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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      

      Tuesday, March 9, 1999, Vol. 2, No. 47

                    Headlines


* C H I N A   &   H O N G   K O N G *

CA PACIFIC: CA Pacific payout seen
CHINA INTERNATIONAL: Citic earnings fall 20pc
FUJIAN ENTERPRISES: Leaders unveil restructuring plans
FUJIAN INTERNATIONAL: Leaders unveil restructuring plans
GAIN CHARM LIMITED: Winding-up petition

GUANGDONG ENTERPRISES: HK businessmen may take stake in GDE
GUANGDONG INTERNATIONAL: Bonds call for Gitic debt
GUANGZHOU INTERNATIONAL: Meeting put off to aid auditor
J&Q COMPANY LIMITED: Winding-up petition
LUCKY NAME DEVELOPMENT LIMITED: Winding-up petition

LUCKY STAR CORPORATION LIMITED: Winding-up petition
ORIENTAL UNION: Turmoil cited for Oriental downturn
PEREGRINE CAPITAL: Notice to creditors to prove debts
PEREGRINE FIXED INCOME: Notice to creditors to prove debts
PEREGRINE FUTURES: Notice to creditors to prove debts

PEREGRINE INVESTMENTS: Government probe sought on Peregrine
PEREGRINE VENTURE: Notice to creditors to prove debts
QPL INTERNATIONAL: Still in discussions with creditors


* I N D O N E S I A *

PT MITRA GLOBAL: Problems for debt restructuring plans


* K O R E A *

KOREA LIFE: No government funds for MetLife purchase


* M A L A Y S I A *

KYM HOLDINGS: Proposes to make fresh rights issue
RENONG: Seeks approval for $17.3b debt restructuring


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

PHILIPPINE AIRLINES: Debt swap not in PAL rescue plan
PILIPINO TELEPHONE: Cojuangco may be liable
TRANS-PHILIPPINES: Bank nixes suspension of payments


* S I N G A P O R E *

DBS BANK: DBS's profits plunge
GK GOH: Posts sharply lower interims of under $1m
INCHCAPE MOTORS: Earnings down 43%; Brunei a drag
OVERSEAS UNION: OUB net profit falls 29 per cent


* T H A I L A N D *

ADVANCE PAINT AND CHEMICAL: SET to delist 15 companies
BANGKOK STEEL INDUSTRY: SET to delist 15 companies
EASTERN PRINTING: SET to delist 15 companies
EMC PLC: SET to delist 15 companies
KRISDAMANAKORN: SET to delist 15 companies

KULTHORN KIRBY: SET to delist 15 companies
MEC FAR EAST: SET to delist 15 companies
NATURAL PARK: SET to delist 15 companies
NTS STEEL GROUP: SET to delist 15 companies
PAE (THAILAND): SET to delist 15 companies

PETROLEUM AUTHORITY: PTT hopes sale will raise $500m
POWER-P: SET to delist 15 companies
RAIMON LAND: SET to delist 15 companies
RENOWN LEATHERWARE: SET to delist 15 companies
SANSIRI: Set to return to real estate fray

SIAM CHEMICALS: SET to delist 15 companies
SOMBOON GROUP: Somboon to sell equity
SWEDISH MOTORS: SET to delist 15 companies
UNITED COMMUNICATION: Signs deal with creditors


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

CA PACIFIC: CA Pacific payout seen
----------------------------------
According to the South China Morning Post, clients of
collapsed brokerage CA Pacific could receive a return from
liquidators within three to six months.

The timing would depend on the recovery of shares from
banks, agreement on client balances and court confirmation,
liquidators PricewaterhouseCoopers said.


CHINA INTERNATIONAL: Citic earnings fall 20pc
---------------------------------------------
China International Trust and Investment Corp (Citic), one
of the mainland's largest conglomerates, yesterday revealed
operating earnings last year fell nearly 20 per cent. The
company said it expected the operating environment to be
tougher this year.

Citic had made an operating profit of about 2.3 billion
yuan last year, down from 2.84 billion yuan in 1997.

Its Hong Kong operations, including its listed flagship
Citic Pacific, made a contribution of about 500 million
yuan last year, only a fraction of its contribution in the
previous year. This proved the Citic group had managed to
increase its earnings from domestic operations and benefit
from its cost-cutting exercises, Mr Qin said.

Last year, its fully owned Citic Industrial Bank made
pretax earnings of about two billion yuan. Pretax earnings
of Citic Securities were more than 300 million yuan, much  
lower than the 753 million yuan it made in 1997.

Mr Qin confirmed for the first time Citic Securities was
negotiating to buy 12.5 per cent of China Securities from
the Industrial and Commercial Bank of China (ICBC).
(South China Morning Post 07-Mar-1999)


FUJIAN ENTERPRISES: Leaders unveil restructuring plans
------------------------------------------------------
According to the South China Morning Post, the Fujian
provincial government is to undertake a restructuring plan
which calls for the merger of several groups in an effort
to rescue them from severe financial problems that have
developed during the past six months. The restructuring
would be completed by the end of this year according to
vice-governor Zhang Jiakun.

Mr Zhang said the provincial government would provide
support to keep afloat its two main investment arms -- the
Hongkong-based Fujian Enterprises (Holdings) and Fujian
International Trust & Investment (Fitic), which controls
red chip Min Xin (Holdings).

The companies have been hit by a credit squeeze following
the collapse of the Guangdong International Trust and
Investment Corp as foreign bankers who used to lend on the
assumption that the central government would not let a
leading financial institution like Gitic to fail have
started to recall loans and cut off new credit lines to
other mainland investment arms, triggering a string of
defaults on debt repayments by those mainland companies.

Mr Zhang said Fitic was one of the largest and best-managed
companies in the province. Despite difficulties, it managed
to raise money to repay foreign debts due in 1998. It has
net asset value of more than one billion yuan to date, much
higher than its debts.

Fujian Enterprises is different from the insolvent
Guangdong Enterprises (Holdings) which is being
restructured. Mr Zhang said Fujian Enterprises mainly
suffered from a shortage of cash flow, which is largely
caused by the foreign banks' effort to cut off credit
lines.

He said both companies would continue to be the province's
principal investment arms.


FUJIAN INTERNATIONAL: Leaders unveil restructuring plans
--------------------------------------------------------
According to the South China Morning Post, the Fujian
provincial government is to undertake a restructuring plan
which calls for the merger of several groups in an effort
to rescue them from severe financial problems that have
developed during the past six months. The restructuring
would be completed by the end of this year according to
vice-governor Zhang Jiakun.

Mr Zhang said the provincial government would provide
support to keep afloat its two main investment arms - the
Hongkong-based Fujian Enterprises (Holdings) and Fujian
International Trust & Investment (Fitic), which controls
red chip Min Xin (Holdings).

The companies have been hit by a credit squeeze following
the collapse of the Guangdong International Trust and
Investment Corp as foreign bankers who used to lend on the
assumption that the central government would not let a
leading financial institution like Gitic to fail have
started to recall loans and cut off new credit lines to
other mainland investment arms, triggering a string of
defaults on debt repayments by those mainland companies.

Mr Zhang said Fitic was one of the largest and best-managed
companies in the province. Despite difficulties, it managed
to raise money to repay foreign debts due in 1998. It has
net asset value of more than one billion yuan to date, much
higher than its debts.

Fujian Enterprises is different from the insolvent
Guangdong Enterprises (Holdings) which is being
restructured. Mr Zhang said Fujian Enterprises mainly
suffered from a shortage of cash flow, which is largely
caused by the foreign banks' effort to cut off credit
lines.

He said both companies would continue to be the province's
principal investment arms.


GAIN CHARM LIMITED: Winding-up petition
---------------------------------------
A petition for the winding up of Gain Charm Limited was
presented to the High Court on Mar 1 by Wing San of Room
1201, Tung Shing House, Fu Tung Estate, Tung Chung, Lantau,
New Territories, and the said petition is directed to be
heard before the court at 11:00 a.m. on April 21, 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 Tam Lee Po Lin, Nina for
Director of Legal Aid, 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong, on payment of the
regulated charges for the same.


GUANGDONG ENTERPRISES: HK businessmen may take stake in GDE
-----------------------------------------------------------
According to the South China Morning Post, Guangdong
executive vice-governor Wang Qishan says prominent Hong
Kong businessmen such as Li Ka-shing were very likely to
take a stake in GDE.


GUANGDONG INTERNATIONAL: Bonds call for Gitic debt
--------------------------------------------------
According to the South China Morning Post, Chinese People's
Political Consultative Conference member Tsang Yok-sing
yesterday called on Beijing to issue state treasury bonds
to repay the registered foreign debt of collapsed Gitic.


GUANGZHOU INTERNATIONAL: Meeting put off to aid auditor
-------------------------------------------------------
According to the South China Morning Post, Gzitic has
postponed its foreign creditors' meeting  to allow for its
international auditor and financial adviser to prepare for
the crucial event.

Sources said the company is poised to appoint
PricewaterhouseCoopers as the international auditor and
financial adviser on its asset restructuring aimed to keep
the company in business.

The meeting in Guangzhou, originally scheduled for
Wednesday or before, and postponed to be tentatively
between March 17 and 19, has taken on greater significance
as Gzitic's Hong Kong subsidiary, Guangzhou Finance, is
facing a winding-up petition filed by members of a US$30
million syndicated loan.

The Guangzhou government and Gzitic officials hoped they
could solicit support from the creditor banks at the
meeting to keep the firm afloat.

Two senior government officials will be present at the
meeting.

A Guangzhou government official said it was planned that
Gzitic and Guangzhou Finance would meet the creditors
together on the same day. He said some thoughts on the
restructuring and timetable would be revealed at the
meeting. He said the extra time from putting off the
meeting would allow them to study the response to the
financial creditors meeting of Guangdong Enterprises
(Holdings) last week.

The Guangzhou authorities remain committed to rescue Gzitic
but could not commit itself to any cash or asset injection
at this point, the official said. He also said it was not
yet decided whether Gzitic would also appoint a merchant
bank to advise on the restructuring.

Gzitic was estimated to have total assets of 20 billion
yuan, against liabilities of 19 billion yuan, including
US$400 million in foreign debts.


J&Q COMPANY LIMITED: Winding-up petition
----------------------------------------
A petition for the winding up of J&Q COMPANY LIMITED was
presented to the High Court on Feb 12 by Wu Yuet Yee of
Room 2404, Yiu Shun House, Yiu On Estate, Ma On Shan,
Shatin, New Territories, and the said petition is directed
to be heard before the court at 9:30 a.m. on April 7, 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 Tam Lee Po Lin, Nina for
Director of Legal Aid, 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong, on payment of the
regulated charges for the same.


LUCKY NAME DEVELOPMENT LIMITED: Winding-up petition
---------------------------------------------------
A petition for the winding up of Lucky Name Development
Limited was presented to the High Court on Mar 1 by Fuk Chi
Kwan of Room 208, Shin Kwan House, Fu Shin Estate, Tai Po,
New Territories, and the said petition is directed to be
heard before the court at 11:00 a.m. on April 21, 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 Tam Lee Po Lin, Nina for
Director of Legal Aid, 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong, on payment of the
regulated charges for the same.


LUCKY STAR CORPORATION LIMITED: Winding-up petition
---------------------------------------------------
A petition for the winding up of Lucky Star Corporation was
presented to the High Court on Jan 6 by Tam Yuen Chun of
2nd Floor, 20 Tui Hoi Chuen, Sai Kung, New Territories, and
the said petition is directed to be heard before the court
at 9:30 a.m. on Mar 17, 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 Tam
Lee Po Lin, Nina for Director of Legal Aid, 27th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong, on
payment of the regulated charges for the same.


ORIENTAL UNION: Turmoil cited for Oriental downturn
---------------------------------------------------
According to the Hong Kong Standard, sea and air freight
operator Oriental Union Holdings, plagued by accounting
irregularities, and affected by the adverse economy, posted
losses amounting to $115.54 million for the nine months to
Dec 31 after reporting losses amounting to $384.5 million
at the end of March 1998. Losses of $87.7 were reported for
the six months to Sept 30.

Operations of several loss-making subsidiaries and
representative offices were closed and $57.3 million
provision for doubtful debts were set aside as of Dec 31,
1998.

The group's liabilities exceeded its assets by about $92.8
million.

In July 1998, the group announced the possibility of
fabrication of sales transactions and falsification of
accounting records within the group. These financial
irregularities involved about $300 million in potential bad
debt arising from various sales transactions.

After reporting to the Commercial Crime Bureau in July last
year, the group took legal action against its former
chairman Ip Man-man and former director Fu Wai-hung.


PEREGRINE CAPITAL: Notice to creditors to prove debts
-----------------------------------------------------
The creditors of Peregrine Capital (China) Limited, which
is being voluntarily wound up, are required on or before  
April 1 to send in their names, addresses and particulars
of their debts or claims to the joint and several  
liquidators of the said company at 27/F., Island Place
Tower, 510 King's Road, North Point,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. Joint and several liquidators: David Richard Hague
and John Kwok Heem Li.


PEREGRINE FIXED INCOME: Notice to creditors to prove debts
----------------------------------------------------------
The creditors of Peregrine Fixed Income Fund Limited, which
is being voluntarily wound up, are required on or before  
April 1 to send in their names, addresses and particulars
of their debts or claims to the joint and several
liquidators of the said company at 27/F., Island Place
Tower, 510 King's Road, North Point, 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. Joint and several liquidators: David Richard Hague
and John Kwok Heem Li.


PEREGRINE FUTURES: Notice to creditors to prove debts
-----------------------------------------------------
The creditors of Peregrine Futures International Limited,
which is being voluntarily wound up, are required on or
before April 1 to send in their names, addresses and
particulars of their debts or claims to the joint and
several liquidators of the said company at 27/F., Island
Place Tower, 510 King's Road, North Point, 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. Joint and several liquidators: David Richard Hague
and John Kwok Heem Li.


PEREGRINE INVESTMENTS: Government probe sought on Peregrine
-----------------------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, the government yesterday said it would apply to
the Court of First Instance for approval to appoint an
independent inspector to investigate the collapse of
Peregrine Investments Holdings, which is undergoing
compulsory liquidation.

Sources said the former chief operating officer of
Britain's Financial Services Authority, Richard Farrant,
was likely to be hired.

According to the Hong Kong Standard, a spokesman for the
Securities and Futures Commission said the application to
the court was expected to be ready by the end of this
month.

According to the South China Morning Post, legislators said
they would support an investigation costing up to HK$50
million.

Sources said the investigation would focus on the areas of
disclosure, directors' responsibilities and the group's
internal control system.

It would also examine whether there was any malpractice
behind Peregrine's US$265 million loan to Indonesian taxi
company Steady Safe that led to its demise.


PEREGRINE VENTURE: Notice to creditors to prove debts
-----------------------------------------------------
The creditors of Peregrine Venture Capital Limited, which
is being voluntarily wound up, are required on or before  
April 1 to send in their names, addresses and particulars
of their debts or claims to the joint and several  
liquidators of the said company at 27/F., Island Place
Tower, 510 King's Road, North Point, 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. Joint and several liquidators: David Richard Hague
and Joanne Oswin.


QPL INTERNATIONAL: Still in discussions with creditors
------------------------------------------------------
According to the Hong Kong Standard, QPL International
Holdings said the group was still in discussions with
creditors in respect of a debt restructuring. The group
stressed that a number of proposals for restructuring,
including the raising of new capital, were under
discussion, but none of the proposals has reached an
advanced stage of negotiation.


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

PT MITRA GLOBAL: Problems for debt restructuring plans
------------------------------------------------------
The Asian Wall Street Journal reported that a drop in local
call tariff increases has cause one of the partners of PT
Telekomunikasi Indonesia (Telkom) to scrap a debt
restructuring plan. PT Mitra Global Telekomnikasi
Indonesia, one of Telkom's partner companies has had to
cancel a business plan it submitted to its bankers as part
of a debt restructuring plan, and thus delay an agreement.

A Indonesian parliamentary hearing at the end of last month
decided to reduce a scheduled tariff increase from 24
percent to 15 percent.

However, the partner companies of Telkom claimed they were
not informed of this hearing. The parliamentary action was
reportedly attributable to public outcry over a February 1
rate increase and the reclassification of calls in Jakarta
and Bandung exceeding 30 kilometers.


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

KOREA LIFE: No government funds for MetLife purchase
----------------------------------------------------
The Korea Herald reported in a front page story that the
Financial Supervisory Commission (FSC) has stated that no
government money will be used to help Metropolitan Life
Insurance Company of the United States to take over Korea
Life Insurance Company (a.k.a. Daehan Life). Korea Life,
the third largest insurer in the nation, posted a profit of
17.6 billion won last year. However, industry analysts have
stated that the firm's total liabilities exceeded its total
assets by 2.5 trillion won as of the end of last year.  

MetLife has been engaged in negotiations to buy Korea Life
since it signed a memorandum of understanding last June.  
However, citing the amount of bad debt of Korea Life,
MetLife has been insisting that the government inject
public funds into the insurer before the deal is completed.  
An FSC official was cited as saying if MetLife continues to
insist on public funding, then they will have to seek other
buyers of Korea Life.

Korea Life is owned by the Shin Dong Ah (a.k.a. Shindong-a)
Group, whose chairman, Mr. Choi Soon-young, was arrested
and charged with embezzlement last month. Choi is charged
with smuggling $165 million out of Korea between May, 1996
and June 1997.

Choi is also suspected of forcing to make Korea Life make
100 billion won worth of unsecured loans to SDA
International (a Shin Dong Ah trading company subsidiary
set up by Choi that was formerly known as Shinahwon) in
order to repay debts owed to Korean banks.


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

KYM HOLDINGS: Proposes to make fresh rights issue
-------------------------------------------------
KYM Holdings Bhd is proposing a one-for-one right issue of
up to 41,456,967 new ordinary shares at an issue price of
RM1 each.

The company said in a statement yesterday the expected
gross proceeds of RM41.46mil would be used mainly for
partial repayment of bank borrowings and to service
interest payment obligations.

The balance would be set aside to defray expenses related
to the rights issue.

The company added that that with the new proposal, its
earlier plan to make a rights issue of up to 60,041,950 new
shares and a special issue of 6.9 million new shares to
bumiputra investors had been aborted. (The Star Online
06-Mar-1999)


RENONG: Seeks approval for $17.3b debt restructuring
----------------------------------------------------
According to the South China Morning Post, Malaysia's
Renong will meet creditors today to present a widely
awaited debt-restructuring plan.

Renong and its 37.1 per cent owned associate United
Engineers Malaysia (UEM) asked the Kuala Lumpur Stock
Exchange on Friday to suspend trading in their shares
pending unspecified announcements.

The companies, which have debts accounting for 5 per cent
of loans of the Malaysian banking system, were expected to
propose restructuring debts totalling about M$8.5 billion
by replacing them with bonds issued by a toll-road unit,
analysts said.

Officials said the deal revolved around cash flow from a
wholly owned UEM subsidiary, toll-road firm Projek
Lebuhraya Utara Selatan (PLUS).

PLUS operates the 848-kilometre North-South Expressway that
runs the length of Peninsular Malaysia, from Singapore to
Thailand. The broker for the plan, the Corporate Debt
Restructuring Committee, has proposed that Renong and UEM
debts be lumped together for the restructuring, but not
those of subsidiaries and associates, which Renong had
included in an earlier $10.5 billion proposal.

Analysts said creditors might have little choice but to
share Renong's problems by taking the proposed long-term
PLUS bonds.

A much envied company before the Asia economic crisis with
12 units listed on the Malaysian stock exchange, Renong was
the main investment vehicle of Dr Mahathir's political
party, United Malays National Organisation (UMNO), until it
was sold off several years ago. It is still widely seen as
UMNO's investment vehicle and is controlled by a protege of
Dr Mahathir's top adviser, Finance Minister Daim Zainuddin.

Mr Daim has served notice that the government would not
bail out any companies using public funds, and investors
and lenders must be prepared to lose some of their money.
He said the government is now taking a tougher stance to
ensure that a well considered market approach is adopted.

Renong is involved in infrastructure development, toll-road
operations, financial services, real estate and hotels,
oil, telecoms and power generation.

The Hong Kong Standard also reported on Renong's meeting
for the presentation of restructuring plan, and the
expected proposal for the replacement of debts with bonds.
The report also mentioned that Renong and UEM's debts
comprise about 5 per cent of loans in the Malaysian banking
system.


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

PHILIPPINE AIRLINES: Debt swap not in PAL rescue plan
-----------------------------------------------------
The Asian Wall Street Journal reported that the chief
company advisor for Philippine Airlines (PAL) has stated
that a debt for equity swap wasn't being considers as part
of the revised rescue plan. However, following the
completion of the airline's debt restructuring plan, PAL
will seek an equity inject from fresh investors and not
from existing creditors.  

A revised PAL rehabilitation plan is due to the Philippine
Securities Exchange Commission (SEC) on March 15 deadline.
Once the plan is submitted, SEC officials said they are
prepared to hold daily meetings to ensure speedy resolution
of the airline's problems.  

PAL has already presented recently revised draft plan at a
meeting with a consortium of European financial
institutions (who are owed $1.2 billion by PAL) and the
U.S. Export-Import Bank (which is owed $340 million) last
month. The draft revised plan reportedly included reducing
the PAL fleet from 54 to 24 aircraft, increasing aircraft
utilization by up to 20 percent, arranging marketing
alliances with other airlines, and consolidating its
operations at the new Manila International Airport. The
creditors were reported to be receptive to the proposals
presented to them.


PILIPINO TELEPHONE: Cojuangco may be liable
-------------------------------------------
The group of Antonio "Tonyboy" Cojuangco, former
controlling stockholder of Philippine Long Distance
Telephone Co. (PLDT), may be held criminally liable for
failing to disclose the real financial condition of ailing
PLDT subsidiary Pilipino Telephone Corp. (Piltel).

Securities and Exchange Commission (SEC) chairman Perfecto
Yasay Jr. said this over the weekend, stressing Piltel's
previous management should come up with "substantive
explanation" to justify the sudden deterioration of
Piltel's financial condition.

Cojuangco was president of PLDT, while brother Ramon was
president of Piltel until November 1998 when their group
sold for $750 million their controlling stake in both firms
to the First Pacific group, a conglomerate controlled by
Soedono Salim, a business associate of ousted Indonesian
strongman Suharto's family.

PLDT is the country's largest telecommunication company,
while Piltel is its second biggest cellular phone service
provider.

"Officers and directors of Piltel should have substantive
explanation on why the company's (or Piltel's) debts
ballooned to such huge amount," Yasay declared.

First Pacific acquired the Cojuangco block last November as
the new Indonesian government launched a drive to recover
alleged ill-gotten wealth amassed by Suharto's group during
his long stay in power.

Yasay said affected Piltel investors may hold Cojuangco's
group "accountable" for damages they suffered for the non-
disclosure of Piltel's huge debts. Yasay said aggrieved
investors can file criminal charges against former
officials of Piltel, if it is proven that they deliberately
concealed the cellular firm's true financial condition.

Documents submitted to the SEC showed Piltel's debts
amounted to only P16.7 billion as of Sept. 30, 1998. The
obligations ballooned to P34.9 billion after Piltel booked
$280 million in obligations to Marubeni Corp. of Japan, its
contractor for a telephone roll out project in Mindanao.  
(Manila Times 08-Mar-1999)


TRANS-PHILIPPINES: Bank nixes suspension of payments
----------------------------------------------------
Far East Bank and Trust Co. has asked the Securities and
Exchange Commission to reject the debt relief sought by
Trans-Philippines Investment Corp. (TPIC) saying the
company has committed misrepresentation in its petition for
suspension of payments.

Claiming the petition was defective, Far East Bank, which
has exposure of P27.06 million in the ailing firm, said
TPIC listed a parcel of land in Baguio City as one of its
real estate properties when in fact the land is registered
in the name of a certain sugar company.

Under the SEC rules, "any misrepresentation in the
petition...shall be an automatic ground for the dismissal
of the case," Far East bank told the SEC.

Far East Bank also said the petition of the company should
be immediately dismissed for not complying with the
requirements in filing petitions for suspension of
payments.

According to Far East Bank, TPIC's petition omitted the
verification of schedule of debts and liabilities.

"Without the verification, the petitioner's creditors
cannot put faith on the veracity of the facts and figures
presented in the petition," Far East Bank said.

Far East Bank also said TPIC failed to submit its audited
financial statement for the past fiscal year and did not
show the book and market values of any of the assets listed
in the petition.

Several creditors have already filed notices of foreclosure
on TPIC's mortgaged and or pledged assets. Aside from Far
East bank, other creditors include PBCom (P87.12 million),
PDCP Bank (P50.96 million), Westmont Bank (P16.09 million)
and PSBank (P6.64 million).

Incorporated in 1962 by the late Roberto Villanueva as a
family-controlled investment holding company, TPIC sought
relief from payment of its P450 million debts.

In its petition, TPIC said it has sufficient assets to
cover its liabilities but it may not meet payment of
maturing obligations due to tight liquidity problems. As of
end-December last year, the company's properties we valued
at P780 million. (Manila Times 08-Mar-1999)


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

DBS BANK: DBS's profits plunge
------------------------------
Singapore's largest bank, DBS Bank, yesterday reported a 49
per cent plunge in 1998's net earnings to $222.7 million.

Total provisions last year was $996.4 million, nearly
doubled that of 1997's. DBS said the higher provisions were
due to an increase in non-performing loans, as well as
special general provisions set aside to cover its exposure
to countries in the region.

Excluding Thai Danu Bank, its regional exposure as at Dec
31, 1998 amounted to $3.9 billion. With Thai Danu Bank, the
figure is a much higher $9.8 billion.

The directors have recommended a final dividend of 9 per
cent. (Singapore Business Times 08-Mar-1999)


GK GOH: Posts sharply lower interims of under $1m
-------------------------------------------------
Regionally-exposed stockbroker G,K Goh has posted an
interim net profit of $999,000, down sharply from $4.2
million a year ago. Turnover for the half-year ended Dec
31, 1998 fell to $26.3 million from $44.1 million
previously. Earnings per share fell to 0.3 of a cent from
1.3 cents. Net tangible asset backing per share stood at
70.66 cents, down from 71.9 cents. No interim dividend was
declared. (Singapore Business Times 08-Mar-1999)


INCHCAPE MOTORS: Earnings down 43%; Brunei a drag
-------------------------------------------------
Inchcape Motors saw its net earnings hurtle down to $20.17     
million last year -- a 43 per cent drop -- due to losses in     
Brunei and a non-recurring exceptional income of $15.9
million in 1997.

The group will give up its Audi and Volkswagen agencies in
Brunei in the second half of this year and focus on its
Toyota and Lexus brands, the company said in a statement
yesterday.

The lower earnings, which have been adjusted for the sale
of Inchcape Marketing Services early last year, came on the
back of a 20 per cent fall in turnover to $685.9 million.
Net earnings per share, 21.7 cents in 1997, slid to 12.3
cents. A final dividend of 10 per cent or five cents per
share has been declared.

The company said a worse performance in the second half was
due to "continued weakness of the motors market in Brunei
and pressure on margins from intense competition among
motor distributors in Singapore". Sales in Brunei almost
halved to $148.8 million last year while those in Singapore
fell nearly 7 per cent to $536.7 million.

Inchcape Motors said operating profits, which fell by a
third to $39.8 million, were also affected by the non-
recurring exceptional profit on liquidation of a pension
fund in 1997.

Inchcape said it expects to maintain the level of profits
it had made last year. The expected release of more COEs in
Singapore will result in lower COE premiums and hence
cushion the pressure on margins, it said.

But demand for cars in Singapore is expected to fall due to
the current economic difficulties, while the car market in
Brunei is not expected to improve. (Singapore Business
Times 08-Mar-1999)


OVERSEAS UNION: OUB net profit falls 29 per cent
------------------------------------------------
Overseas Union Bank has posted 29.2 per cent drop in net
profit to $180.4 million. Overall provisions for possible
loan losses rose 76.5 per cent to $1.06 billion, while
provisions for regional loans increased jumped 72.6 per
cent per cent to $573 million.

OUB's net interest income rose 4.2 per cent to $843.3
million. The bank has announced a 15 cents per share
dividend for 1998, as well as a bonus issue of one bonus
share for every ten ordinary shares of $1 each to
commemorate its 50th anniversary. (Singapore Business Times
08-Mar-1999)


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

ADVANCE PAINT AND CHEMICAL: SET to delist 15 companies
------------------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


BANGKOK STEEL INDUSTRY: SET to delist 15 companies
--------------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


EASTERN PRINTING: SET to delist 15 companies
--------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


EMC PLC: SET to delist 15 companies
-----------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


KRISDAMANAKORN: SET to delist 15 companies
------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


KULTHORN KIRBY: SET to delist 15 companies
------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


MEC FAR EAST: SET to delist 15 companies
----------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


NATURAL PARK: SET to delist 15 companies
----------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


NTS STEEL GROUP: SET to delist 15 companies
-------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


PAE (THAILAND): SET to delist 15 companies
------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


PETROLEUM AUTHORITY: PTT hopes sale will raise $500m
----------------------------------------------------
The Petroleum Authority of Thailand (PTT) is seeking to
sell a good part of its petrochemical assets as part of an
effort to raise US$500 million to sustain the operation of
its financially-troubled petrochemical affiliates.

The state oil firm would reduce its stake in the three
affiliates to 25% across the board. PTT has a 49% interest
in Thai Olefins Co, 36% in National Petrochemical Plc and
44% in The Aromatic Thai.

PTT's petrochemical affiliates recorded a combined loss of
eight billion baht last year due mainly to the slump in the
petrochemical prices that hit a record low that aggravated
existing financial problems in those units.

They are also facing higher production costs than rival
firms like Siam Cement and Thai Petrochemical Industry Plc.
PTT's assets in those petrochemical concerns are valued at
about US$2 billion.

Senior PTT executives yesterday briefed Industry Minister
Suwat Liptapallop who urged the state enterprise to speed
up the search for strategic partners to buy those
petrochemical assets.

PTT officials said the sale of its shares in those firms
would inject new funds into those cash-strapped operations,
along with the debt restructuring effort.
(Bangkok Post 06-Mar-1999)


POWER-P: SET to delist 15 companies
-----------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


RAIMON LAND: SET to delist 15 companies
---------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


RENOWN LEATHERWARE: SET to delist 15 companies
----------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


SANSIRI: Set to return to real estate fray
------------------------------------------
Sansiri Plc is set to become another Thai property-
development company ready to resume business in full cry
with equity participation from a foreign strategic partner,
plus more in the future, and a nearly completed debt-
restructuring plan.

The company announced yesterday the participation of
Starwood Capital, a giant US real estate investor which,
after a year of negotiation, plans to take up to 51 per
cent or 566 million shares of the Thai company's capital
over an unspecified period. At first, the foreign partner
will buy a 10-per cent stake.

To accommodate the share sale, Sansiri will issue 1.24
billion shares to raise its registered capital by Bt12.4
billion to Bt13.29 billion. While 566 million shares are
reserved for Starwood, a large part of the rest will be
offered to creditors as part of the debt-to-equity swap
planned to reduce Sansiri's debt burden by Bt1.6 billion.
Currently, only Golden Land Property Development Plc has
succeeded in debt restructuring.

Srettha said Starwood's participation will assure creditors
that the planned debt-to-equity swap should be done to
resolve the company's debt problem within this year.

Sansiri stopped repaying principle and interest following
the 1997 economic crisis, but has so far completed the
restructuring of Bt1.95 billion or 54 per cent of total
debts mainly through fire-sales in inventories. The Bt1.6
billion represents around 46 per cent of the company's
debts as of last year. (The Nation 06-Mar-1999)


SIAM CHEMICALS: SET to delist 15 companies
------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


SOMBOON GROUP: Somboon to sell equity
-------------------------------------
To keep its business going, Somboon Group, a Thai-owned
auto parts producer, will sell 49 per cent of four of its
companies to interested investors to raise funds to
restructure its debts with creditors led by Bangkok Bank.

Late last year, the group sold majority holdings in nine
joint ventures to its Japanese partners, with an agreement
to buy back the shares in the next four to five years,
according to Verayut Kitapanich, a senior executive.

According to Verayut, the group, one of Thailand's top 10
auto parts firms, reduced holdings in Asahi Somboon
Aluminium Co Ltd, Asahi Somboon Shippo Moulds Co Ltd,
Bangkok Magnet Corporation Co Ltd, Asahi Somboon Metals Co
Ltd, Tsuchiyoshi Somboon Coated Sand Co Ltd, Nisshinbo
Somboon Automotive Co Ltd, Yamada Somboon Co Ltd, Thai
Meira Co Ltd and Somboon Somic Manufacturing Co Ltd to 5
per cent from 51 per cent.

These units were joint ventures with Japanese partners who
acquired majority control on condition that they could sell
back the additional shares in the next four to five years
at a pre-determined price.

In addition, Verayut, president of Bangkok Spring
Industrial Co, a unit of the group whose sales last year
plunged to Bt750 million from 1997's Bt1.3 billion, said
the group will also reduce its 100 per cent holdings in
another four companies to 51 per cent to raise proceeds for
a debt-restructuring exercise with creditors.

Among these are Bangkok Spring Industrial, Somboon Advanced
Technology, Somboon Industrial Autoparts and Somboon
Malleable Iron Industry Co Ltd.

These units produce about 1,000 different auto parts such
as leaf springs, coil springs, drum brakes, brake shoes,
exhaust manifolds and front hubs, among things, for the
auto industry.

The group has hired Pricewaterhouse to study plans for debt
restructuring after it stopped paying interest to creditors
in November last year. The company's debt is about Bt1
billion and interest is Bt20 million per month. The plan is
expected to be completed in the middle of this year.

Verayut said that options are reduction of some debts,
extending the payback period, converting debt into equity
and finding joint-venture partners. The four-companies'
assets are valued at Bt3 billion. (The Nation 06-Mar-1999)


SWEDISH MOTORS: SET to delist 15 companies
------------------------------------------
The Stock Exchange of Thailand (SET) announced yesterday
that it would delist an additional 15 companies from the
bourse because of their negative shareholders' equity at
the end of 1998.

The 15 companies will be posted the suspension (SP) sign
and they will be moved to a new trading sector called
Companies Under Rehabilitation (Rehabco) on March 10. The
exchange will also suspend further trading in these
securities for an additional 30 days until April 5.
However, trading in these securities will be resumed during
April 7 to May 6 to give all shareholders a chance to buy
or sell each company's shares. The SP sign will be re-
posted on May 7 until the delisting process is completed.
To avoid delisting, the SET statement noted that each
company is required to appoint an independent financial
adviser to prepare a rehabilitation plan to resolve the
causes of any possible delisting. (The Nation 06-Mar-1999)


UNITED COMMUNICATION: Signs deal with creditors
-----------------------------------------------
United Communication Industry Plc (Ucom) expects to emerge
as a strong player in the data communication networking
sector after having passed the most critical stage of its
struggle for survival yesterday by clearing US$573 million
in debts.

The company signed up to a five-year loan repayment
agreement at the Bank of Thailand.

Ucom is one of the country's four major telecommunications
groups, with interests in selling and servicing cellular
phones, and also non-telecom business. After the financial
crisis began in July 1997, Ucom, with its numerous
affiliates and subsidiaries, saw its fortunes nose-dive as
the group was among the sector's highest borrowers from
abroad.

In the debt-for-equity contract signed with 28 bank
creditors and public debt holders yesterday, Ucom's
controlling family, the Bencharongkul's, will have their
stake reduced from 45 to 26 per cent, allowing creditors to
step in as new shareholders.

The company's total debts consist of the equivalent of $208
million in bank facilities, $264 million of Euro-
convertible bonds, and Bt3.6 billion of baht debentures.
The latter two will be converted into equity of $120
million, the equivalent of Bt22 per share. As a result, its
total debts will remain at $453 million.

This year, Ucom will begin paying its remaining debts,
starting with $5 million. Other payments will be made in
June and December each year, until 2003.

The debt restructuring allows the company to lower its
debt-to-equity ratio from 5:1 to 2:1, giving the firm
greater business potential, according to Ucom.

Boonchai said that, because of its successful debt
restructuring and new, more sharply-focussed corporate
structure, Ucom had abandoned its plan to seek a strategic
partner. (The Nation 06-Mar-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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Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1999.  All rights reserved.  ISSN: 1520-9482.  

This material is copyrighted and any commercial use,
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