---

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      

      Friday, December 18, 1998, Vol. 1, No. 210

                    Headlines


* C H I N A   &   H O N G   K O N G *

GUANGDONG ENTERPRISES (HOLDINGS): GDE revamp taps Goldman
KWONG ON BANK: DBS takes control
LEADING EDGE: Denounces actions by minority shareholder
SING TAO HOLDINGS: Snags delay Sing Tao clearance


* I N D O N E S I A *

SALIM GROUP: To sell control of Indofood for US$570m


* J A P A N *

HASEKO CORP: To seek 390 bln yen debt waiver
JLA CREDIT CORP: US firm buys US unit of Japan Leasing
NIPPON CREDIT: Gartmore swoops after bank collapses
SECOM CO: Announces liquidation of seven subsidiaries
YAOHAN JAPAN: Former chief pleads guilty to hiding losses


* K O R E A *

DACOM: Dacom in talks to sell stake
DAEGU BANK: Moody's downgrades financial strength ratings
HANA BANK: Moody's downgrades financial strength ratings
HANBO IRON AND STEEL: Creditors to sell off bankrupt Hanbo
HYUNDAI: Four chaebols seal reform accords

KIA MOTORS: New president announced
KORAM BANK: Moody's downgrades financial strength ratings
LG: Four chaebols seal reform accords
SK: Four chaebols seal reform accords
SAMSUNG: Four chaebols seal reform accords

SHINHAN BANK: Moody's downgrades financial strength ratings


* M A L A Y S I A *

LIM CHOOI SENG (CHENDERIANG) SDN BHD: Voluntary winding-up
LIM CHOOI SENG (JINJANG) SDN BHD: Voluntary winding-up
MCSB SYSTEMS (M) BHD: Results - 30/9/98
METROKNIT SDN BHD: Winding-up petition
NATWEST MARKETS (MALAYSIA) SDN BHD: Voluntary winding-up

NISHIHARA SALPAC ENGINEERING SDN BHD: Winding-up petition
PERUSAHAAN OTOMOBIL NASIONAL BHD: Results - 30/9/98
POLY GLASS FIBRE (M) BHD: Results-31/8/98
SYABAS HOLDINGS SDN BHD: Winding-up petition
TAIWALAND ELECTRONICS CO. (KL) SDN BHD: Winding-up petition


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

MONDRAGON INTERNATIONAL: CIBI downgrades debt rating


* S I N G A P O R E *

WBL CORP: Results announcement
WEARNES INTERNATIONAL: Results announcement


* T H A I L A N D *

EASTERN WIRE: JCC sells stake in subsidiary
SAHA GROUP: To take bond route to cut debt burden
SAHAVIRIYA CITY: Kay Thai to proceed with Sahaviriya suit


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

GUANGDONG ENTERPRISES (HOLDINGS): GDE revamp taps Goldman
---------------------------------------------------------
According to the South China Morning Post, Guangdong
provincial government yesterday announced the appointment
of Goldman Sachs as its financial adviser for the
restructuring of Guangdong Enterprises (Holdings) (GDE),
its investment arm in Hong Kong, in an overhaul to restore
confidence of international lenders and investors.

Guangdong executive vice-governor Wang Qishan said he hoped
the exercise would turn out to be a model for enterprise
reform in the mainland. He said the Guangdong government
would provide what it could in terms of fresh capital and
assets for Guangdong Enterprises, depending on the
recommendations of Goldman Sachs. He said the decision to
restructure had the full support of the provincial
government and the central government in Beijing. He also
said the provincial government did not make similar rescue
of Gitic because Gitic as a financial institution falls
within the jurisdiction of the People's Bank of China and
it would be outside of the provincial government's scope to
intervene in Gitic's case. Besides there were differences
in the amounts involved in bailing out the two firms. The
provincial government, having engaged KPMG to carry out due
diligence work, had an idea of the financial status of
Guangdong Enterprises.

Goldman Sachs itself would make an equity investment of up
to US$20 million in GDE as the restructuring progressed.
Goldman Sachs officials said this would not constitute a
conflict of interest with its role as a financial adviser.
The move is being seen by market observers as an investment
in goodwill rather than one aimed at securing financial
returns.

The objective of restructuring GDE was to create a truly
commercially viable and financially independent entity. A
restructuring team, comprising law firms Shearman &
Sterling and Richards Butler, and accounting firm KPMG,
would work with Goldman Sachs to formulate and assist in
the implementation of the restructuring plan, which would
encompass corporate, financial and management aspects.

Mr Wang hinted at a cut in staff seconded from the
mainland, citing the high costs of maintaining a large
number of them as among the company's problems. It is not
yet known whether the overhaul will involve all or
some of the Guangdong Enterprises-controlled listed
companies -- Guangdong Investment, GuangDong (Holdings),
Guangdong Brewery, Guangdong Building Industries.


KWONG ON BANK: DBS takes control
--------------------------------
Singapore Business Times reports DBS Bank yesterday took
control of Hongkong's Kwong On Bank after securing a
minimum of 65 per cent stake in the listed bank. In a
rather innovative offer through its wholly-owned subsidiary
DBS Group Holdings (Hongkong), DBS has secured undertakings
amounting to 36.5 per cent of Kwong On Bank from Fuji Bank,
14.9 per cent from members of the Leung and Chang families
and another 13.6 per cent from Kwong On Holdings, which is
a joint venture between Fuji Bank and the Leung family.

Under the first option, Kwong On was valued at about
HK$3.56 billion (S$757.9 million). The 65 per cent stake
secured would therefore cost DBS HK$2.31 billion. DBS,
which raised about $1 billion in a rights issue earlier
this year, said the purchase would be financed by internal
resources.


LEADING EDGE: Denounces actions by minority shareholder
-------------------------------------------------------
Leading Edge Packaging, Inc. responded that the actions
announced earlier today by the minority shareholder,
Chung Hwa Development Holdings Limited, Hong Kong in
removal of current members of the Board of Directors are
unauthorized and of no effect. The Company deems Chung
Hwa's use of the PR Newswire to make such an announcement
improper and detrimental to the interest of the Company and
its other shareholders. Mr. L.B. Saw, Chairman & CEO, said,
"The announcement by Chung Hwa is a desperate, self-serving
attempt to divert attention from its own financial problems
and insolvency in Hong Kong."

Leading Edge Packaging, Inc. manufactures, sells and
distributes in North America, Europe and Asia, packaging
products used primarily in the sale of luxury consumer
goods, which include metal and plastic based jewelry cases,
optical cases, pouches and bags, watch cases and gift
boxes. The Company has offices and a showroom in New York
City as well as office and warehouse facilities in New
Jersey.


SING TAO HOLDINGS: Snags delay Sing Tao clearance
-------------------------------------------------
According to the South China Morning Post, shares in Sing
Tao Holdings remained suspended for a third day yesterday
as an announcement on the sale of a substantial stake in
the firm again failed to appear.

In connection with the selling of 23 per cent of the
company chairman Sally Aw's stake to Dublin-based China
Enterprise Development Fund (CEDF), clearance of a  formal
statement by Securities and Futures Commission was held up
for "technicalities".

Sources said these concerned the rules governing the fund
and in particular that covering the ratio of an equity
investment to the fund's total asset value. They said the
Sing Tao stake would account for 35 per cent of the fund's
US$40 million total assets. If the fund paid in cash, the
deal would dry up its cash reserves and leave it 95 per
cent invested. One source said the rules are complicated
and this happens to all direct investment funds.

Sources said Ms Aw's personal financial situation had
deteriorated, with her investment portfolio -- mostly
properties in Canada and Australia -- performing poorly.

Ms Aw has been choosy in selecting a buyer for the stake,
backing away last week from a possible sale handled by her
representative Jardine Fleming Group and the purchaser's
representative Lazard Freres and Co. Jardine Fleming
resigned on Saturday as Ms Aw's financial adviser after
that.

Sources said Ms Aw had applied for a waiver to listing
rules allowing her to deal in Sing Tao's shares within a
month of filing results. The company will release its
results for the six months to September on Wednesday. Sing
Tao slumped to a HK$115.99 million net loss last year.

The Hong Kong Standard briefly reported Sing Tao's shares
had been suspended since Monday.


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

SALIM GROUP: To sell control of Indofood for US$570m
----------------------------------------------------
Singapore Business Times reports Salim Group, Indonesia's
largest business empire until the downfall of former
president Suharto, agreed yesterday to sell control of the
country's biggest noodle-maker for US$570 million (S$940.2
million) in cash and stock. First Pacific Co, Salim's
Hongkong affiliate, will set up an equal joint venture with
Japan's Nissin Food Products Ltd to buy a 60 per cent stake
in PT Indofood Sukses Makmur, which sells Indomie and other
brands. The price is 3,950 rupiah a share, equal to
Indofood's closing price on Tuesday, the buyers said.

Earlier this year, the Salims scrapped a plan to sell
Indofood to another subsidiary, Singapore-based QAF Ltd,
which had valued the company at US$3.2 billion. The
cancellation came after months of delay caused by the
collapse of the rupiah and Indofood's share price.

The latest plan allows the group, which, under Mr Suharto,
enjoyed privileges such as a flour monopoly, to shift
assets offshore and may shield it against the decline of
its chief patron. The group has recently been stripped of
many of those benefits and is struggling to repay about
US$10 billion in debt.

The Salim Group needs to repay about 48 trillion rupiah
(S$10.3 billion) to the government, about a third of the
141 trillion in emergency credits swallowed by the
country's ailing banks earlier this year. Before the sale,
the Salim Group held 62.7 per cent of Indofood. After the
sale of the 60 per cent stake, the group will give the
remaining 2.7 per cent to the Indonesian government.

Indofood has about US$1 billion in debt, which will remain
with the company. Eighty per cent of its debt is hedged
through dollar deposits or forward contracts at exchange
rates of 2,330 rupiah to 7,380 rupiah to the US dollar,
First Pacific said.


=========
J A P A N  
=========

HASEKO CORP: To seek 390 bln yen debt waiver
--------------------------------------------
Nikkei reports Haseko Corp. decided Thursday to ask its
creditor banks to forgive 390 billion yen owed by the     
condominium builder, which is striving to remain afloat,     
sources said. Haseko will ask each of its 38 creditor banks
to relinquish 48% of their outstanding claims on its
uncollateralized debt of just over 810 billion yen. Main
financial backers Daiwa Bank, Industrial Bank of Japan and
Mitsui Trust & Banking Co. are expected to agree to the
request.

The company's board of directors will hold an emergency     
meeting as early as Friday to decide formally on a     
restructuring plan centered around the debt forgiveness.

In a show of responsibility for the company's problems,
Kohei Goda, Haseko's president and a member of its founding     
family, will step down. He will be replaced by Toshihisa
Dake, the firm's executive managing director and formerly a
senior official in the Construction Ministry.

As a condition for the debt forgiveness, Haseko will sell     
Brighton Corp., operator of the Brighton chain of hotels,
as well as assets with latent gains, including its Tokyo     
headquarters. Haseko will focus on mainline condominium     
construction and sales and will eliminate 1,000 jobs by
March 2000.


JLA CREDIT CORP: US firm buys US unit of Japan Leasing
------------------------------------------------------
Kyodo News reports Resource America Inc. said Wednesday
that its wholly owned leasing subsidiary has agreed to
acquire JLA Credit Corp., a small- ticket U.S. leasing
subsidiary of Japan Leasing Corp., an affiliate of the
nationalized Long-Term Credit Bank of Japan. Resource
America, a specialty-finance company principally engaged in
real estate finance, equipment leasing and energy finance,
said the acquisition by Fidelity Leasing Inc. of JLA Credit
will be done for a combination of cash, including financing
to be arranged by Resource America, and the assumption of
existing JLA Credit debt.

Resource America said it values the transaction at
approximately 350 million dollars, adding that the
transaction will likely occur in January 1999. The
acquisition of JLA Credit will increase Resource America's
assets under management to more than 1.3 billion dollars,
it said.

Like Fidelity Leasing, JLA Credit underwrites, finances and
services noncancelable, full-payout equipment leases. JLA
Credit's parent firm, Japan Leasing, is now in the process
of restructuring with court protection from creditors.

As of Oct. 31, 1998, JLA Credit had a net investment in
leases of 324.4 million dollars and total assets of 367
million dollars.


NIPPON CREDIT: Gartmore swoops after bank collapses
---------------------------------------------------
The Guardian reports a British asset management firm is
poised to exploit this weekend's failure of one of Japan's
largest banks by taking over a lucrative investment trust
joint venture. With an eye on Japan's vast pool of assets,
Gartmore Investment Management, which is an affiliate of
National Westminister Bank -- is reportedly preparing to
buy a controlling interest in the venture from Nippon
Credit Bank and other shareholders.

According to the Nihon Keizai Shimbun, Nippon Trust has
already agreed to sell Gartmore its 20 per cent stake in
NCG Investment Trust, one of Japan's most successful asset
management firms. Gartmore, which already owns 10 per
cent of NCG, is preparing to buy a further 7 per cent share
from Yamaichi and another failed brokerage.

A takeover would bring several benefits for the British
firm, which has suffered recently from an exodus of clients
in other markets. LCG, one of Japan's 40 largest investment
trusts, controls assets worth 55 billion yen and has built
a reputation for expertise in overseas equity markets.

It is expected to share the ownership of NCG with Chuo
Trust, the institution which is seen as most likely to take
over a rehabilited Nippon Credit.


SECOM CO: Announces liquidation of seven subsidiaries
-----------------------------------------------------
Asia Pulse reports Secom Co. has announced the liquidation
of seven subsidiaries, including Secomcad Co., a seller of
CAD (computer-aided design) software. As a result, the
company would post a liquidation loss of about 9.7 billion
yen (US$83.9 million) as an extraordinary loss for the  
current fiscal year ending March. But offsetting the loss
would be an extraordinary profit worth 12.07 billion yen
(US$104.4 million) from the sale of stock in its subsidiary
Tokyo Internet Corp.


YAOHAN JAPAN: Former chief pleads guilty to hiding losses
---------------------------------------------------------
Singapore Business Times reports the former president of
failed supermarket operator Yaohan Japan Corp yesterday
pleaded guilty to charges of directing the company to
falsify its financial statements and pay illegal dividends
to shareholders, according to a Kyodo news service report.
Terumasa Wada, 67, former head of the Yaohan group's core
company, entered the guilty plea in the first hearing of
his case at the Shizuoka District Court.

Prosecutors allege the defendant violated the Commercial
Code and the Securities and Exchange Law. According to the
indictment, Wada allegedly instructed the company to dress
up financial statements to show profits of about 250
million yen (S$3.6 million) in the March 1996 settlement,
hiding losses of some 12.6 billion yen. The indictment
alleges that Wada submitted the falsified financial
statements to the finance minister in August 1996.

Wada is also suspected of having the company pay
shareholders a total of 1.38 billion yen in dividends at
the March and September 1996 settlements, while the company
was in the red.

In September 1997, Yaohan Japan, which was operating 44
domestic outlets, applied for court protection from
creditors after amassing 185 billion yen in liabilities,
the largest debt ever for a retailer in post-war Japan.


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

DACOM: Dacom in talks to sell stake
-----------------------------------
According to the Hong Kong Standard, Dacom, South Korea's
second-largest telephone company, said it was in talks to
raise as much as US$250 million by selling a stake to
Japan's Nippon Telegraph & Telephone. A Dacom spokesman
said the Japanese company is only one of four negotiators
and nothing has been set up so far. He said a scheduled
directors meeting next week is to approve its 1999 business
blueprint and budget.

The Naeway Economic Daily cited industry sources as saying
that the deal will be completed as early as Dec 23 since
the two companies have been talking about a strategic
alliance since October.


DAEGU BANK: Moody's downgrades financial strength ratings
---------------------------------------------------------
Moody's Investors Service downgraded the financial strength
ratings of four Korean banks on Thursday, citing the
deterioration in their financial fundamentals, according to
the Korea Times. The four are Shinhan Bank, Hana Bank,
KorAm Bank and Daegu Bank. The New York-based rating agency
said the financial strength of the four banks were lowered
from "D" to "E-plus."

Moody's said the lowering reflected the weakening financial
fundamentals of the banks, arising from the ongoing
difficult economic environment and their inability to
generate sufficient offsetting earnings within a reasonable
period of time.

But, Moody's confirmed all ratings of Kookmin Bank and
Housing & Commercial Bank (H&CB) as well as the debt
ratings of Shinhan, Hana, and KorAm.


HANA BANK: Moody's downgrades financial strength ratings
--------------------------------------------------------
Moody's Investors Service downgraded the financial strength
ratings of four Korean banks on Thursday, citing the
deterioration in their financial fundamentals, according to
the Korea Times. The four are Shinhan Bank, Hana Bank,
KorAm Bank and Daegu Bank. The New York-based rating agency
said the financial strength of the four banks were lowered
from "D" to "E-plus."

Moody's said the lowering reflected the weakening financial
fundamentals of the banks, arising from the ongoing
difficult economic environment and their inability to
generate sufficient offsetting earnings within a reasonable
period of time.

But, Moody's confirmed all ratings of Kookmin Bank and
Housing & Commercial Bank (H&CB) as well as the debt
ratings of Shinhan, Hana, and KorAm.


HANBO IRON AND STEEL: Creditors to sell off bankrupt Hanbo
----------------------------------------------------------
The Korea Herald reports creditor banks of bankrupt Hanbo
Iron and Steel Co. decided yesterday to cancel an    
international auction for the bankrupt steel maker and sell
it through private negotiations next January, bank
officials said. "The Korea First Bank and other creditors
have decided not to select a winning bidder due to wide gap
between asking and bidding prices," the bank said in a     
statement.

At a meeting, officials at Hanbo's 15 creditor groups
decided instead to sell off Hanbo through private contract
with would-be buyers offering the best price and other
terms, KFB officials said. The conditions offered by the
bidders were too far off from the prices suggested by     
creditors, he added. Only two bidders- Dongkuk Steel Mill
Co. of Korea and NTS of Thailand- tendered bids by
Wednesday's deadline, set by creditor banks and their U.S.    
auction organizer, Bankers Trust Company (BTC).

Dongkuk offered to acquire Hanbo's Tangjin plants for about
1 trillion won ($826 million), far lower than 2 trillion
won internally set by the creditors. NTS showed interests
only in B district of Tangjin steelwork facilities. "There
is no possibility of holding an international bid again. We     
will make individual contacts with interested companies for
consultation on the takeover terms," the official said.
"The final successful bidders will be determined in January
through negotiations as it is our position to dispose of
the steelmaker at an earliest date possible," he added.


HYUNDAI: Four chaebols seal reform accords
------------------------------------------
According to the Korea Herald, four of the nation's top
five conglomerates- Hyundai, Samsung, LG and SK-concluded     
agreements on corporate restructuring with their respective
creditor banks yesterday. The Daewoo Group said it will
sign the pact with its creditor bank, Korea First Bank,
tomorrow.

Under the accords, which take effect immediately, the
conglomerates are required to improve their financial
health, reduce the number of subsidiaries and enhance
managerial transparency.

Under an earlier agreement between the government and top
five chaebol owners, the five groups agreed to halve the
number of their subsidiaries in two years and to
drastically reduce huge amounts of debts by inducing
foreign capital by the end of 1999. They pledged to cut the
number of their business units from the present 271 to 136
by the end of 2000, while lowering their debt-to-equity
ratios to below 200 percent by the end of 1999.

The government and creditor banks are to check the
implementation process of the agreements every three
months. The top five conglomerates' failure to implement
the details of the agreements would lead to suspensions of
new loans by financial institutions and immediate
withdrawals of loans.


KIA MOTORS: New president announced
-----------------------------------
The Korea Times reports Kim Soo-joong, former president of
Hyundai Motor Co., was named president of Kia Motors Corp.
and Asia Motors Co. yesterday. Five other Hyundai
executives were also appointed as executives of Kia Motors
and two Hyundai executives were named executives of Asia
Motors and Kia Motors' sales unit in a reshuffle that Yoo
Chong-yul, court-appointed manager of Kia and Asia,
conducted for the first time since Hyundai took over the
two auto makers early this month. The appointment was made
after the court approved it.

Song Byung-nam, president of Kia Motors; Chung Doo-chae,
vice chairman of Asia Motors; and Kim Kang-soon, president
of Asia Motors, will act as advisors until the completion
of the takeover work.


KORAM BANK: Moody's downgrades financial strength ratings
---------------------------------------------------------
Moody's Investors Service downgraded the financial strength
ratings of four Korean banks on Thursday, citing the
deterioration in their financial fundamentals, according to
the Korea Times. The four are Shinhan Bank, Hana Bank,
KorAm Bank and Daegu Bank. The New York-based rating agency
said the financial strength of the four banks were lowered
from "D" to "E-plus."

Moody's said the lowering reflected the weakening financial
fundamentals of the banks, arising from the ongoing
difficult economic environment and their inability to
generate sufficient offsetting earnings within a reasonable
period of time.

But, Moody's confirmed all ratings of Kookmin Bank and
Housing & Commercial Bank (H&CB) as well as the debt
ratings of Shinhan, Hana, and KorAm.


LG: Four chaebols seal reform accords
-------------------------------------
According to the Korea Herald, four of the nation's top
five conglomerates- Hyundai, Samsung, LG and SK-concluded     
agreements on corporate restructuring with their respective
creditor banks yesterday. The Daewoo Group said it will
sign the pact with its creditor bank, Korea First Bank,
tomorrow.

Under the accords, which take effect immediately, the
conglomerates are required to improve their financial
health, reduce the number of subsidiaries and enhance
managerial transparency.

Under an earlier agreement between the government and top
five chaebol owners, the five groups agreed to halve the
number of their subsidiaries in two years and to
drastically reduce huge amounts of debts by inducing
foreign capital by the end of 1999. They pledged to cut the
number of their business units from the present 271 to 136
by the end of 2000, while lowering their debt-to-equity
ratios to below 200 percent by the end of 1999.

The government and creditor banks are to check the
implementation process of the agreements every three
months. The top five conglomerates' failure to implement
the details of the agreements would lead to suspensions of
new loans by financial institutions and immediate
withdrawals of loans.


SK: Four chaebols seal reform accords
-------------------------------------
According to the Korea Herald, four of the nation's top
five conglomerates- Hyundai, Samsung, LG and SK-concluded     
agreements on corporate restructuring with their respective
creditor banks yesterday. The Daewoo Group said it will
sign the pact with its creditor bank, Korea First Bank,
tomorrow.

Under the accords, which take effect immediately, the
conglomerates are required to improve their financial
health, reduce the number of subsidiaries and enhance
managerial transparency.

Under an earlier agreement between the government and top
five chaebol owners, the five groups agreed to halve the
number of their subsidiaries in two years and to
drastically reduce huge amounts of debts by inducing
foreign capital by the end of 1999. They pledged to cut the
number of their business units from the present 271 to 136
by the end of 2000, while lowering their debt-to-equity
ratios to below 200 percent by the end of 1999.

The government and creditor banks are to check the
implementation process of the agreements every three
months. The top five conglomerates' failure to implement
the details of the agreements would lead to suspensions of
new loans by financial institutions and immediate
withdrawals of loans.


SAMSUNG: Four chaebols seal reform accords
------------------------------------------
According to the Korea Herald, four of the nation's top
five conglomerates- Hyundai, Samsung, LG and SK-concluded     
agreements on corporate restructuring with their respective
creditor banks yesterday. The Daewoo Group said it will
sign the pact with its creditor bank, Korea First Bank,
tomorrow.

Under the accords, which take effect immediately, the
conglomerates are required to improve their financial
health, reduce the number of subsidiaries and enhance
managerial transparency.

Under an earlier agreement between the government and top
five chaebol owners, the five groups agreed to halve the
number of their subsidiaries in two years and to
drastically reduce huge amounts of debts by inducing
foreign capital by the end of 1999. They pledged to cut the
number of their business units from the present 271 to 136
by the end of 2000, while lowering their debt-to-equity
ratios to below 200 percent by the end of 1999.

The government and creditor banks are to check the
implementation process of the agreements every three
months. The top five conglomerates' failure to implement
the details of the agreements would lead to suspensions of
new loans by financial institutions and immediate
withdrawals of loans.


SHINHAN BANK: Moody's downgrades financial strength ratings
-----------------------------------------------------------
Moody's Investors Service downgraded the financial strength
ratings of four Korean banks on Thursday, citing the
deterioration in their financial fundamentals, according to
the Korea Times. The four are Shinhan Bank, Hana Bank,
KorAm Bank and Daegu Bank. The New York-based rating agency
said the financial strength of the four banks were lowered
from "D" to "E-plus."

Moody's said the lowering reflected the weakening financial
fundamentals of the banks, arising from the ongoing
difficult economic environment and their inability to
generate sufficient offsetting earnings within a reasonable
period of time.

But, Moody's confirmed all ratings of Kookmin Bank and
Housing & Commercial Bank (H&CB) as well as the debt
ratings of Shinhan, Hana, and KorAm.


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

LIM CHOOI SENG (CHENDERIANG) SDN BHD: Voluntary winding-up
----------------------------------------------------------
The members  of Lim Chooi Seng (Chenderiang) Sdn Bhd on
15/12/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
18/1/99.


LIM CHOOI SENG (JINJANG) SDN BHD: Voluntary winding-up
------------------------------------------------------
The members of Lim Chooi Seng (Jinjang) Sdn Bhd on 15/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 18/1/99.


MCSB SYSTEMS (M) BHD: Results - 30/9/98
---------------------------------------
MCSB Systems (M) Bhd (listed on the KLSE) reported a post-
tax loss of RM2.351mil for the 6months ended 30/9/98,
compared to a post-tax loss of RM5.886mil previously. Loss
per share improved 59.7% from 20.6sen to 8.3sen during the
same period.


METROKNIT SDN BHD: Winding-up petition
--------------------------------------
Hongkong Bank Malaysia Bhd on 1/9/98 petitioned for the
winding-up of Metroknit Sdn Bhd. The petition is directed
to be heard on 29/1/99.


NATWEST MARKETS (MALAYSIA) SDN BHD: Voluntary winding-up
--------------------------------------------------------
The members of Natwest  Markets (Malaysia) Sdn Bhd on
11/12/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
18/1/99.


NISHIHARA SALPAC ENGINEERING SDN BHD: Winding-up petition
---------------------------------------------------------
Szetech Engineering Sdn Bhd on 17/11/98 petitioned for the
winding-up of Nishihara Salpac Engineering Sdn Bhd. The
petition is directed to be heard on 13/1/99.


PERUSAHAAN OTOMOBIL NASIONAL BHD: Results - 30/9/98
---------------------------------------------------
Perusahaan Otomobil Nasional Bhd (Malaysia's national car
maker, listed on the KLSE) reported a post-tax loss of
RM107.238mil for the 6months ended 30/9/98, compared to a
post-tax profit of RM423.511mil previously. EPS fell 129.7%
from 76.5sen to a loss per share of 22.7sen during the
same period.


POLY GLASS FIBRE (M) BHD: Results-31/8/98
-----------------------------------------
Poly Glass Fibre (M) Bhd reported a post-tax loss of
RM1.836mil for the 6months ended 31/8/98, compared to a
post-tax profit of RM1.515mil previously. EPS fell 474.2%
from 0.62sen to a loss per share of 2.32sen during the
same period.


SYABAS HOLDINGS SDN BHD: Winding-up petition
--------------------------------------------
Perbadanan Pembangunan Bandar on 17/11/98 petitioned for
the winding-up of Syabas Holdings Sdn Bhd. The petition is
directed to be heard on 13/1/99.


TAIWALAND ELECTRONICS CO. (KL) SDN BHD: Winding-up petition
-----------------------------------------------------------
Setia Appliances Sdn Bhd on 13/11/98 petitioned for the
winding-up of Taiwaland Electronics Co. (KL) Sdn Bhd. The
petition is directed to be heard on 9/4/99.


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

MONDRAGON INTERNATIONAL: CIBI downgrades debt rating
----------------------------------------------------
BusinessWorld reports the Credit Information Bureau, Inc.
(CIBI) downgraded its rating on Mondragon International
Philippines, Inc.'s short-term commercial papers (STCP) to
CIB 4+ from CIB 2. The rating agency cited the high
interest expense and its conflict with Clark Development
Corp. (CDC) and Philippine Amusement and Gaming Corp.        
(Pagcor) to justify its move. The rating, which was done
prior to CDC's takeover of Mondragon Leisure and Resorts
Corp. (MLRC) Tuesday, might even be lowered, CIBI said.
The P394-million Philippine peso (PhP) outstanding debt
papers were issued this year, before its license to issue
commercial papers expired September. Almost one-third of
the STCP will mature in February next year, the evaluator
of local firms' creditworthiness said.


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

WBL CORP: Results announcement
------------------------------
Singapore Business Times reports WBL Corp yesterday said
its net profit for the year ended Sept 30 plunged 83.8 per
cent to $4.56 million, as sales and profits in all main
business areas weakened. This time last year, weakness in
its trading and property businesses pulled WBL's net profit
down 14 per cent. At half-time, net profit slumped 83 per
cent to $2.7 million on slow car sales. Turnover fell 28.1
per cent during the year to $581.3 million on lower sales
in its trading and distribution sector, largely represented
by listed subsidiary Wearnes International.


WEARNES INTERNATIONAL: Results announcement
-------------------------------------------
Singapore Business Times reports Wearnes International
suffered a 76 per cent drop in profit from $14 million to
$3.3 million for the year ended Sept 30. Turnover of the
Sesdaq-listed group was $240 million -- 44 per cent off the
previous year's $426.8 million. Wearnes International -- a
subsidiary of WBL Corp -- attributed the decline to
volatile regional currencies and economies which adversely
affected its activities. Earnings per share on a fully
diluted basis was 1.7 cents compared to 7.2 cents the
previous year.


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

EASTERN WIRE: JCC sells stake in subsidiary
-------------------------------------------
The Nation reports Jalaprathan Cement Plc (JCC) has sold
its 62.42-per-cent stake in the subsidiary Eastern Wire Plc
to Egga Holding Co Ltd, which reportedly belongs to
politician Suchart Tancharoen. According to the filing with
the Stock Exchange of Thailand, JCC signed a contract with
Egga on Dec 11 to sell 11.2 million shares in Eastern Wire
to the latter at Bt2 apiece. The transaction will be
completed by Dec 21.

Prior to JCC's business restructuring, which welcomes
Ciments Francais as a new partner, Suchart held about 80
per cent in JCC. Following the 49-per-cent purchase of the
French company, old shareholders, including Suchart, saw
their stakes diluted. Suchart's stakes now range to between
8 and 10 per cent.

The decision to divest was part of JCC's restructuring
plan, which the new partner would use to help rehabilitate
Eastern Wire. Eastern Wire has been categorised as a
company listed under the SET "rehab co".

In the third quarter this year, Eastern Wire showed net
losses worth Bt107.93 million compared to Bt224.74 million
net loss in the same period a year earlier. Its nine-month
financial statement reported a Bt302.45-million net loss
compared to Bt239.25 million in the same period last year.


SAHA GROUP: To take bond route to cut debt burden
-------------------------------------------------
The Nation reports Saha Group, a leading consumer products
manufacturer, will issue corporate bonds next year in a
crucial step in its debt-restructuring plan for its
subsidiaries, group executive Boonkiet Chokwattana says.  
Saha Pathanapibul Inter Holding Plc (SPI) earlier informed
the Stock Exchange that it plans to issue Bt1 billion in
bonds next month, while other subsidiaries are considering
similar moves. The group's corporate bond issue is aimed at
reducing its debt burden by refinancing local and offshore
loans and also raising the equity of its subsidiaries.

Corporate bonds will also be issued by other Saha
Pathanapibul subsidiaries that have succeeded in promoting
a good corporate image to the public. The group has set out
a concrete policy for all its subsidiaries to reduce
dependency on banking and financial institutions and rely
more on the company itself. He added there are many factors
supporting a rebound of

The group currently shoulders total offshore loans of less
than US$100 million (Bt3.6 billion), of which about Bt1
billion is carried by ICC. The group achieved total sales
revenue this year of Bt70 billion, of which 35 per cent
came from exports. Boonkiet said ICC expected to repay most
of its debt burden by this year from its accumulated
profits as well as the company's successful cost-saving
packages.


SAHAVIRIYA CITY: Kay Thai to proceed with Sahaviriya suit
---------------------------------------------------------
The Bangkok Post reports negotiations between property
developer, Sahaviriya City Plc, and its major contractor,
Kay Thai, have broken down with Kay Thai now threatening to
continue with the bankruptcy suit to the end, according to
a senior lawyer for the contractors from Wirot
International.

On 5 June 1998, Kay Thai filed a bankruptcy lawsuit with
the Civil Court against Sahaviriya City Plc for non-payment
of a 149.5 million baht construction fee, plus interest,
for the construction of the SV City project on Rama III
Road.

Sahaviriya City is owned by the Viriyaprapaikit family as
well as foreigners.

When negotiations between the two firms over the payment
was first announced last June, Sahaviriya City's chief
executive officer, Eric Lai, said it was a difference of
opinion, much of it over the final payment for the
construction of SV City, which had been marked with delays.
Lawyers for Kay Thai said in a statement yesterday that SV
City was completed at the end of 1996 but so far the
contractor has not been fully paid for the work done.
The next hearing on the suit against SV City is scheduled
for Monday morning at the Southern Bangkok Civil Court.


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