, intend to conduct individual
negotiations with the firms that complete assessments of
Hanbo plants, regardless of their participation in the
bidding. "Even if the bidding fails, it is not likely we
will hold another round of bidding. Instead, we would find
other ways to turn over the steel maker before the year is
out," said a creditor bank official, raising the
possibility of selling off the insolvent enterprise through
private negotiations.

Although the creditor banks still want to sell Hanbo at a
price of up to 2 trillion won ($1.66 billion), negotiations
are expected to go on at around 1 trillion won. Last year,
Pohang Iron and Steel Co. (POSCO) failed to acquire Hanbo's
Tangjin plants after offering 2 trillion won ($1.6
billion). Hanbo went bankrupt in January 1997 with debts of
more than 8.35 trillion won.


HYUNDAI ELECTRONICS: Kim warns reluctant businesses
---------------------------------------------------
The Digital ChosunIlbo reports South Korean President Kim
Dae-jung said Monday that creditor banks will not stand by
if business groups do not abide by the agreements of the
so-called 'big deal'; failure to do so will result in
punitive action on the part of the banks.

Kim's remarks were made in particular reference to the
restructuring of the semiconductor sector, which involves a
merger between Hyundai Electronics and LG Semiconductor.

The reformation of the chaebols must be carried out as
agreed, if the government waivers, more negative side
effects will result, Kim added. The president also said
that while previous governments backed off chaebol
restructuring efforts in the face of opposition from the
business groups his government would not make the same
mistake. Meanwhile, Kim said he will emphasize the boost in
the nation's exports as well as the import of foreign
capital inflow next year.


LG SEMICON: Kim warns reluctant businesses
------------------------------------------
The Digital ChosunIlbo reports South Korean President Kim
Dae-jung said Monday that creditor banks will not stand by
if business groups do not abide by the agreements of the
so-called 'big deal'; failure to do so will result in
punitive action on the part of the banks.

Kim's remarks were made in particular reference to the
restructuring of the semiconductor sector, which involves a
merger between Hyundai Electronics and LG Semiconductor.

The reformation of the chaebols must be carried out as
agreed, if the government waivers, more negative side
effects will result, Kim added. The president also said
that while previous governments backed off chaebol
restructuring efforts in the face of opposition from the
business groups his government would not make the same
mistake. Meanwhile, Kim said he will emphasize the boost in
the nation's exports as well as the import of foreign
capital inflow next year.


SAMSUNG MOTORS: Rift deepens over swap deal
-------------------------------------------
The Korea Herald reports the dispute deepened between
Samsung and Daewoo groups over the proposed swap of their
respective auto and electronics units yesterday, dimming
the prospects for the early completion of industrial
realignment, business sources said yesterday. In a
statement, the Daewoo Group said that it and Samsung have
reached a broad agreement on the swap terms for Samsung
Motors Inc. and Daewoo Electronics Co.

According to the statement, Samsung has agreed to retain
all of Daewoo Electronics' current personnel, overseas
operations, parts suppliers and brand names for at least
five years after its takeover. In return, Daewoo promised
to fully absorb Samsung Motors workers and suppliers, while
leaving the firm's Pusan plant intact, it said. This,
however, was flatly denied by the Samsung Group, heralding
considerable turbulence in the forthcoming negotiations,
the sources said.

According to ministry and group officials, the two groups
showed the biggest difference over whether Daewoo Motor
will continue to produce Samsung Motors' "SM 5" passenger
car models, even after the official takeover deal is
sealed. In addition, Samsung and Daewoo still remain
different on some details of the swap terms, they noted.

Due to the latest dispute, the two groups may fail to meet
the Dec. 22 deadline for the selection of consultants to
evaluate assets of Samsung Motors and Daewoo Electronics,
he predicted.


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

GADEK (MALAYSIA) BHD: Results - 30/9/98
---------------------------------------
Gadek (Malaysia) Bhd (listed on the KLSE) posted a pre-tax
loss of RM71.0mil for the 6months ended 30/9/98, compared
to a pre-tax profit of RM227.99mil previously. The loss was
attributed to lower contribution from the financial
services and automotive units.


KEDAH CEMENT: Blue Circle denies swap arrangements
--------------------------------------------------
Malayan Cement Bhd, a 58 per cent owned unit of UK's Blue
Circle plc, said its parent company is not involved in any
swap arrangements with ING Barings to help fund managers
repatriate foreign funds trapped in Malaysia under the
exchange control measures. Malayan Cement managing director
Alistair Cox, however, declined to say if such an
arrangement had been struck with Robert Fleming.

It was reported that Robert Fleming proposed that trapped
investors swap foreign exchange from foreign direct
investors such as Blue Circle's investment in Malaysia, but
it is not known if the Malaysian authorities approve of
such plans. Should this deal go through, Blue Circle stands
to gain a windfall from the discounted exchange rate.

The funds are expected to finance Blue Circle's intention
to take up a 65 per cent stake in Kedah Cement Holdings Bhd
from Hicom Holdings Bhd and Bolton Bhd in a deal costing
some RM1.9 billion (S$826.1 million) in cash and assumed
debt. Malayan Cement's proposal to buy Kedah Cement in
October came just two months after it announced plans to
buy Pan Malaysia Cement Works Bhd's 50 per cent stake in
Associated Pan Malaysia Cement (APMC) and its other cement
and building material units in Malaysia and Singapore for
about RM1.2 billion.

The RM3 billion purchases will turn Malayan Cement into the
largest player in the Malaysian cement industry, commanding
some 50 per cent of total market share in peninsular
Malaysia.


LONG POWER BUSINESS SUPPLIES SDN BHD: Voluntary winding-up
----------------------------------------------------------
The members of Long Power Business Supplies Sdn Bhd on
7/12/98 resolved to wind-up the company voluntarily.


MEGA FIRST CORP BHD (MFCB): Results - 30/6/98
---------------------------------------------
MFCB (listed on the KLSE) posted a pre-tax loss of RM24mil
for the year ended 30/6/98, compared to a pre-tax profit of
RM10.7mil previously. The loss was attributed to weak
copper price and sharp decline in the local currency,
raised operating cost and cut the group's profit margin.
The group may divest some assets as it consolidates.


SELANGOR DREDGING BHD: Results - 30/9/98
----------------------------------------
Selangor Dredging Bhd (listed on the KLSE) posted a pre-tax
loss of RM5.8mil for the 6months ended 30/9/98, compared to
a pre-tax profit of RM4.5mil previously. The loss was
attributed to the weaker performance in the hotel and
manufacturing sectors as well as write down on investments.


SYARIKAT WELSAN WHOLESALE: Winding-up petition
----------------------------------------------
Foong Lee Footwear Corporation Sdn Bhd on 15/9/98
petitioned for the winding-up of Syarikat Welsan Wholesale
Cash & Carry (M) Sdn Bhd. The petition is directed to be
heard on 5/1/99.


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

FIRST WOMEN'S: SEC asked to appoint interim committee
----------------------------------------------------
BusinessWorld reports Japanese-American businessman Shig
Katayama is asking the Securities and Exchange Commission
(SEC) to appoint an interim management committee to take
over the management of First Women's Credit Corp. (FWCC).

In a motion, Katayama counsel Eduardo de los Angeles said
there is an urgent need for the SEC to create the interim
body "due to the massive diversion and misuse" of FWCC
funds by its incumbent officials. Mr. de los Angeles
pointed an accusing finger to FWCC officials, including
businessman-musician Ramon Jacinto, Jaime Colayco,
Concepcion Sangil, and Asuncion Cruz. He said when Mr.
Jacinto was still head of FWCC, the respondents diverted
FWCC funds to his companies which include: RJ Holdings,
Rajah Broadcasting Network, RJ Music, RJ Bistro, RJ FM,
Bentogo, RJ Production, RJ TV, and Telemarketing. Mr. de
los Angeles said some 535 million Philippine pesos (PhP)
FWCC funds had been diverted in favor of these companies.


KEPPEL PHILIPPINES: Completes restructuring program
---------------------------------------------------
BusinessWorld reports the restructuring of the shipyard and
property-related of Keppel Philippines Group is now on its
final stretch as it starts the share swap offer for Keppel
Philippine Properties, Inc. (KPPI) and Keppel Philippines
Marine, Inc. (KPM) yesterday at the stock exchange. Keppel
Philippines Holdings, Inc. (KPHI) vice-president for
administration and treasurer Kevin Chee told BusinessWorld
that in line with the restructuring program, the management
of KPHI recently offered minority shareholders of KPPI to
exchange their shares with that of KPM. Mr. Chee said under
the share swap, one KPPI share will be exchanged for 3.4
shares in KPM.

At the stock exchange, KPM sold in two blocks 281.17
million shares priced at 1.18 Philippine pesos (PhP) per
share or a total of PhP1.78 million. KPPI sold 82.69
shares, also in two blocks, for PhP3.98 per share or a
total of PhP329.13 million. Mr. Chee said the restructuring
is nearing completion and will be finalized before the end
of the year.


MONDRAGON INTERNATIONAL: New investor sought for resort
-------------------------------------------------------
Singapore Business Times reports the Philippine government
plans to find a new investor to complete the development of
a golf-and-casino resort that was seized on Monday from
Mondragon International Philippines Inc, a senior official
said. Clark Development Corp, the state-owned company that
took control of Mimosa Leisure Estate north of Manila, said
it will discuss with creditors the rehabilitation of the
resort.

Mondragon Leisure & Resorts Corp, the Mondragon unit that
runs Mimosa, owes about 4.8 billion pesos (S$203.2 million)
to banks such as Metropolitan Bank & Trust Co, Far East
Bank & Trust Co, United Coconut Planters Bank and Asian
Banking Corp, Clark Development said.

Clark Development terminated Mondragon's land lease and
took control of Mimosa's assets on Monday on the grounds
that the Manila-based developer violated its contract.
Clark said Mondragon failed to pay 427 million pesos in
rent and has not built a five-star hotel and water park it
promised. The Mimosa Regency Casino has been shut down
until state-owned Philippine Amusement and Gaming Corp can
put in place its own personnel. The rest of the resort
continues to operate.

The seizure of Mimosa could deal a crippling blow to
Mondragon, a former distributor of Nike Inc footwear and
Shiseido Co cosmetics that bet its future on the
transformation of an abandoned US airbase into the Las
Vegas of Asia.

Mondragon had only 51 million pesos in cash at the end of
the third quarter, according to Vickers Ballas Securities
(Phils) Inc. The developer's total debt was 5.2 billion
pesos.


PHILIPPINE AIRLINES: Cathay says PAL bid still possible
-------------------------------------------------------
According to the Hong Kong Standard, a senior officer of
Cathay Pacific Airways said that Cathay will consider
reviving its bid to invest in PAL if the latter agrees to
certain terms and conditions regarding valuation of PAL's
shares and assets, control of PAL management and the labor
issue.


SERG'S PRODUCTS: Creditors want debt shelf bid dismissed
--------------------------------------------------------
BusinessWorld reports creditor banks of chocolate maker
Serg's Products, Inc. are saying no to the cash-strapped
firm's debt relief petition lodged before the Securities
and Exchange Commission (SEC). Philippine Commercial
International Bank (PCIBank) and PCI Leasing and Finance,
Inc. have in fact, asked the SEC to dismiss Serg's
Product's debt shelf bid. In their joint petition, they
said Serg's Products "has made several misrepresentations"
concerning its finances to convince the SEC to approve its
debt relief petition.

In its petition, Serg's said its assets are valued at 1.997
billion Philippine pesos (PhP) consisting of real estate
and plant facilities. PCIBank and PCI Leasing, however,
said the declared value of Serg's assets was "grossly
misrepresented and overstated to the extent of
PhP24,967,250.99." In particular, they said the firm does
not have as much as PhP24.97 million in cash deposited in
PCIBank's Pasig branch as disclosed to the SEC. As of
September 30, the two creditors said Serg's Products only
had PhP5,929.74 deposited in its PCIBank account.


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

ECON INTERNATIONAL: Results announcement
----------------------------------------
Singapore Business Times reports foreign exchange losses,
higher interest and depreciation costs saw Econ
International's interim net profit halved to $2.78 million
for the six months ended Sept 30. This compares with a net
profit jump of 31 per cent to $5.55 million in the same
period last year. For the full year to March 1998, a
second-half loss caused Econ's net profit to drop 35 per
cent to $5.3 million. Turnover was up 1.7 per cent to
$211.6 million for the six months to Sept 30, with
engineering and construction remaining the main contributor
despite the sector's slowing growth. Turnover in this
sector rose 8.2 per cent to $152.4 million. Building
materials and equipment sales fell 9.5 per cent to $55.3
million.


HOTEL PROPERTIES: Selling Queensland and Haagen-Daaz store
----------------------------------------------------------
Hotel Properties Ltd (HPL) is selling a Queensland site as
well as its Haagen-Daaz ice-cream franchise in Hongkong.

HPL said the sale of the Surfers Paradise, Queensland site,
called the Chevron site, would reverse an earlier over-
provision of $2.8 million on the site. Previously, HPL had
written down $27.7 million in the value of the site to
$27.7 million. Thus, the A$30 million (S$30.7 million) sale
will reverse an over-provision of about S$2.8 million.

HPL also said it is selling its Hongkong ice-cream
franchise to stem further losses. The franchise has been
losing money for the last five years. The sale of Pinedale
(HK) Ltd will yield a gross gain of $1 million.

HPL entered into a Surfers Paradise joint venture in April
this year with Australia's Raptis group to develop a
residential, commercial cum entertainment complex on HPL's
1.96-ha Chevron site. HPL's wholly-owned subsidiary
Coralbell Pty Ltd, which owns the Chevron site, was to have
transferred a 3,250 sq m piece of land to the joint venture
for an estimatedA$6.5 million.

But Coralbell has now agreed to sell the entire Chevron
site to Raptis and its parent company Sinmat Pty Ltd,
together with some shop units and a car park building.

Sinmat has paid Coralbell a A$1.5 million deposit. On
completion of the sale in April next year, Sinmat and
Raptis will pay Coralbell A$48.5 million. The remaining
A$20 million will be fully paid by November 2001.

The parties have also entered into various security
agreements relating to the deal. Completion of the sale is
conditional on approval by the Australian authorities.

In a separate agreement, HPL's wholly-owned subsidiary
Pinedale Holdings has agreed to sell to Hongkong-based
Pillsbury China Ltd its 100 per cent stake in Pinedale (HK)
Ltd for HK$11.72 million (S$2.5 million).

HPL posted a S$42.7 million loss in the first half. Its
1993 warrants expired in October with few, if any,
conversions, leaving the company with the problem of
raising $140 million to redeem its 3.5 per cent loan stock
which matured last month.


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

SIAM AGRO: Planters still owed B42m by cannery
----------------------------------------------
The Bangkok Post reports Siam Agro-Industry Pineapple Plc
(SAICO), which ceased production more than two years due to
liquidity problems, still owes pineapple planters 42
million baht, according to Kittikun Jarusasi, president of
the Pineapple Planters Federation of Thailand. Of the total
debt, 32 million baht is owed to small planters and 10
million baht to Rayong Estate Agricultural Cooperatives.

Mr Kittikun urged that debts owed to the planters and the
cooperatives take precedent over other debts.

He welcomed the announcement that there were negotiations
concerning two options: to sell SAICO's factory, or sell
shares to foreign investors to repay debt - both with the
aim of resuming production. However, he did not believe
that the negotiations would be successful as SAICO still
had many unsettled debts.

Thai Farmers Bank Plc, SAICO's largest creditor, which was
reported to have extended the company almost two billion
baht, was playing a key role in helping the company find a
new partner. Mr Kittikun said the federation wanted the
bank to disclose accurate information on action the company
was taking to address the debt problem as there were
numerous unconfirmed rumours circulating. Another source
said it was most likely that the Thai Farmers Bank Plc loan
would become non-performing by the end of this year.


SRI RACHA HARBOUR: Banks to ease burden on firm
-----------------------------------------------
The Nation reports the three leading domestic banks have
agreed to restructure loans worth Bt3 billion to Sri Racha
Harbour Ltd, one of NTS Steel Group's subsidiaries, with
the expectation that a memorandum of understanding will be
signed by next month. Sri Racha Harbour's chief executive
officer Chamni Janchai, revealed that Bangkok Bank (BBL),
the Industrial Finance Corporation of Thailand (IFCT) and
the Siam City Bank (SCIB) had Wednesday given the green
light to the company's debt restructuring.

Sri Racha Harbour, managed by steel tycoon Sawasdi
Horrunruang, is the first NTS subsidiary to undergo debt
restructuring with the Bank of Thailand acting as a
middleman. The NTS subsidiary had coordinated with its
creditors about two months earlier in a bid to estimate its
financial position, its cashflow and its future prospects.

Chamni said that based on the central bank's and its
creditors' estimations, Sri Racha Harbour is still viable
and has good potential for growth.

Moreover, NTS Steel Group's foreign creditors have allowed
it to suspend interest and principle repayment on its
US$260 million in bonds until next June.

Mcdonald Inc is working as a financial adviser for the
firm's debt restructuring plan and the preliminary plan is
expected to be ready by mid-January.


THAI PETROCHEMICAL: Delays briefing on debt plan
------------------------------------------------
The Nation reports Thai Petrochemical Industry Plc, which
owes US$3.2 billion to 148 creditors, Wednesday postponed
an announcement on its debt-restructuring plan, scheduled
for Thursday, to a date after Jan 5, according to a company
executive.

Patchaneeya Sukcharoen, assistant vice president, said the
new date has yet to be fixed but it will be after the New
Year holiday. At the last meeting of creditors on Dec 7,
the vote was unsuccessful as some creditors had not
obtained approval from their parent companies.

As of Wednesday, some of the creditors had yet to vote for
Chase Manhattan, the plan's adviser. As the TPI plan is out
of court, approval is probably needed from all creditors.

A source from Bangkok Bank, one of the major Thai
creditors, said if negotiations out of court failed to
produce an agreement, it is inevitable that the firm will
have to file for rehabilitation under the law. This will
costs the firm more money while creditors could face more
damage from an additional share of losses in the 'haircut'
process.

According to the Chase plan, being voted by TPI creditors,
the creditors are to convert 10 per cent of the debt into
equity or in other words, the creditors' share of the
losses is 10 per cent of the outstanding loan amount. This
will be converted into 30 per cent of the firm's equity.

The plan is to postpone the payment of principal and
interest for a period of five years.

An industry source said a change of management is one of
the biggest issues in the case since the current
management, led by Prachai Leopairatana, would have to
fight to retain control, while creditors want to seek a
management change to ensure that proceeds from business
recovery under the plan will return to the company.

Wednesday's postponement was the second by TPI, which has
the country's second largest private-sector debt after the
Siam Cement Group. As a group, TPI and TPI Polene owe a
total of $4.2 billion to creditors.

Earlier, the group named Merryll Lynch as adviser for TPI
Polene and sought to sell the cement firm but the offer was
too low, according to a major shareholder. Negotiations for
the sale of TPI Polene were conducted with Cement of
Mexico, one of the world's largest cement makers.


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

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