TCRAP_Public/990330.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      

      Tuesday, March 30, 1999, Vol. 2, No. 62

                    Headlines


* C H I N A   &   H O N G   K O N G *

ART HOUSE LIMITED: Notice of meeting of creditors
CARTMAN INTERNATIONAL: Notice of annual and final meetings
FUJIAN ENTERPRISES: Fujian Enterprises reform plan backed
GUANGDONG (HK) TOURS: GDE unit faces $45m writ
GUANGDONG INVESTMENT (GDI): GDE unit faces $45m writ

LEADING SPIRIT: Makes slow progress in talks with creditor banks
PEREGRINE ASSET MANAGEMENT: Notice to creditors to prove debts
PROFIT KINGDOM: Meetings of contributories and creditors
SIU-FUNG CERAMICS: Siu-Fung faces wind-up order threat by HSBC
WINMOU INVESTMENT COMPANY LIMITED: Winding-up petition


* J A P A N *

LONG TERM CREDIT: DIC seeking partial loan repayments
NIPPON CREDIT: DIC seeking partial loan repayments
NISSAN MOTOR: Nissan exec board endorses tie-up with Renault
NISSHO IWAI: Nissho Iwai to draw up restructuring plan


* K O R E A *

HAITAI DAIRY: Creditor reconciliation completed
SEOUL SYSTEM: Creditor reconciliation completed
SHINDONGBANG CORP: Accused of illegal capital increase


* M A L A Y S I A *

CEMENT INDUSTRIES OF MALAYSIA BHD: Results announcement
EDARAN OTOMOBIL NASIONAL BHD: Results announcement
LARUT CONSOLIDATED: Raising RM102mil from placement of new shares
ORIENTAL HOLDINGS BHD: Results announcement


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

ART HOUSE LIMITED: Notice of meeting of creditors
-------------------------------------------------
A meeting of creditors of Art House Limited will be held on
April 16 at 10:00 am at Room 207, Duke of Windsor Social Services
Building, 15 Hennessy Road, Wanchai, Hong Kong.

Agenda

1)  To receive and consider a Statement of Affairs of the
    Company together with schedules of assets, creditors and
    estimates of their claims, and any other liabilities;
2)  To appoint Liquidator(s) for the purposes of winding up
    the Company and to fix the remuneration thereof;
3)  To appoint a Committee of Inspection if required by the
    creditors, and
4)  Any further matters relevant to Creditors' Voluntary
    Winding Up of the Company pursuant to Sections 241,
    242, 243, 244 and 245A and 283 of the Companies
    Ordinance.

Proxies must be lodged at Room 4509, 45/F., China Resources
Building, 26 Harbour Road, Wanchai, Hong Kong at least 24 hours
prior to the commencement time and date of the Meeting of
Creditors.


CARTMAN INTERNATIONAL: Notice of annual and final meetings
----------------------------------------------------------
An annual and final meeting of the members and an annual and
final meeting of the creditors of Cartman International Limited
will be held on April 27 at 10:00 am and 11:00 am respectively  
at  34th Floor, The Lee Gardens, 33 Hysan Avenue, Causeway Bay,
Hong Kong for the purpose of receiving an account of the
liquidators showing the manners in which the winding up of the
company has been conduced and the property of the company
disposed of, and of hearing any explanation that may be given by
the liquidators. Proxies must be lodged at 34th Floor, The Lee
Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong not later than
4:00 pm on April 26. Joint and Several Liquidators: Man Mo Leung
and Yuen Shu Tong.


FUJIAN ENTERPRISES: Fujian Enterprises reform plan backed
---------------------------------------------------------
According to the South China Morning Post, the Fujian provincial
government representative indicated at the first creditor bank
meeting of Fujian Enterprises (Holdings) that the Fujian
provincial government pledged to continue its support for the
company -- the city government's Hong Kong investment arm.

Representatives of more than 50 creditor banks were, however,
dismayed at the timetable for restructuring being slower than
expected and its lack of details.

The banks have not been receiving principal repayments from the
firm since November, following the collapse of Guangdong
International Trust and Investment Corp, but interest payments
have been kept up to date.

The company chairman said he was hopeful all debts would be
repaid in full.

He also told banks an audit of the firm would be compiled before
July 15 and a preliminary restructuring plan would be ready by
September.

The firm's unaudited assets amounted to $4.29 billion in
December, exceeding total liabilities of $3.21 billion and its
short-term liabilities stood at $710 million, of which $330
million amounted to trade debts, according to company officials.

The officials said the firm had been unable to provide fresh
information about its financial position as it is only this week
that accounting firm PricewaterhouseCoopers was appointed to
advise on its restructuring and to conduct a special audit.
Cameron McKenna has been appointed legal adviser.

Company officials did not reveal details about the asset
restructuring plan as creditors requested, or give additional
information about the previous provincial government commitment,
made in November, to inject a total of $2 billion of assets into
the firm.

The firm has nominated CCIC Finance and Standard Chartered Bank,
the arrangers of two separate syndicated loans, to sit on the
steering committee to be formed to coordinate liaison work
between creditor banks and the firm.

Fujian Enterprises' business interests include trading,
financing, property, shipping, tourism, public utilities,
telecommunications, energy resources and transportation.


GUANGDONG (HK) TOURS: GDE unit faces $45m writ
----------------------------------------------
According to the South China Morning Post, the Bank of Tokyo-
Mitsubishi, formerly known as Mitsubishi Bank, has sued Guangdong
(HK) Tours, a subsidiary of GDI, for HK$45.4 million in principal
plus interest and the right to sell property held as collateral.

The move reflects growing impatience among creditor banks with
GDI's parent, the troubled GDE group. Before taking legal action,
the bank issued a demand letter for loan repayment, but was told
by GDI advisers it should wait until the asset restructuring plan
for the GDE group was unveiled.

A source close to GDI dismissed concerns the court case would
threaten the success of the standstill and asset restructuring
proposal for GDI.

The source said if GDE gave in, it would be unfair to other banks
and would invite others to serve writs.

The case has been referred to HSBC, the liaison bank of the
steering committee of GDI creditor banks.

It is understood some GDI creditor banks are against the proposed
standstill agreement to suspend principal repayment. They believe
GDI should be able to service its debts.

GDI earlier said it would not be included in a standstill
proposal put forward by its controlling shareholder, GDE, and
would continue to service its debts. It later proposed the
standstill after an announcement of losses for two of its
subsidiaries, Guangdong Tannery and Guangdong Building
Industries, which triggered a technical default.

So far, mainly banks involved in project-related loans have
disagreed with the standstill proposal in the belief the projects
themselves could generate sufficient cash to repay the debts.

The project loans included a US$50 million term loan with
Shaoguan Power Plant as security and a US$90 million term loan
for Guangdong Teem (Holdings) with security provided.

GDI and its financial advisers were assessing the Shaoguan Power
and Teem projects, among others, to see if they had debt-
servicing ability on a stand-alone basis.


GUANGDONG INVESTMENT (GDI): GDE unit faces $45m writ
----------------------------------------------------
According to the South China Morning Post, the Bank of Tokyo-
Mitsubishi, formerly known as Mitsubishi Bank, has sued Guangdong
(HK) Tours, a subsidiary of GDI, for HK$45.4 million in principal
plus interest and the right to sell property held as collateral.

The move reflects growing impatience among creditor banks with
GDI's parent, the troubled GDE group. Before taking legal action,
the bank issued a demand letter for loan repayment, but was told
by GDI advisers it should wait until the asset restructuring plan
for the GDE group was unveiled.

A source close to GDI dismissed concerns the court case would
threaten the success of the standstill and asset restructuring
proposal for GDI.

The source said if GDE gave in, it would be unfair to other banks
and would invite others to serve writs.

The case has been referred to HSBC, the liaison bank of the
steering committee of GDI creditor banks.

It is understood some GDI creditor banks are against the proposed
standstill agreement to suspend principal repayment. They believe
GDI should be able to service its debts.

GDI earlier said it would not be included in a standstill
proposal put forward by its controlling shareholder, GDE, and
would continue to service its debts. It later proposed the
standstill after an announcement of losses for two of its
subsidiaries, Guangdong Tannery and Guangdong Building
Industries, which triggered a technical default.

So far, mainly banks involved in project-related loans have
disagreed with the standstill proposal in the belief the projects
themselves could generate sufficient cash to repay the debts.

The project loans included a US$50 million term loan with
Shaoguan Power Plant as security and a US$90 million term loan
for Guangdong Teem (Holdings) with security provided.

GDI and its financial advisers were assessing the Shaoguan Power
and Teem projects, among others, to see if they had debt-
servicing ability on a stand-alone basis.


LEADING SPIRIT: Makes slow progress in talks with creditor banks
----------------------------------------------------------------
According to the South China Morning Post, LSH's director Ling
Yunbiao said a debt standstill proposal arranged in November fell
through because one of the 31 banks did not endorse it.

He said negotiations were going on and the company was paying
interest on the debt.

LSH's monthly interest expenses are about $7 million on debt of
$1.07 billion.

The company's executive director said restructuring would focus
on deferring repayments, but it is unknown whether there would be
a cut in the principal.

The company's auditor Ernst & Young, said last month it was
unable to form an opinion on whether the financial statements of
LSH and those of its television manufacturing subsidiary, Leading
Spirit Conrowa Electric (LSCE), reflected the true state of its
financial position, due to a disagreement with both companies.

Ernst & Young said the company had under-provided for outstanding
receivables of $208.22 million overdue for more than six months.
The company said the provisions were sufficient and the auditors
held a conservative attitude.

The auditors were also unable to verify the existence and
condition of $368 million worth of inventories. The company said
ex-factory prices of LSCE fell 5 to 10 per cent last year
compared with 1997, while operation costs fell by a similar
amount.

According to the Hong Kong Standard, the company yesterday said
it hoped to put in place a debt restructuring program with its 31
creditors within three to six months.

The company said it had failed to service the principal of its
$1 billion debt and at the moment had only been paying interest.
It said it had defaulted on interest payments once or twice.

The company had been on a standstill agreement with all its
bankers since early 1998, with the exception of a South Africa-
based creditor.

The company said if creditors did not call for liquidation, the
restructuring should be completed within half a year, depending
on the situation.

Leading Spirit's debt is 2.1 times its assets.

Zheng Wei-chang, vice-chairman and managing director of Leading
Spirit Conrowa, an electrical appliances manufacturing arm of
Leading Spirit (Holdings), said productivity at Leading Spirit
has been maintained. He said the company is focusing on
maintaining manufacturing businesses in China and the maintenance
of the market share, but has to cut back its expansion program on
motorcycles business due to limited cash.

The group and its subsidiaries recorded a loss of $995.12 million
for the year to June 30 1998. Turnover declined by 19 per cent.
Losses were attributed to poor performance in securities trading,
with the investment division posting a net operating loss of $389
million.

Leading Spirit (Holdings) will release its interim report on
Wednesday.


PEREGRINE ASSET MANAGEMENT: Notice to creditors to prove debts
--------------------------------------------------------------
The creditors of Peregrine Asset Management Holdings Limited,
which is being voluntarily wound up, are required on or before  
April 16 to send in their names, addresses and particulars of
their debts or claims to the Liquidators of the said company at
27th Floor, Island Place Tower, 510 Island Place Tower, 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 Donald Edward Osborn.


PROFIT KINGDOM: Meetings of contributories and creditors
--------------------------------------------------------
A meeting of contributories and creditors of Profit Kingdom
International Limited will be held on Mar 30 at 22nd Floor,
Prince's Building, Central, Hong Kong at 2:30 pm and 3:00 pm
respectively for the purpose of considering the resignation of Mr
Denis M P C Ho as joint and several liquidator of the above
company and the appointment of Mr Christopher J Barlow in his
place. Joint and Several Liquidator: Jan G W Blaauw, 23rd Floor
Sunning Plaza, 10 Hysan Avenue, Causeway Bay, Hong Kong.


SIU-FUNG CERAMICS: Siu-Fung faces wind-up order threat by HSBC
--------------------------------------------------------------
According to the South China Morning Post, HSBC yesterday
informed Siu-Fung Ceramics it would file a petition to force the
company into liquidation, Siu-Fung chairman Siegfried Lee Siu-
fung said. Mr Lee said HSBC would also seek to wind up Siu-Fung
subsidiaries NHD Systems (Asia), NHD Systems (Holdings) and Siu-
Fung Ceramics Concept.

The move came after rescue attempts by a consortium consisting of
Kumagai Gumi (Hong Kong), mainland-backed Shui Hua Development
and Enterprises and Macau Jingqing Development failed late last
year.

The company owes $2.2 billion to creditors in Hong Kong.

If the petition is filed, a court hearing will start in about two
months.

However, the liquidation might not proceed if a revised
restructuring proposal is accepted.

A proposal tabled by Siu-Fung's financial adviser
PricewaterhouseCoopers about two weeks ago would see bank
creditors' debts converted into shares at $1 each.

Under Hong Kong company law, if creditors of more than 75 per
cent of the debt amount accept a debt restructuring proposal, the
remaining creditors cannot force a company into liquidation.

HSBC and Hang Seng Bank together are owed $1.8 billion, about 80
per cent of the company's debt.

Mr Lee said HSBC is prepared to back the proposal if all other
banks accept it. Sources said many of the 13 banks had not
responded to the proposal, while others requested cash payment
and other conditions in addition to the debt-to-equity swap. Mr
Lee said some of the creditors had high but unrealistic
expectations on the debt recovery.

Mr Lee said the net asset value of the company was about four
cents per share. After restructuring according to the proposal,
the net asset value of the company will be about 50 cents per
share. Mr Lee said Goldman Sachs and another investment bank had
indicated their willingness to pay up the 10 cents per share for
the entire 2.2 billion shares to be converted from debt, if the
restructuring was successful.

Mr Lee said he had personally lent $120 million to the company,
and had pledged his own Siu-Fung shares, worth $200 million, to
HSBC to obtain bank loans for the company.

He said Siu-Fung was able to pay for wages, raw materials and
other operating costs for its manufacturing operations, but it
had been unable to pay interest on its debts.

A source said if the company went into liquidation, the payout to
its Hong Kong creditors would be minimal as the value of its
local assets was small.

The Hong Kong Standard also reported on the move by HSBC and Siu-
Fung's bid to fight such a move.

According to the report, Mr Lee said that the writ filed by HSBC
includes the winding up of Siu-Fung New Concept, which owns 34
ceramic factories in the mainland.

The report says that after the proposed transaction, the company
will have a net asset value per share of 50 cents, with a total
of 4.2 billion shares of which 2.2 billion shares are newly
issued. No lock-up period will be applied to the newly issued
shares, Mr Lee said.


WINMOU INVESTMENT COMPANY LIMITED: Winding-up petition
------------------------------------------------------
The creditors of Winmou Investment Company Limited, which is
being voluntarily wound up, are required on or before 5:00 pm on
April 23to send in their names, addresses and particulars of
their debts or claims to the Liquidator of the said company, at
Room 2702, Lucky Commercial Centre, 103-109 Des Voeux Road West,
Hong Kong, and if so required by notice in writing from the
liquidator, 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 deemed to waive
all of such debts or claims and the liquidators will be entitled
seven days after the above date, to distribute the funds
available or any part thereof to the Members. Liquidator: Tam
Shuk Ling.


=========
J A P A N  
=========

LONG TERM CREDIT: DIC seeking partial loan repayments
-----------------------------------------------------
Deposit Insurance Corp. Friday decided to have the two
nationalized banks of Long-Term Credit Bank of Japan and Nippon
Credit Bank repay part of DIC loans.

DIC, Japan's banking safety net, will ask LTCB to pay back 500
billion yen and seek repayments of 200 billion yen from NCB, DIC
officials said.

After the repayments, the balance of outstanding DIC loans will
come to 2.7 trillion yen at LTCB and 300 billion yen at NCB.

LTCB came under temporary state control last October under the
banking industry rehabilitation law enacted in that month and NCB
was nationalized under the same law in December. (Jiji Press
English News 26-Mar-1999)


NIPPON CREDIT: DIC seeking partial loan repayments
--------------------------------------------------
Deposit Insurance Corp. Friday decided to have the two
nationalized banks of Long-Term Credit Bank of Japan and Nippon
Credit Bank repay part of DIC loans.

DIC, Japan's banking safety net, will ask LTCB to pay back 500
billion yen and seek repayments of 200 billion yen from NCB, DIC
officials said.

After the repayments, the balance of outstanding DIC loans will
come to 2.7 trillion yen at LTCB and 300 billion yen at NCB.

LTCB came under temporary state control last October under the
banking industry rehabilitation law enacted in that month and NCB
was nationalized under the same law in December. (Jiji Press
English News 26-Mar-1999)


NISSAN MOTOR: Nissan exec board endorses tie-up with Renault
------------------------------------------------------------
The executive board of Nissan Motor Co. endorsed Saturday morning
a motion to allow French automaker Renault SA to buy a 35% stake
in Nissan and send its own executives to join Nissan's board.

Nissan President Yoshikazu Hanawa and Renault's Chairman Louis
Schweitzer will sign a tie-up agreement and hold a joint news
conference on Saturday afternoon in Tokyo, company officials
said.

With the French automaker's help, Nissan will pare its
consolidated debt of more than 2 trillion yen and undertake
factory consolidation, as well as reduce costs and implement
other restructuring initiatives.

Japan's second largest automaker has been suffering from sluggish
domestic sales and faltering operations in North America.

Under the agreement, Renault will buy a total 605 billion yen
worth of new shares in Nissan and its truck-making affiliate
Nissan Diesel Motor Co., company sources said.

This will allow Renault to effectively control Nissan, as its 35%
stake in the firm will make it Nissan's top shareholder. Under
Japanese law, a stake of 33.4% or more enables the holder to veto
strategy-related decisions made at shareholders' meetings.
Renault will also appoint Carlos Ghosn, executive vice president
at the French firm, as No. 2 at Nissan Motor after President
Yoshikazu Hanawa, the company sources said.

Ghosn is touted for his initiative in restructuring Renault by
closing down its Belgian factory.

Two other executives in charge of business planning and finance
will also be sent by Renault, they said.

Nissan Motor has been engaged in talks with Renault since
negotiations collapsed with German-U.S. auto giant
DaimlerChrysler AG in early March. (Kyodo News 27-Mar-1999)


NISSHO IWAI: Nissho Iwai to draw up restructuring plan
------------------------------------------------------
Nissho Iwai Corp., a struggling general trading house, will
shortly present to creditor banks a three-year restructuring plan
that will suspend all new projects and scale down overseas
operations, industry sources said Saturday.

The plan is being drawn up in response to a call by Sanwa Bank
and other creditor financial institutions, which earlier this
year had arranged to provide the company with up to 600 billion
yen in syndicated loans, the sources said.

Nissho Iwai, Japan's sixth largest trading house, is planning to
close about 20 overseas units, mainly in Africa and Eastern
Europe, they said. As of Sep. 30, 1998, it had 155 subsidiaries
and other operations overseas.

The company will also close half of its 250 affiliates worldwide,
the sources said.

The restructuring plan will also require that the Tokyo-based
company streamline operations with thin profit margins, and
instead concentrate on its strong areas of steel and machinery
trade, the sources said.

Specifically, Nissho Iwai will examine the profitability of its
foodstuffs, textiles, chemical products and other materials
divisions, and will either withdraw from, or spin off, all
unprofitable operations, the sources said.

The plan is likely to convert Nissho Iwai from a general trading
house to one that specializes in machinery, steel and other metal
products, they said.

The plan effectively bans Nissho Iwai from engaging in highly
profitable development projects, such as those in the energy and
natural resources field. Thus, the company is likely to lag
further behind its larger competitors in terms of earning power,
the sources said.

Nissho Iwai intends to implement the restructuring program
together with its already announced plans to pare 1,000 jobs and
trim 1.6 trillion yen worth of assets from its consolidated
balance sheet, the sources said.

On Friday, Nissho Iwai announced that its current president,
Masatake Kusamichi, will resign from his post April 1 to take
responsibility for the firm's financial woes.
(Kyodo News 26-Mar-1999)


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

HAITAI DAIRY: Creditor reconciliation completed
-----------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief
section, the Haitai Dairy Company's creditor reconciliation was
completed and approved by the Suwon District Court.


SEOUL SYSTEM: Creditor reconciliation completed
-----------------------------------------------
The Seoul District Court advertised in the Korean language Maeil
Kyungje that the Seoul System Company's creditor reconciliation
was completed and approved by Court.  The company's presidents
are Mr. Yi Woong-keun and Mr. Yim Seung-t'aek.


SHINDONGBANG CORP: Accused of illegal capital increase
------------------------------------------------------
The Korea Times reported that the Shindongbang Corporation is
under investigation by the Financial Supervisory Service (FSS)
for intentionally violating the capital increase process and
conducting illegal inter-subsidiary trading.  The owners of
Shinbongbang Corp., a large food manufacturer, are reportedly
accused of selling 1.4 billion won worth of their shares in the
company after being tipped off that the firm would undergo a
workout procedure.  

Generally, a workout procedure in Korea is aimed at helping firms
hit by temporary liquidity shortages to regain financial health
and competitiveness through debt relief and creditor offered
restructuring programs.  It reduces banks' non-performing loans
by improving the borrowers' debt payment capabilities.  However,
the workout can also result in the shareholders being asked to
reduce capital and the disposal of unprofitable assets and
subsidiaries.  Furthermore, there is a compulsory shake-up of the
top management of "workout companies".

The owners of the company are accused of trading their shares for
illegal profit without providing critical information to buyers.  
Before launching a capital increase, company owners are
responsible for submitting accurate information (including
details of an imminent workout process) to the government in
order to inform potential participants of the firm's future
prospects.

An FSS spoken was cited as saying that the owners sold their
shares as part of a capital-increase process knowing full well
that the values of their stock was certain to decline.  The
spokesman added that this sell off by various family members of
shares to generate new company resources may also constitute an
act of inter-subsidiary trading.

The article further stated that the chairman of Shindongbang is a
relative by marriage of the former Korean President Roh Tae-woo.


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

CEMENT INDUSTRIES OF MALAYSIA BHD: Results announcement
-------------------------------------------------------
Cement Industries of Malaysia Bhd has reported a lower group pre-
tax profit of RM20.123mil for the year to Dec 31, 1998 as against
RM90.385mil in the previous year.

Turnover also fell by 36% to RM290.883mil from RM467.430mil
previously.

The company said the decline in profitability was mainly due to
contraction in demand for cement and increase in share of losses
in associated companies.

At company level, pre-tax profit fell sharply by 69% to
RM27.097mil compared with RM86.423mil previously, while turnover
fell slightly to RM188.902mil from RM312.796mil in 1997. Earnings
per share also declined to 9.8 sen from 46.4 sen previously.

The board has recommended a first and final dividend of five sen.
(Bernama and The Star Online 27-Mar-1999)


EDARAN OTOMOBIL NASIONAL BHD: Results announcement
--------------------------------------------------
Edaran Otomobil Nasional has reported an 84.8% decrease in group
pre-tax profit to RM101.578mil for 1998 from RM669.656mil in
1997.

EON said in a statement on its preliminary results for the
financial year to Dec 31, 1998, said sales plummeted 45.6% to
RM3,948.2mil from RM7,387.4mil in the previous year as the
regional economic crisis took its toll on the motor industry.

At the company level, pre-tax profit fell 77.1% to RM122.619mil
from RM535.080mil on reduced sales of RM2,617.7mil against
RM6,410.9mil in 1997.
The group's motor division recorded an operating revenue of

RM3,631.4mil compared with RM7,505.4mil in 1997, banking and
financial services RM1,240.1mil against RM932.821mil, properties
RM250.519mil versus RM171.004mil, manufacturing RM61.345mil from
RM171.751mil and others RM67.952mil compared with RM148.639mil.
(Bernama and The Star Online 27-Mar-1999)


LARUT CONSOLIDATED: Raising RM102mil from placement of new shares
-----------------------------------------------------------------
Larut Consolidated Bhd is raising some RM102mil from the private
placement of new shares, and restricted and rights issues of loan
stocks to alleviate strains on its cash flow position.

This would enable Larut to address the mismatch problem of short
term borrowings for long term projects, the company said in a
statement. It would then be able to concentrate on generating
future revenue from existing locked-in sales of about RM1bil.

The company said it would use the proceeds to retire part of the
group's bank borrowings, for payment to Permodalan Negeri
Selangor Bhd (PNSB) and certain vendors of projects, and for
working working capital.

The company's proposed private placement entails an issuance of
up to 20.813 million new RM1 shares, representing not more than
10% of Larut's existing issued and paid-up share capital.

The issue price would be determined based on the weighted average
market price for the last five days, immediately prior to the
placement at a discount of not more than 10% subject to a minimum
issue price of RM1 per share.

The restricted loan stock issue involves an issuance of RM30 mil
nominal value of five percent irredeemable convertible unsecured
loan stocks (ICULS) at nominal value of RM1 each to PNSB.
(Bernama and The Star Online 27-Mar-1999)


ORIENTAL HOLDINGS BHD: Results announcement
-------------------------------------------
Oriental Holdings Bhd has recorded a lower group pre-tax profit
of RM204.38mil for the year ended Dec 31, 1998 against
RM510.729mil over the previous period.

Group turnover (excluding interest and investment income) stood
at RM2.790bil compared with RM3.309bil previously.

At company level, pre-tax profit fell by 44% to RM45.982mil
compared with RM81.615mil while turnover shrank by more than 70%
to RM14,000 from RM65,000 in 1997.

Earnings per share dipped to 45.4 sen from 99.5 sen previously.
The board has recommended a final dividend of 9.5% less tax.
(Bernama and The Star Online 27-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
newsletter co-published by Bankruptcy Creditors' Service,
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.  

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