TCRAP_Public/990211.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Thursday, February 11, 1999, Vol. 2, No. 29

                    Headlines


* C H I N A   &   H O N G   K O N G *

ALBATRONICS: Debt worry wipes 77pc off Albatronics shares
FUJIAN ENTERPRISES: Fujian Enterprises creditors to meet
GERMAN KITCHEN: Liquidators seek $370m from trustees
GUANGDONG ENTERPRISES: Concern on impact of Guangnan on GDE
MATRIX HOLDINGS: Creditor claims push Matrix near collapse

NEW CHINA HONG KONG GROUP: Creditors fail to show


* I N D O N E S I A *

DHARMALA AGRIFOOD: Appeal to bankrupt firm rejected


* J A P A N *

DAIWA BANK: Moody's cuts bond rating
HOKURIKU BANK: Moody's cuts bond rating
ITOCHU CORP: S&P downgrades five more companies
LONG TERM CREDIT: Critic blasts LTCB nationalization
MARUBENI CORP: S&P downgrades five more companies

MADZA MOTOR: Debt rating of three car makers cut
MITSUBISHI CHEMICAL: To axe 2,000 workers
MITSUBISHI CORP: S&P downgrades five more companies
MITSUBISHI MOTOR: Debt rating of three car makers cut
MITSUI & COMPANY : S&P downgrades five more companies

MITSUI TRUST & BANKING: Moody's cuts bond rating
NISSAN MOTOR: Debt rating of three car makers cut
NISSHO IWAI: S&P downgrades five more companies
SANKO PAPER: Merges with Takasaki Paper
TAKASAKI PAPER: Merges with Sanko Paper


* K O R E A *

HYUNDAI ELECTRONICS: To sell cogeneration plant
KIA MOTORS: Kia workers stage walkout
SEOUL SYSTEM CO: Completes creditor reconciliation


* M A L A Y S I A *

RENONG: Yet to strike deal on debt revamp


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

PHILIPPINE AIRLINES: Considering US and European alliances
PHILIPPINE LONG DISTANCE: '98 net seen falling
SERG'S PRODUCTS: SEC appoints receiver body


* S I N G A P O R E *

KEPPEL CORP: Records net loss of S$223 million for 1998
OCBC FINANCE: Net profit tumbles 75% to $4m


* T H A I L A N D *

GOLDEN LAND: Nets B2.79bn from sale


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

ALBATRONICS: Debt worry wipes 77pc off Albatronics shares
---------------------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, shares in Albatronics (Far East) tumbled 77.7 per
cent yesterday as uncertainties over the fate of the
company escalated.

Company Secretary said yesterday Albatronics had yet to
finalise an agreement with bank creditors over
restructuring its $794 million debt. The company might be
liquidated if no agreement was reached by the end of this
month.

According to the South China Morning Post, Nam Tai
Electronics is unwilling to support the group through a
shareholder loan or subscription for new shares, unless
successful measures are put in place for restructuring
debts.

Albatronics' auditor issued a disclaimer to the company's
results for the nine months to December due to the
continuing fundamental uncertainty in relation to the debt
restructuring.

According to the Hong Kong Standard, the company said it
would make an announcement today in relation to the
progress of the debt restructuring plan of the company.


FUJIAN ENTERPRISES: Fujian Enterprises creditors to meet
--------------------------------------------------------
According to the Hong Kong Standard, creditors of Fujian
Enterprises plan to meet soon to co-ordinate strategy after
the investment arm of the Fujian government told the
creditors' banks last week that it would not hire a
financial adviser as previously thought, bankers said. The
company stopped repaying principal on all foreign debt last
November, although it said it could service the interest.
In the absence of a financial adviser, banks need to co-
ordinate strategies in order to build up confidence that
they are all being treated equally, one of the creditors
said.


GERMAN KITCHEN: Liquidators seek $370m from trustees
----------------------------------------------------
According to the South China Morning Post, liquidators of
German Kitchen (China) have launched legal action to recoup
$370.5 million from trustees, including former directors
Eric Tang Yiu-tong and Eugene Tang Yiu-chuen.

Injunctions are also being sought to stop the Tang brothers
from moving their assets, up to the value of $137.4
million, out of or transferring them within Hong Kong.
Further injunctions are being sought to force the pair to
disclose details of their assets and of any dealings with
funds originating from the company. It is claimed that the
brothers hold the sum of $137.4 million as constructive
trustees on behalf of German Kitchen.

German Kitchen is also seeking a further $87.9 million from
Square Enterprises, also a trustee. The money is allegedly
being held on behalf of German Kitchen. Legal action is
also being taken to restrain the trustee from moving its
assets in any way and, similarly, an injunction is being
sought to force Square Enterprises to disclose details of
dealings of funds originating from German Kitchen.

German Kitchen is also taking legal action to recover
$137.4 million from Danny Leung Yiu-shing, who allegedly
holds the sum as a trustee.

Injunctions are being sought to stop the movement of assets
from and within Hong Kong and to disclose particulars of
dealings with company funds.

A further $7.8 million was allegedly received by Hilley,
which the company claims is a constructive trustee.
Injunctions are also being sought to deter asset
dispersion. German Kitchen is also seeking interest on the
sums due and costs in the action.


GUANGDONG ENTERPRISES: Concern on impact of Guangnan on GDE
-----------------------------------------------------------
According to the South China Morning Post, the stock
exchange is concerned and closely monitoring developments
at Guangnan (Holdings) after the company said it had
uncovered improper and irregular practices.

A spokesman for the exchange said it had no power to
investigate the alleged fraud but could only ask the
company to disclose the information to the public. A
spokesman for Securities and Futures Commission said the
commission will work closely with the stock exchange to
ensure proper and timely disclosure under listing rules
obligations and will take appropriate actions whenever
there are suspected offences.

The announcement by the company on Monday of the stepping
down of three key personnel renewed rumors that Herbert Hui
Ho-ming, managing director for sister firm Guangdong
Investment, would resign but the suggestion was dismissed
by sources close to Mr Hui.

According to the South China Morning Post and the Hong Kong
Standard, GDE's creditor banks yesterday strongly objected
to a report suggesting the Hong Kong fund-raising arm of
the Guangdong provincial government would seek a 50 per
cent discount on loan principal repayments. Some foreign
banks vowed to bring the firm to liquidation if the report
was true.

The report on the Hong Kong Standard said that in order to
lift the confidence of creditors, Guangdong Enterprises
would have to release concrete financial information about
its position and future cash flows.

Bankers will have to wait until later this month for a
financial report on Guangdong Enterprises which accounting
firm KPMG is due to release by Feb 28. Analysts said it was
difficult to know what to expect. An analyst said it is
expected to be pretty bad.


MATRIX HOLDINGS: Creditor claims push Matrix near collapse
----------------------------------------------------------
According to the South China Morning Post, Matrix Holdings,
one of Hong Kong's largest giftware makers, is on the verge
of collapse because of claims for $5.46 million by
creditors through High Court writs.

The company yesterday said banks had frozen credit lines to
its major subsidiary, Matrix Industries. It was surviving
on working capital from another unnamed bank but there was
no guarantee of consistent supply because it was bound by
no credit agreements.

The company assured that controlling shareholder and
chairman James Wong Chak-hung had not pledged any of his
74.91 per cent interest in the company to any financial
institutions.

Matrix slipped to $24.22 million net loss in the six months
to June last year from a $2.43 million net profit in the
same period in 1997.


NEW CHINA HONG KONG GROUP: Creditors fail to show
-------------------------------------------------
According to the South China Morning Post, meetings to
approve the liquidation of companies in Tsui Tsin-tong's
New China Hong Kong Group were postponed yesterday after
creditors failed to show up.

Meetings for shareholders and creditors of eight principal
subsidiaries were adjourned until after March 1. Dates had
yet to be fixed. A meeting to wind up the parent company
chaired by Mr Tsui is scheduled to be held on Mar 1.

There are 94 subsidiaries under the group's eight principal
subsidiaries. Liquidation experts said the liquidations
would be automatically approved if creditors failed to show
up to the rescheduled meetings.

Adviser to the provisional liquidators said the delay made
sense as 50 shareholders were based in the mainland. He
said Mr Tsui held less than 1 per cent of the group via
joint-venture companies and was not involved in daily
operations. He also said Mr Tsui had never guaranteed any
loans for the group or its subsidiaries. According to the
adviser, the group had a deficit asset value and owed money
to 12 creditors. Amounts claimed by creditors who have
filed court writs have already passed more than $100
million.

Creditors include International Bank of Asia, Dao Heng Bank
and Irison Development.  

New China was founded in 1993 with $400 million of seed
money by a consortium of leading Hong Kong, mainland and
Singapore investors as a showcase for mainland economic
development. Founders include Appleton Co, a company linked
to Li Ka-shing, China Resources (Holdings), Century City
and Shougang Holdings (HK).

The group sold its loss-making broking arm New China Hong
Kong Financial Services to Century City International
Holdings last September, but was hit by other ill-fated
investments which turned into bad loans in the wake of the
Asian financial turmoil.


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

DHARMALA AGRIFOOD: Appeal to bankrupt firm rejected
---------------------------------------------------
According to the South China Morning Post, Indonesia's
Supreme Court has rejected an appeal filed by International
Finance (IFC), ING Indonesia Bank and Bank Niaga to declare
Dharmala Agrifood bankrupt after the company failed to
repay loans of about US$54 million.

Lawyers for Dharmala, a maker of animal feed, said the case
was rejected on the grounds that some of the loans extended
to Dharmala had not yet come due.

The ruling will be seen as another setback to Indonesia's
new laws. It had attracted special interest because IFC's
lawyers included Jerry Hoff, a Dutch lawyer, the
International Monetary Fund special adviser on the new
Indonesian bankruptcy law.


=========
J A P A N  
=========

DAIWA BANK: Moody's cuts bond rating
------------------------------------
The Asian Wall Street Journal reported that Moody's
Investor Services downgrade the subordinated bond ratings
for three Japanese banks.

Daiwa Bank Ltd.'s subordinated debt rating was downgraded
from Ba2 to Ba3, and junior subordinated debt rating
downgraded from Ba3 to B1.


HOKURIKU BANK: Moody's cuts bond rating
---------------------------------------
The Asian Wall Street Journal reported that Moody's
Investor Services downgrade the subordinated bond ratings
for three Japanese banks.

Hokuriku Bank's subordinated debt rating was downgraded
from Ba2 to Ba3, and the junior subordinated debt rating
was downgraded from Ba3 to B1.


ITOCHU CORP: S&P downgrades five more companies
-----------------------------------------------
The Asian Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) downgrade the ratings five
Japanese companies. This rating downgrade reflects concern
over the companies' highly leveraged balance sheets
limiting their abilities to respond to adversities.  

Itochu Corporation's short-term debt was downgraded from A-
3 to B.


LONG TERM CREDIT: Critic blasts LTCB nationalization
----------------------------------------------------
Makoto Sataka, an economic critic known for his outspoken
style, on Wednesday blasted the government for putting the
Long-Term Credit Bank of Japan and Nippon Credit Bank under
state control instead of letting them go under.

"The people believe the government could not let them go
bankrupt because influential politicians make use of
unregistered debentures (issued by these banks) to cheat
taxes," Sataka told a House of Representatives Budget
Committee public hearing. (Kyodo News 10-Feb-1999)


MARUBENI CORP: S&P downgrades five more companies
-------------------------------------------------
The Asian Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) downgrade the ratings five
Japanese companies. This rating downgrade reflects concern
over the companies' highly leveraged balance sheets
limiting their abilities to respond to adversities.  

Marubeni Corporation's short-term debt was downgraded from
A-3 to A-2.


MADZA MOTOR: Debt rating of three car makers cut
------------------------------------------------
The Asian Wall Street Journal reported that the Japan
Rating & Investment Information Inc., has cut the rating on
three Japanese automotive makers. This action was made
after a re-evaluation of Japan's car industry's efforts
toward reorganization amid fluctuations in the worldwide
supply and demand.

Madza Motor Corporation had its long-term debt rating
downgraded from A- to BBB.


MITSUBISHI CHEMICAL: To axe 2,000 workers
-----------------------------------------
Mitsubishi Chemical Corp, Japan's largest chemical      
company, will cut 2,000 employees, or 18 per cent of its       
workforce, over the next three years, the Nihon Keizai  
newspaper said, without citing sources. The company
declined to comment on the report.

"They will cut some costs by shipping people out to their  
subsidiaries, but it's not what I would call
restructuring," said Philip Hall, an analyst at Schroders
Securities Japan.

The company cut its group profit forecast for the year
ending March 31 to zero from six billion yen (S$88.5
million) on Oct 30 and expects sales to decline 8 per cent
to 1.6 trillion yen. (Bloomberg and Singapore Business
Times 10-Feb-1999)


MITSUBISHI CORP: S&P downgrades five more companies
---------------------------------------------------
The Asian Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) downgrade the ratings five
Japanese companies. This rating downgrade reflects concern
over the companies' highly leveraged balance sheets
limiting their abilities to respond to adversities.  

Mitsubishi Corporation's long-term debt was downgraded from
A+ to A-, short-term debt from A-1 to A-2.


MITSUBISHI MOTOR: Debt rating of three car makers cut
-----------------------------------------------------
The Asian Wall Street Journal reported that the Japan
Rating & Investment Information Inc., has cut the rating on
three Japanese automotive makers. This action was made
after a re-evaluation of Japan's car industry's efforts
toward reorganization amid fluctuations in the worldwide
supply and demand.

Mitsubishi Motor Corporation had its long-term debt rating
downgraded from BBB+ to BBB-.


MITSUI & COMPANY : S&P downgrades five more companies
-----------------------------------------------------
The Asian Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) downgrade the ratings five
Japanese companies. This rating downgrade reflects concern
over the companies' highly leveraged balance sheets
limiting their abilities to respond to adversities.  

Mitsui & Company's short-term debt was downgraded from A-3
to A-2.


MITSUI TRUST & BANKING: Moody's cuts bond rating
------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investor Services downgrade the subordinated bond ratings
for three Japanese banks.

Mitsui Trust & Banking Company's subordinated debt rating
was downgraded from Ba1 to Ba2.


NISSAN MOTOR: Debt rating of three car makers cut
-------------------------------------------------
The Asian Wall Street Journal reported that the Japan
Rating & Investment Information Inc., has cut the rating on
three Japanese automotive makers. This action was made
after a re-evaluation of Japan's car industry's efforts
toward reorganization amid fluctuations in the worldwide
supply and demand.

Nissan Motor Company had its long-term debt rating
downgraded from A- to BBB.


NISSHO IWAI: S&P downgrades five more companies
-----------------------------------------------
The Asian Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) downgrade the ratings five
Japanese companies. This rating downgrade reflects concern
over the companies' highly leveraged balance sheets
limiting their abilities to respond to adversities.  

Mitsui & Company's short-term debt was downgraded from A-3
to A-2.


SANKO PAPER: Merges with Takasaki Paper
---------------------------------------
Takasaki Paper Mfg. Co. and Sanko Paper Mfg. Co. said
Wednesday they will merge Oct. 1. to help them deal with
the difficult business climate. Under the agreement, one
Takasaki share will be exchanged for 1.25 Sanko shares.
Takasaki will be the surviving entity for legal procedures.
(Kyodo News 10-Feb-1999)                             


TAKASAKI PAPER: Merges with Sanko Paper
---------------------------------------
Takasaki Paper Mfg. Co. and Sanko Paper Mfg. Co. said
Wednesday they will merge Oct. 1. to help them deal with
the difficult business climate. Under the agreement, one
Takasaki share will be exchanged for 1.25 Sanko shares.
Takasaki will be the surviving entity for legal procedures.
(Kyodo News 10-Feb-1999)                             


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

HYUNDAI ELECTRONICS: To sell cogeneration plant
-----------------------------------------------
Hyundai Electronics Industry Co. is discussing selling a
cogeneration plant in Ichon, Kyonggi-do, south of Seoul,
with two U.S. energy firms, according to industry sources
yesterday. The deal may have something to do with the need
to acquire funds in order to purchase shares of LG Semicon,
they said.

The subsidiary of the business conglomerate runs a 250,000-
kilowatt cogeneration plant used to supply power and steam
to its semicon plant and employee housing.

The second generator in the plant, into which Hyundai
poured some 100 billion won (about $85.17 million) is
equipped with a high-tech de-sulfurization system.

Hyundai officials admit that they are engaging in
negotiations with U.S. companies but both sides are split
over the price of the plant.

They also added that the company plans to make a deal to
purchase power from the party which will take over the
plant, a measure to obtain a stable power supply to support
its chipmaking. (Korea Times 10-Feb-1999)


KIA MOTORS: Kia workers stage walkout
-------------------------------------
Approximately 10,000 employees of Kia Motors Corp started a
four-hour walkout, demanding the payment of overdue bonuses
and guarantees of job security. The workers are demanding
the payment of a 600-per cent bonus for the year 1997, a 9-
per cent pay raise for 1998 and job security after Hyundai
Motor acquired the bankrupt carmaker late last year.

Hyundai sources said the Kia workers' demands are
"inconceivable for a bankrupt company".

The walkout is feared to dampen Kia's efforts to sell
300,000 units on the home market and ship about 500,000
units overseas this year, sources said.

Kia workers said job security is precarious in light of the
fact that Hyundai reduced about 30 per cent of mid-level
Kia officials through early retirement. (BBC Asia Pacific
Economic 10-Feb-1999)


SEOUL SYSTEM CO: Completes creditor reconciliation
--------------------------------------------------
The Korean language Maeil Kyungje reports that the Seoul
System Company's creditor reconciliation procedure was
completed and approved by the Seoul District Court on
February 9th, 1999. The Seoul System Company, a news
paper production firm, went insolvent in October last year
but the company successfully got the creditors to write off
some of the company's debt and also disposed of some non-
profitable operations.


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

RENONG: Yet to strike deal on debt revamp
-----------------------------------------
Malaysian conglomerate Renong Bhd was unable to reach         
an agreement on restructuring its debts at a meeting with         
creditors yesterday, one of the company's bankers said.

Asked if Renong had reached an agreement with its
creditors, a foreign bank creditor leaving a meeting at
Renong's headquarters told reporters: "There was no
proposal tabled because there is nothing yet. We haven't
got to that stage."

"We are still waiting to meet the euro convertible bond
holders," the creditor said. The banker said it was not
clear when a meeting with those bond holders would take
place.

Renong and its associate United Engineers said last month a
planned debt restructuring scheme was still with the
government arbitrator, the Corporate Debt Restructuring
Committee.

Government officials told Reuters last month that toll road
operator Projek Lebuhraya Utara-Selatan (PLUS) would anchor
a revised plan to restructure Renong and UEM, which owns
PLUS. The new plan, yet to be finalised, would scrap a
proposed government guarantee for long-dated debt to
replace existing loans and bonds of the Renong group.  
Instead, PLUS would issue bonds worth 8.5 billion Malaysian
ringgit (S$3.8 billion) to pay off Renong and UEM's
borrowings. (Reuters and Singapore Business Times
10-Feb-1999)


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

PHILIPPINE AIRLINES: Considering US and European alliances
----------------------------------------------------------
Financially strapped PAL said Tuesday it was exploring
joint-service alliances with US and European carriers and a
franchise arrangement with domestic players. Chief company
adviser Peter Foster said the plans were "part of the
ongoing process of reform within PAL under a revised
rehabilitation plan due for submission by mid-March."

Acceptability of the new plan to the creditors, to whom PAL
owes more than two billion dollars, is crucial for the
continued operations of Asia's oldest airline.

PAL is negotiating with unidentified US carriers for
possible joint-service tie-ups on crucial trans-Pacific
routes, Foster said in a statement.

He said PAL was the only airline operating non-stop
services between Manila and the major US cities of Los
Angeles and San Francisco on the West Coast.

The ailing airline has also begun discussions with a number
of European carriers for a similar arrangement, said
Foster, a former senior executive of Hong Kong's Cathay
Pacific Airways Ltd. (Agence France-Presse and RP Business
News 10-Feb-1999)


PHILIPPINE LONG DISTANCE: '98 net seen falling
----------------------------------------------
Net profits at blue chip Philippine Long Distance Telephone      
Co (PLDT) are expected to shrink in 1998 after bad debt      
provisions, but 1999 should be better, analysts said  
yesterday. The provisions blur what would have been another
year of sustained double-digit annual profit growth.

Before write-offs, analysts forecast a 31.55 per cent jump
in 1998 net income.

A Reuters poll of five brokerage and investment houses
showed that PLDT's net income for 1998 before the write-
offs would reach 8.288 billion pesos, from 1997's 6.3
billion pesos. The net income figures exclude non-recurring
gains and expenses and after dividends paid to preferred
shareholders.

PLDT said yesterday that its 1998 net income was likely to
be lower against the previous year, but gave no other
details. Losses from its cellular phone unit Pilipino
Telephone Corp (Piltel) were also expected to hurt profits.

As for the first nine months of the year, Piltel recorded a
net loss of 38 million pesos against a profit of 230.2
million pesos in the year ago period. (Reuters and
Singapore Business Times 10-Feb-1999)


SERG'S PRODUCTS: SEC appoints receiver body
-------------------------------------------
The Securities and Exchange Commission (SEC) has appointed
an interim rehabilitation receiver to preserve the assets
of Serg's Products, Inc. This, as the SEC issued an omnibus
order addressing individual motions filed by the creditor-
banks.

The three-member hearing panel in-charge of Serg's debt
relief petition named Arturo Tiu as the firm's receiver.
Mr. Tiu is one of the accredited receivers working with the
SEC.

In the order, the SEC also denied the motion of a group of
creditor-banks to lift an earlier order nullifying the sale
of some Serg's assets. Proceeds from the auction would have
settled some of Serg's debts including that of: Philippine
Commercial International Bank (PCIBank), PCI Leasing and
Finance, Inc., PDCP Bank, First Metro Investment Corp.,
Development Bank of the Philippines, Solidbank Corp., and
Metropolitan Bank & Trust Co.

In the order, the SEC also gave Serg's up to February 21 to
furnish its creditors with a proposed rehabilitation plan
to give them the opportunity for their comment.

The SEC also extended until March 31 the suspension order
granting the firm with temporary reprieve from its debt
payments. Serg's filed its debt relief petition with the
SEC October last year for debts totalling 1.898 billion
Philippine pesos (PhP). (RP Business News 10-Feb-1999)


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

KEPPEL CORP: Records net loss of S$223 million for 1998
-------------------------------------------------------
Giant Singapore conglomerate Keppel Corporation reported      
a whopping loss of $144.6 million for the 1998 financial      
year after making huge provisions at subsidiaries Keppel
Land and Keppel TatLee Bank.

An extraordinary item amounting to some $105.07 million
offset by minority interests of $26.06 million took the
bottomline loss for last year to $223.61 million compared
with a profit of $171.11 million the year before.

The loss, the first since 1985, came as no surprise as the
group had in November already decided to bite the bullet
and wipe its slates clean by making the huge provisions for
Keppel Land and Keppel TatLee. (Singapore Business Times
10-Feb-1999)


OCBC FINANCE: Net profit tumbles 75% to $4m
-------------------------------------------
OCBC Finance's net profit has dived 75.1 per cent to $4.1        
million for the year ended Dec 31, 1998, following a        
$15.9 million provision for loan losses. Rising interest
cost and keen competition put pressure on interest margins
for the newly-merged OCBC Bank subsidiary. Gross operating
income, or gross interest earned, rose 9 per cent to $91.4
million.

A provision of $15.9 million (FY1997: $9.7 million) was set
aside for possible loan losses to reflect depressed loan
asset values. The company's Y2K costs of $346,410 was also
charged to the 1998 profit and loss account.

Earnings per share based on existing share capital fell to
eight cents, from 32 cents in FY1997. Net tangible asset
backing per share rose marginally to $3.06, from $3.02 the
previous year. (Singapore Business Times 10-Feb-1999)


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

GOLDEN LAND: Nets B2.79bn from sale
-----------------------------------
Golden Land Property Development yesterday announced the
sale of 259.05 million shares for 2.835 billion baht.
Net proceeds after taxes were 2.794 billion baht. Under the
private placement, shares were sold at 10 baht to Thai
investors and 12 baht to foreigners including Hong Kong-
based New World Development, the Soros Quantum Fund and
Morgan Stanley.

Of the total, Thai institutions bought 47.38%, individual
local investors 5.38% and foreigners 47.24%.
The issue increased the company's paid-up capital to 3.34
billion baht.

On January 26, directors agreed to raise registered capital
to 7.35 billion baht from 750 million baht by issuing 660
million new shares, of which 410 million would be privately
placed, 200 million would be reserved for holders of
convertible debentures and 50 million for exercise by
warrant holders.

In the first nine months of last year, Golden Land posted a
net loss of 266.93 million baht, compared with a loss of
746.45 million baht for the same period of 1997.
Creditors of the company recently agreed to debt
restructuring after recapitalisation was completed.
(Bangkok Post 10-Feb-1999)


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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