TCRAP_Public/991115.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

            Monday, November 15, 1999, Vol. 2, No. 222


* C H I N A  &  H O N G  K O N G *

PEREGRINE INVESTMENTS: Suit against 4 ex-directors revived
THEME INT'L HOLDINGS: 2 top bidders vying to buy
THE METALLURGY GROUP CO.: Signs debt-to-equity swap
TSE SUI LUEN JEWELLERY: Faces StockEx disciplinary action

* J A P A N *

ISUZU MOTORS: 6-month loss balloons from last year
NIPPON CREDIT BANK: Object of takeover interest by Softbank
SOFTBANK CORP.: Posts giant 6-month loss

* K O R E A *

BOOKOOK SECURITIES: FSS takes disciplinary action against
CHO HUNG BANK: Signs deal with FSC and KDIC, gets cash
DAEWOO GROUP: Sells Seoul Hilton for $228.5 million
HANA BANK: FSS warns, directs discipline on execs
HANVIT BANK: FSS warns, directs discipline on execs
INDUST.BANK OF KOREA: FSS warns,directs discipline on execs
KOREA FIRST BANK: FSS warns,directs discipline on execs

* M A L A Y S I A *

GRAND CENTRAL ENTERPRISES: Rights issue to pay debts ok'd
NAM FATT CORP.: SC modifies loans rehab, rights issue
PANCARAN IKRAB BHD: Reveals broad restructure scheme

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

NATIONAL STEEL CORP.: Creditor takeover imminent
NATIONAL STEEL CORP.: Owners abandoning company too
NATIONAL STEEL CORP.: From bad to worse - posts 9 mo.loss
PILIPINO TEL.CORP.: 9-month losses surge

* S I N G A P O R E *

ULTRO TECHNOLOGIES: Loss prompts subsidiary shutdown

* T H A I L A N D *

CAPETRONIC INT'L (THAILAND) PLC: Posts narrower 3Q loss
COUNTRY (THAILAND) PLC: Posts 3rd quarter loss
CVD ENTERTAINMENT PLC: Posts 3rd quarter loss
EASTERN STAR REAL ESTATE: Increasing capital to lower debts
EASTERN WIRE.: Rehab plan submitted to court by creditor
INDARA INSURANCE PLC: Posts narrower 3rd quarter loss
NATIONAL PETROCHEMICAL PLC: Posts 3Q profit but 9-mo.loss
ROJANA INDUSTRIAL PARK PLC: Posts 3rd quarter loss
SG ASIA CREDIT: To recapitalize, reopen, pay down debts
SIAM PANICH LEASING PLC: Posts narrower 3rd quarter loss
SURAPON SEAFOODS: Shuts down 2 subsidiaries
TANAYONG PLC: Posts 2nd quarter loss
THAI OIL CO.: Creditor majority approves rehab plan
THE AROMATICS (THAILAND) PLC: Posts wider losses
THE NAVAKIJ INSURANCE PLC: Post wider 3rd quarter loss
TRANG SEAFOOD PRODUCTS: Posts 3rd quarter loss
UNITED MOTOR WORKS (SIAM) PLC: Posts 3rd quarter loss
VAROPAKORN PLC: Posts narrower 3rd quarter loss
YONG THAI PLC: Posts 3rd quarter loss

C H I N A  &  H O N G  K O N G

PEREGRINE INVESTMENTS: Suit against 4 ex-directors revived
Four former directors of Peregrine Investments Holdings
yesterday suffered a setback in relation to a lawsuit
brought by a shareholder claiming $27 million in
compensation for losses suffered when the firm collapsed.

Cheeroll Ltd, a company owned by Sun Hung Kai & Company,
lodged a writ in September 1998 against the former
directors Philip Tose, Francis Leung Pak-to, Peter Wong
Wing-cheong and Alan Mercer.  Cheeroll claimed it suffered
a loss after it decided not to dispose of Peregrine shares
because of two sets of announcements made by the investment
bank in October and December 1997.

Cheeroll held about four million Peregrine shares in late
1997 before the collapse of the investment bank in early
1998.  Part of the writ included a statement of claim filed
by Cheeroll seeking a compensation of $27 million for
losses suffered.  The former directors then applied to the
High Court to strike out the statement of claim.

In mid-June 1999, Justice William Waung Sik-ying at the
Court of First Instance ruled that the paragraphs 7 to 14
of the Statement of Claim (which are related to the
personal liabilities and the October announcement) should
be struck out.  This effectively absolved the four
directors of personal liabilities with regard to Cheeroll's

Cheeroll then lodged an appeal and the hearing was heard
yesterday at the Court of Appeal before Justices Gerald
Godfrey, Anthony Rogers and Conrad Seagroatt.  The Court of
Appeals yesterday reversed the ruling of the CFI striking
out the personal liability on the part of the four
directors.  This paves the way for the Court of First
Instance to hear the case against the four directors.

Cheeroll counsel Michael Thomas yesterday argued the four
persons should have personal liabilities because the
statement in fact had said so.  Peregrine collapsed under a
huge burden of bad debt resulting from the Asian financial
crisis.  (Hong Kong Standard  12-Nov-1999)

THEME INT'L HOLDINGS: 2 top bidders vying to buy           
Two bidders for cash-strapped retailer Theme International
Holdings have bombarded its bank creditors with revised
takeover proposals in a last-minute effort to push through
their bids.

Representatives of casual wear chain operator Giordano
International and women's wear-maker High Fashion
International yesterday lobbied about 14 bank creditors.  
However, rival suitor YGM Trading is believed to have
stopped pursuing its bid.

A Theme spokesman said yesterday that the banks, led by
HSBC, had yet to agree on which proposal to accept and that
they intended to make a decision in "several days".  Theme
is believed to be on the brink of collapse under the weight
of $242.78 million in debts and is suffering from limited
working capital.

Sources said Theme needed about $45 million in fresh cash
to stay afloat, not to mention the cost of preparing its
upcoming spring collection.  They said High Fashion and
Giordano each had revised their offers.  High Fashion
director Raymond Wong Shing-loong said the company had done
some "fine-tuning" on its proposal but refused to disclose
what had been changed.

Giordano has offered to raise the level of debt repayment
to bankers in the form of new Theme shares, according to
sources. The sources said the most tempting feature of High
Fashion's offer was an immediate cash injection into Theme
as soon as bankers adopted the proposal.  To make its offer
more competitive, Mr Wong said High Fashion would
contemplate relinquishing its rights to conduct due
diligence on Theme's accounts.

This could be a key lure for Theme and its creditors as the
due diligence process could take months and hence delay any
cash injection.  A satisfactory due diligence was described
as "a must" in Giordano's offer, but it has softened its
stance by vowing to shorten the process to one week from
one or two months, the sources said.

They said Giordano officials, including director Terry Ng
Sze-yuen, and Theme representatives including non-executive
director Gerald Dobby, had bombarded bank creditors with
calls. Mr Dobby, a retired HSBC executive, and Theme
chairman Kenneth Lai Ngan-long are strong backers of High
Fashion's proposal. The sources said Mr Lai favoured High
Fashion largely because under its proposal, he would be
able to continue as Theme's chairman.  (South China Morning
Post  13-Nov-1999)

THE METALLURGY GROUP CO.: Signs debt-to-equity swap        
The Metallurgy Group Co. Ltd. China's largest producer of
special steel, signed an agreement on debt-to-equity swaps
with the China Cinda Assets Management Corporation (AMC)

This is the first case of debt-to-equity swaps in central
China 's Hubei province, with the total agreement amounting
to 638 million yuan (US$ 77 million). billion yuan (US$ 544
million) in profits and paid 3.8 billion yuan (US$ 459
million) in taxes.  In the mid 1980s, the group invested
heavily in a series of technological innovations and became
seriously burdened with debt.

The main focus of this agreement is a debt-to-equity swap
for the No.170 Seamless Steel Tube Plant, which was built
based on a loan from the Hubei branch of the Construction
Bank of China.  The total project costs 638 millions yuan
(US$ 77 million).

Under the agreement the debt ratio of the Metallurgy Group
after the swap will decrease to 56.86% from its current
67.33%.  The group will save up to 48 million yuan (US$ 5.8
million) in interest annually and is likely to see profits
within a year.

China established four AMCs this year to deal with bad
loans from the state-owned commercial banks.  Through
measures such as "debt-to-equity" swaps, they took are able
to protect state financial assets.  Cinda AMC will hold the
Metallurgy Group stocks until the firm is running well
again, when Cinda AMC will be free to sell or transfer
them.  (Asia Pulse  11-Nov-1999)

TSE SUI LUEN JEWELLERY: Faces StockEx disciplinary action  
Ailing Tse Sui Luen Jewellery (International) and its
directors face stock exchange disciplinary action because
of a $51.15 million loan to the retailer's cash-strapped

The loan was supposed to have been deposited with an
intermediary to finance a business project in the mainland.  
Instead, the credit was used in part in December last year
to satisfy personal obligations of chairman Tse Sui-luen,
the company said.  The intermediary holds 15 per cent of
Tse Sui Luen Jewellery's subsidiary, a connected party to
the retailer under listing rules.  Under these rules, the
retailer needed independent shareholder approval and to
ensure public disclosure when the transaction was
finalised, which it failed to do.

"The stock exchange has notified the company ... the
payment of the deposit comprises a connected transaction
and that it reserves the right to take disciplinary action
against the company and its directors for breach of listing
rules," the stock exchange said.

Mr Tse has at least $120 million in upaid debt. Moreover,
the company's prospects are dim because a planned share
sale to white knight East Giant Investments - one of the
company's suppliers - has fallen through.  Tse Sui Luen
Jewellery said conditions of the sale were not satisfied by
a Monday deadline.

Further, another white knight - Cobra Technologies Corp -
is undecided on making a compulsory general offer for Tse
Sui Luen Jewellery shares it does not own.  The takeovers
and mergers watchdog on Wednesday ordered Cobra to make a
general offer at 32 cents a share.  Cobra had already
acquired interest and voting rights in Tse Sui Luen
Jewellery equivalent to 59.85 per cent of the company from
UBS - Mr Tse's creditor - for $75 million.

Sources said Cobra's decision, expected "very soon", would
depend on negotiations with Tse Sui Luen Jewellery's nine
bank creditors about a standstill agreement for repayment
of the company's debts and with the company's convertible
note holder, China Retail Fund LDC.  As UBS has unwound its
exposure to Mr Tse, the bank is believed to have dropped
last week a bankruptcy petition filed against him.  (South
China Morning Post  12-Nov-1999)


ISUZU MOTORS: 6-month loss balloons from last year
Japan's Isuzu Motors posted net losses which swelled to a
record high in the half to September, battered by a slump
in Japan's truck market and the yen's rise.  The parent
firm's net loss rose to a record half-year figure of 26.9B
yen from 2.3B yen last year.

NIPPON CREDIT BANK: Object of takeover interest by Softbank
Japan's Internet investor Softbank Corp. is heading a bid
to take over the collapsed state-run Nippon Credit Bank

Softbank, which until now has aggressively invested in
small but safe Internet ventures, said it had filed a
preliminary proposal to take over NCB - one of Japan's
biggest problem banks - with a team of Japanese firms.  
Joining Softbank in its bid for NCB are Japan's most
profitable retailing group Ito-Yokado, its biggest consumer
financing company Orix and its biggest casualty insurer
Tokio Marine and Fire Insurance.

The bid sparked fresh buying in Softbank's shares, already
one of the best-performing issues on the Tokyo Stock
Exchange. Analysts said a takeover of NCB offered
possibilities for each of the firms. Ito-Yokado would be
able to provide banking services at thousands of stores,
while the other partners would obtain a branch network and
an on-line vehicle for the sale of existing and new
financial products.

"Ito-Yokado and Orix have wanted to get into the banking
business for some time," said Hiromi Koyama, an analyst at
Taiheiyo Securities, "and in that sense their interests fit
with Softbank's intention to be a player in the on-line
financial world. The assault on the market for Internet-
based financial services has begun.

"It will be different from Softbank's earlier investments
in the virtual Net world. That [investing outside the Net]
could be more profitable but means more risk," Warburg
Dillon Read analyst Kota Nakako said.

Mahendra Negi, first vice-president at Merrill Lynch in
Japan, said the takeover might hurt Softbank's valuation.  
"Softbank may have slightly deviated from the image I had
of an investor in small ventures," he said. "That could
lower Softbank's valuation and I'm a bit worried."

NCB, weighed down by massive debts and deteriorating
creditworthiness, was put under state control in December.
It appointed Morgan Stanley Dean Witter as a financial
adviser in June to help it find a buyer for its operations.  
NCB can continue ordinary banking operations, but under a
plan drafted by regulators, its healthy assets are to be
sold to a sound financial institution within three years.

But Lehman Brothers hailed the news as a positive strategic
move that could save some initial costs for Softbank.  It
recently upgraded its 12-month target share price for
Softbank to 100,000 yen (about HK$7,405). It closed at
61,000 yen yesterday. Moody's Investors Service said it was
still considering whether to raise Softbank's speculative
B1 grade credit rating. (South China Morning Post  13-Nov-

SOFTBANK CORP.: Posts giant 6-month loss
Softbank posted a 3.5B yen group net loss in the six months
to September 30 after selling its troubled US microchip-
maker.  The leading internet investor and software
publisher reported a net profit of 3.3B yen in the same
period last year.  Pretax losses stood at 11.3B yen,
compared with a 2.4B yen pretax loss a year ago.  Revenue
dropped 18.1% from a year earlier to 2.4B yen.  

Softbank yesterday rallied on the Tokyo Stock Exchange on
reports it would team up with three other Japanese firms in
a bid to take over the collapsed Nippon Credit Bank.  
Softbank stock surged 3,600 yen or 6.3% to 61,000 yen.  At
the parent company level, Softbank enjoyed a net profit of
11.5B yen, up 52.8% from a year earlier.


BOOKOOK SECURITIES: FSS takes disciplinary action against
The Financial Supervisory Service (FSS) has taken
disciplinary actions against Bookook Securities Co. and its
27 former and incumbent staff members.

An FSS probe revealed that the brokerage firm illegally
purchased shares of now-defunct Hangdo Merchant Bank to
ease its financial squeeze in 1997, suffering a loss of
20.2 billion won ($17 million).  Bookook was a major
shareholder of the merchant bank, which was forced to shut
down its operation at the height of Korea's financial
crisis last year.  In addition, the stock brokerage
employed unqualified investment counselors. (Korea Herald  

CHO HUNG BANK: Signs deal with FSC and KDIC, gets cash
The Cho Hung Bank (CHB) signed an agreement with the
Financial Supervisory Commission (FSC) and the Korea
Deposit Insurance Corp. (KDIC) Friday, pledging to complete
several measures to improve its management. CHB made the
agreement with the two government watchdog agencies
following the injection of W2.8 trillion in public fund to
help it normalize operations.

Under the agreement, CHB will relocate its head office to a
provincial region by 2001, ensure that 60% of its board are
non-permanent directors, reduce the number of its branches
15% from the end of last year and sell off nine
subsidiaries either domestically or abroad. If the bank
fails to honor the agreement, the government will hold the
bank's executives responsible and demand major
restructuring in the bank's management, including possible
liquidation or merger.  (Digital ChosunIlbo  12-Nov-1999)

DAEWOO GROUP: Sells Seoul Hilton for $228.5 million
The Daewoo Group announced yesterday that it has sold its
Seoul Hilton Hotel to CDL Hotels International Ltd., a
division of Singapore's Hong Leong Group, for $228.5

A spokesman for the debt-ridden conglomerate said that Yoo
Jin-moo, president of Daewoo Development Co., a subsidiary
of the Daewoo Group, signed a formal transfer contract with
Kwek Leng-joo, vice chairman of the Hong Leong Group, the
parent company of CDL, and a global real estate giant with
60 hotels worldwide, to sell the Seoul Hilton.  CDL agreed
to keep all employees of the Seoul Hilton, he said, adding
that CDL will pay for the acquisition by Nov. 30.  

The selling price represents a US$13.5 million improvement
over the US$215 million that Daewoo had agreed to sell the
hotel for in a previous contract signed with GMH of
Luxembourg on June 18. The contract was nullified after the
European firm refused to pay a deposit.

Daewoo will use the sale funds to reduce heavy debts of the
Daewoo Corp., a shareholder of Daewoo Development.  Daewoo
Development selected the Hong Leong Group as its priority
negotiator from among 13 bidders late last month. Daewoo
has been seeking a new buyer for the Seoul Hilton after a
European firm, General Mediterranean Holdings (GMH), failed
to uphold its transfer contract for $215 million signed in
June. (Korea Herald  13-Nov-1999, Digital ChosunIlbo  12-

HANA BANK: FSS warns, directs discipline on execs
HANVIT BANK: FSS warns, directs discipline on execs
INDUST.BANK OF KOREA: FSS warns,directs discipline on execs
KOREA FIRST BANK: FSS warns,directs discipline on execs
The Financial Supervisory Service (FSS) yesterday ordered
five overseas branches of domestic banks to improve their
management performances within a year. The financial
watchdog also instructed the banks to take disciplinary
action against 27 former and incumbent officials of the
branches for poor management.

The five are Tokyo and Osaka branches of Hanvit Bank; the
Hong Kong branch of Industrial Bank of Korea; the Hong Kong
branch of Hana Bank and the Tokyo branch of Korea First
Bank.  The overseas branches will be required to submit
plans for managerial improvement to the watchdog and given
a year to improve their performance.

The five overseas branches will face forced closures or
tough sanctions if they fail to boost their performances,
the watchdog said.  In a regular performance assessment,
the five overseas branches were awarded low marks because
of poor profitability and asset quality, the FSS said.

The overseas branches of Hanvit Bank incurred non-
performing loans of 58.4 billion won ($49.8 million) by
extending money to poor-credit corporate borrowers.
Other bank branches also suffered losses amounting to 22
billion won from their investments in securities issued by
firms with poor financial positions, the watchdog said.
(Korea Herald  13-Nov-1999, Digital ChosunIlbo 12-Nov-1999)


GRAND CENTRAL ENTERPRISES: Rights issue to pay debts ok'd
Shareholders of hotel chain operator and manager Grand
Central Enterprises Bhd (GCE) have approved the company's
proposed rights issue to raise funds to repay borrowings
and improve its bottomline.

According to a company circular sent earlier to
shareholders, the proposed rights issue, which is on a
renounceable basis, would involve the issuance of RM39.4mil
nominal amount of 5% irredeemable convertible unsecured
loan stocks (Iculs) 2000/2005 together with 39.4 million
free detachable warrants.  The issue would be allotted on
the basis of RM1 nominal amount of Iculs together with one
warrant attached for every four ordinary GCE shares held.

GCE said the rights issue would enable it to raise funds to
part-finance the repayment of bank borrowings of RM69.27mil
and advances of RM9mil from its substantial shareholder,
Tan Chee Hoe & Sons Sdn Bhd (TCHS).  The outstanding
borrowings and commitments were balances as at Sept 30,
1999, the company said.

Of the expected proceeds of RM38.65mil from the rights
issue, RM31.65mil would be used to part-repay bank
borrowings, RM7mil to repay the advances from TCHS, and
RM750,000 to meet the rights issue expenses.  The
repayments, GCE said, would result in net interest savings
of RM0.58mil or 1.5% per annum.

In addition to securing needed funds, the company expects
to benefit further from the favourable 5-year locked-in
coupon rate of the Iculs which is lower than the current
average borrowing rates of the group of about 6.5%.
Looking ahead, GCE expects to benefit from the
consequential reduction in its debt capital and future
increases in its equity base as and when the Iculs/warrants
are converted and exercised respectively.

Any proceeds arising from subsequent exercise of the
warrants into new shares in GCE would provide the group
with further funds to finance its future growth and
operations, the company said.  GCE also said that to
accommodate the issue of new shares upon the conversion and
exercise of the Iculs/warrants as well as any future
increases in its issued share capital, its authorised share
capital would be increased to RM300mil from RM200mil. As
well as owning and operating seven hotels, GCE manages five
such establishments owned by other companies.  (Star Online  

NAM FATT CORP.: SC modifies loans rehab, rights issue
The Securities Commission (SC) has approved, with
amendments, Nam Fatt Corp Bhd's proposed loans
restructuring scheme and rights issue.

The company had proposed a loans restructuring scheme
involving an issue of RM312.268mil nominal value of 5-year
4% to 6.5% secured redeemable bonds and up to RM245.876mil
nominal value of 5-year 3% irredeemable convertible
unsecured loan stocks (Iculs), and the conversion of the
scheme borrowings of Nam Fatt and certain subsidiaries into
the bonds and Iculs.

It had also proposed a rights issue of up to 95,419,570 new
ordinary RM1 shares on the basis of one new share for every
one existing share held along with up to 333,968,495
detachable warrants on the basis of seven warrants for
every two rights shares.

According to a statement issued by Commerce International
Merchant Bankers Bhd on behalf Nam Fatt, the amendments
are:  The rights shares are to be issued with up to
95,419,570 warrants on the basis of 1 warrant for every
rights share instead of the proposed 7 warrants for every 2
rights shares.  The issue price for the rights shares
should be at a discount of not more than 20% from the
theoretical ex-rights price computed based on the five-day
weighted average market price prior to the price-fixing
date, instead of the proposed issue price of RM1 per rights

The conversion price of the Iculs and the exercise price of
the warrants should be set in accordance with the policies
and guidelines set by the SC. CIMB is required to apply for
the SC approval of the revised conversion price of the
Iculs and exercise price of the warrants.  Should the step-
up pricing mechanism of the warrants be considered as
necessary, the exercise prices of the warrants must be pre-
determined. CIMB and Nam Fatt would then be required to set
out clearly the step-up pricing mechanism including the
pricing structure and frequency of adjustment of the
exercise prices.

The proposed loans restructuring scheme and rights issue
will also be subject to the following conditions:
SC approval is required for all material cash acquisitions
including acquisitions of properties by Nam Fatt in future,
from the date of the SC approval to the expiry of the bonds
and Iculs or until all the borrowings of Nam Fatt and
certain of its subsidiaries, namely Tai Chong Electric
Manufacturing Sdn Bhd, Maddusalat Bhd, Associated Steel
Industries (M) Sdn Bhd, Nam Fatt Fabricators Sdn Bhd, Nam
Fatt Fabricators Sdn Bhd, Nam Fatt Marketing Sdn Bhd and
P&N Construction Sdn Bhd, have been fully settled.

Nam Fatt is required to comply with all the terms and
conditions imposed by the Ministry of International Trade
and Industry, the Foreign Investment Committee and Bank
Negara; and the proceeds from the exercise of warrants must
be solely used for redemption of the bonds.  (Star Online  

PANCARAN IKRAB BHD: Reveals broad restructure scheme
Pancaran Ikrab Bhd (PIB) has announced a wide-ranging
restructuring scheme that would see hotel operations
emerging as one of its main activities in addition to

A statement issued by Bumiputra Merchant Bankers Bhd on
behalf of the company said the restructuring scheme was
being proposed with the primary objective of reorganising
and resuscitating the group's financial and operational
ability.  It said the economic slowdown of the last two
years had resulted in continuous poor performance by the
second board company, and had created tremendous financial
strain on its resources.

"Stiff competition coupled with a drastic economic slowdown
in the country has resulted in PIB having large accumulated
losses," the statement said.  "These accumulated losses
have eroded the assets of the group and affected the
ability of PIB to fulfill its financial obligations.
Despite efforts by the board of PIB to take the necessary
remedial actions, the economic turbulence made it almost
impossible to implement such remedial actions," the
statement added.

The proposed restructuring scheme calls for:  A reduction
of PIB's issued and paid-up capital;  Consolidation of the
issued and paid-up share capital of PIB following the
capital reduction; A debt restructuring exercise via an
informal scheme of compromise and arrangement with selected
creditors;  The incorporation of a new company;  A scheme
of arrangement between PIB, its shareholders and the new
company under Section 176 of the Companies Act, whereby the
shareholders would exchange their ordinary shares of RM1
each in PIB for new ordinary shares of RM1 each in the new
company;  The acquisition of Promenade Hotel in Kota
Kinabalu for a total purchase consideration of RM150mil;
Transfer of the listing status of PIB to the new company;
An offer for sale of ordinary shares of RM1 each in the new
company at an offer price of RM1 each to the public; and
A restricted issue of the new company's shares at an issue
price of RM1 each to the vendor.

The proposed capital reduction would entail reducing PIB's
issued share capital to 4.75 million comprising 19 million
ordinary shares of 25 sen each--an effective capital
reduction of 75 sen for every existing PIB share held.
The credit of RM14.25mil arising from the proposed capital
reduction would be used to partially reduce PIB's
accumulated losses as at Sept 30, 1999.

On completion of the proposed capital reduction, the issued
and paid-up share capital of PIB would be consolidated into
ordinary shares of RM1 each, on the basis of converting
four ordinary shares of 25 sen each into one ordinary share
of RM1 each.  The proposed debt restructuring would entail
separate schemes in respect of the amounts owing to
selected creditors of PIB and its subsidiary, RC
Consultancy Sdn Bhd (RCC).

For the purpose of the proposed debt restructuring, the
liabilities of PIB and RCC as at April 30, 2000, which are
estimated at RM27.54mil, have been grouped as follows:
For secured creditors, the estimated amount to be owed to
them by RCC would be about RM1.344mil. The debts would be
settled in full upon receipt of cash on completion of the
proposed restricted share issue.

For unsecured creditors, the estimated amount to be owed as
at April 30, 2000, including corporate guarantees extended
by the company, would be RM26.196mil and would be settled
via various schemes.  (Star Online  12-Nov-1999)


NATIONAL STEEL CORP.: Creditor takeover imminent
Creditor banks of cash-strapped National Steel Corp. (NSC)
are poised to take over the steel firm's management after
the foreign owners "abandoned their interest" to the
company, Finance Secretary Edgardo B. Espiritu yesterday

NSC's operations ground to a halt early this month after it
ran out of raw materials. Mr. Espiritu added the creditors
will soon initiate foreclosure proceedings against the
assets of NSC, Asia's oldest steel company, and negotiate
for the entry of a new investor.

"Under this situation, where the foreign entity has
abandoned (the company by) ... just simply stopping the
operation of a vital industry, the creditors can
immediately enter. In fact, even the government, if it
wants to, can do this. But of course the policy of our
president is no intervention," he said.

NSC is currently majority-owned by Hong Kong-based Hottick
Investments Ltd. which has an 82.5% stake. The government,
through National Development Co., has 12.5% holdings while
the remaining 5% is held by Japanese trading firm Marubeni

"They (creditor banks) can... petition a takeover of
management because of two basic reasons. One, the continued
deterioration in the assets is so huge in terms of a
potential damage to the creditors plus the fact that the
ownership of the company belongs to a foreign entity," he

Meanwhile, Mr. Espiritu said four or five investors have
formally indicated their interest in NSC. He said creditor
banks will be given the hand in deciding which investor to
choose.  (Business World  12-Nov-1999)

NATIONAL STEEL CORP.: Owners abandoning company too
The twice-sold, cash-strapped, and highly indebted National
Steel Corp., one of the government's biggest headaches and
the Philippines' top steel producer, is now alone after its
Malaysian owners decided to sell it.

Hottick Investments, the company's Malaysian owner, is said
to be negotiating with foreign businessmen the sale of
National Steel, once Mindanao's top taxpayer and job
provider but now a virtual leper. The currency crisis,
construction meltdown, and cheap steel imports forced its
closure last week.  The government, the usual rescuer of
last resort, has refused to bail out the steel firm which
owes P15.4 billion to 14 banks, including P5 billion to
Philippine National Bank and P1.2 billion to Land Bank of
the Philippines.

"President Estrada has given instructions for government to
stay out of National Steel. He is specifically against any
form of cash capital infusion or bailout," Finance
Secretary Edgardo Espiritu said.

Espiritu added that four foreign investors, including a
Japanese and a Taiwanese group, were interested in buying
the firm from Hottick Investments. He did not name the
supposed buyers.  This would be the third time National
Steel would change owners.

In 1995, the state-run National Development Co. sold 82.5
percent of National Steel to a Malaysian group called Wing
Tiek Holdings. But Wing Tiek ran out of money, and that
paved the way for Hottick Investments, another Malaysian
firm, to take over.  Some 2,000 National Steel workers in
Iligan City had earlier urged the government to reopen the
plant which shut down on November 7.

Espiritu said the government could persuade the prospective
buyers to retain the state's remaining equity in the firm
to soften the impact of its impending foreclosure on

"I intend to negotiate with the prospective buyers to
preserve government's 12.5 percent equity stake in National
Steel. I will appeal to the buyers," Espiritu said. But he
said he did not expect the plan to thrill the potential
investors.  "I am hoping the investors will agree to the
proposal, but it will be a mistake to believe this plan is
realistic," Espiritu said. "I have no high hopes but I will

He said a government policy forebade it to intervene in
"purely private transactions" such as the coming
foreclosure of National Steel's assets by creditor banks.
Hottick Investments took over National Steel from Wing Tiek
in 1995. At the time, National Steel was the largest
Philippine producer of hot-rolled coils-semi-finished
materials used to make roofing, pipes, and tubes. Espiritu
said National Steel obtained loans to refinance maturing
old debt, upgrade equipment, and boost its working capital.

Some analysts claim National Steel's viability is
threatened by the government's refusal to increase the
import duty on hot rolled coils to 7 percent from three.
They say the low tariff has opened the market to a flood of
steel products, mainly from Russia.  But finance officials
claim the government is not moving because National Steel
has not been using at least 50 percent of its production
capacity as agreed. National Steel was said to have been
producing only at 30 percent capacity as recently as July.

National Steel had wanted the government to raise the duty
on imported steel to 15 percent, officials said. Espiritu
said the government would not intervene once the creditor
banks started foreclosure proceedings on the company. PNB
and Land Bank aside, National Steel also owes Development
Bank of the Philippines and Westmont Bank, among others.
DBP and Westmont Bank were ready to foreclose on National
Steel's assets, but the steel maker asked for a 45-day
reprieve.  (Manila Times  12-Nov-1999)

NATIONAL STEEL CORP.: From bad to worse - posts 9 mo.loss
Dropped like a hot potato by its Malaysian owner, National
Steel Corp. has revealed another entry in its catalog of
misfortunes - P2.71 billion in losses in the first nine
months of the year.

In a financial statement submitted to the Securities and
Exchange Commission, National Steel said the January-to-
September losses were still smaller than the P2.9 billion
it lost in the same period last year.  Revenues dropped 51
percent to P3.44 billion from P7.01 billion a year ago.
Operating expenses, however, went down 17.63 percent to
P431.73 million from P524.17 million in 1998. National
Steel's foreign exchange losses also declined 44 percent to
P92.55 million from P166.98 million.

National Steel was forced to close when the government
refused to bail it out of its P15.4 billion debt to 14
banks including Philippine National Bank and Land Bank of
the Philippines.  Barely four years in private hands,
National Steel's financial agony worsened when tariffs on
selected steel products dropped to 3 percent from 20.

National Steel's status as a foreign-run firm stripped it
of its right to avail of the government's tariff incentives
program.  The outbreak of the Asian financial crisis and
the country's importation of steel products from Russia
compounded National Steel's woes.

National Steel owner Hottick Investments of Malaysia is
negotiating with foreign and local groups to take over the
beleaguered steel firm.  In 1995, the state-run National
Development Co. sold National Steel to Wing Tiek Holdings
also of Malaysia. Unfortunately, Wing Tiek itself
encountered financial difficulties, paving the way for
Hottick Investments' acquisition of National Steel.

Earlier, Iligan City officials and residents held a rally
to dramatize their disgust at Hottick's failure to prop up
the steel firm. The rallyists also demanded that a new
owner take over National Steel. Iligan City is the site of
National Steel's plant.  (Manila Times  13-Nov-1999)

PILIPINO TEL.CORP.: 9-month losses surge
The operating losses of Pilipino Telephone Corp., formerly
the country's top cellular phone firm, surged to P2.56
billion in the first nine months from P38 million in the
same period in 1998, according to its income report to the
Philippine Stock Exchange.

Piltel attributed these losses to "lower revenue as well as
increased costs due largely to sharply higher
depreciation."  While its revenue dropped by 31 percent to
P2.78 billion, Piltel's operating costs sharply increased
by 43 percent to P4.48 billion. Piltel said its
depreciation costs, including those of its 400 cell sites
now, rose by 82 percent to P2.25 billion.

Payment of last year's billings pushed the company's costs
of maintenance, utilities, and related security services to
grow by 63 percent to P378 million. Provision for doubtful
accounts went up 7 percent to P181 million "as a result of
a more conservative provisioning policy."  Using its Sept.
30 figures, Piltel's subscriber base expanded by 32 percent
to 558,553, comprising of 433,376 cellular subscribers,
79,148 landline subscribers, and 48,029 paging subscribers.

"The company's cellular subscriber base continued its trend
toward the growing dominance of pre-paid subscribers who
now account for 66 percent of cellular customers compared
with 40 percent a year earlier, rather than those
subscribing to billed subscription plans," Piltel said in
its report.

Piltel chief executive officer and president Napoleon
Nazareno exuded optimism the cellular phone firm would
begin to recover by the last quarter of 1999 as a result of
aggressive marketing strategy being implemented by the
company to improve its financial health.

"We signed the memorandum of understanding with our
creditor banks last Oct. 8. This should give us the
momentum to move forward and discussions are moving ahead
as well with out financial creditors. On the revenue side,
we have not yet seen the effect on revenues of our
marketing efforts as these were only launched in the third
quarter and we should see the benefits from the fourth
quarter onwards," Nazareno said.  (Manila Times  13-Nov-


ULTRO TECHNOLOGIES: Loss prompts subsidiary shutdown
Ultro Technologies will wind up its automation and storage
subsidiaries to focus on its profitable and growing core
businesses of manufacturing and distribution. The company
will make a provision of $1.47 million against its profits
for 1999 for the winding-up of Ultro Automation and Ultro
Storage. With this, its previously reported net profit of
$4.2 million will fall to $2.7 million, or a 44 per cent
drop from a year ago.

The two subsidiaries recorded a combined turnover of $2.2
million and a pre-tax loss of $1.8 million this year. A
year ago, its turnover was $3.2 million and pre-tax
earnings were $38,000. The company also announced that Ng
Kok Loon has resigned from his executive positions at the
two subsidiaries. Dr Ng is also a director of Ultro
Technologies but he will not seek re-election next month.
(Business Times  13-Nov-1999)


CAPETRONIC INT'L (THAILAND) PLC: Posts narrower 3Q loss    
Capetronic International (Thailand) Plc recorded revised
net losses of Bt327.80 million in the third quarter of
1999, compared with the loss of Bt38.63 million in the same
period a year ago. The company accumulated net losses of
Bt482.82 million in the first nine months this year
compared to profits of Bt129 million in the same period
last year.  (The Nation  13-Nov-1999)

COUNTRY (THAILAND) PLC: Posts 3rd quarter loss             
Country (Thailand) Plc reported revised quarterly results,
saying its net loss for the third quarter of this year
soared to Bt574.477 million, up from Bt284.860 million in
the same period of last year.  (The Nation  13-Nov-1999)

CVD ENTERTAINMENT PLC: Posts 3rd quarter loss              
CVD Entertainment Plc said its net losses in the third
quarter of 1999 stood at Bt11.36 million against losses of
Bt79.03 million in the same period a year before.  (The
Nation  13-Nov-1999)

EASTERN STAR REAL ESTATE: Increasing capital to lower debts
Eastern Star Real Estate Plc (Eastar), a property developer
in the strategic Eastern Seaboard investment area, will
increase its registered capital by Bt2 billion to Bt4.54

The company is to issue 200 million new ordinary shares,
with a par value of Bt10 per share, in a private placement.
The recapitalisation plan was unanimously approved at a
board meeting on Nov 7.

"This transaction will provide funds to be used primarily
in reducing our debt burden by reaching our target at 60
per cent this year and also as working capital and
investment fund.  We are very confident that our business
prospects will continue to improve as the property market
and broader economy recover," said William Cheng, managing
director of Eastar.

The newly-issued shares will be divided into three tranches
at discounted prices. The first allotment of 50 million
shares will be offered at Bt5 apiece with the second
tranche of 50 million shares priced at Bt7 each. The last
100 million shares will be offered to specific investors at
Bt9 a share with these proceeds allocated for new project

A portion of newly-issued shares will be repaid for debt
through a debt-to-equity swap. The company will hold an
extraordinary general meeting of shareholders for approval
of this plan in mid-December.

"Having considered factors of our book value and current
conditions in the stock market, we decided to implement the
new issued share into three tranches at different
discounted prices. These will be offered to specific
investors in different period of time based upon condition
of the stock market," Cheng said.  "This is a part of our
effort to prepare ourselves for growing in the near future
as soon as further debt restructuring takes effect and the
market picks up."

In January, Eastar increased its registered capital from
Bt1.54 billion to Bt2.54 billion by issuing 100 new common
securities in a private placement.  (The Nation  13-Nov-

EASTERN WIRE.: Rehab plan submitted to court by creditor
The Central Bankruptcy Court has accepted a rehabilitation
plan for Eastern Wire Plc (EWC) submitted by its largest
shareholder and lender - Egga Holding Co. Ltd. EWC is
reeling under a huge debt of Bt1.6 billion it owes to 26
financial institution and trading partners.

A court official said Egga Holding Co Ltd, which is the
company's largest shareholder and one of major lenders,
submitted a petition for the court to accept the plan.
Egga Holding Co Ltd currently owns 62.5 per cent in EWC's
equity after it had acquired a major chunk from Jalaprathan
Cement Plc. It has also lent Bt22 million to EWC.  Egga
Holding has appointed Dr Phiraphan Phalusuk as planner of
the restructuring. The first hearing is scheduled for Dec
7, 1999.

A high-ranking source at EWC said that she did not know the
real motive behind Egga holding's petition. But she
believes that the move would not adversely affect the
ongoing debt restructuring talks.  The move is seen as Egga
Holding's attempt to protect its right to claim the debts
that the troubled company owes to it.

After all, EWC's debt restructuring plan, which is under
consideration of the creditors' steering committee, is
essentially similar to the one filed with the court by Egga
Holding, the source noted.  EWC's steering committee is
comprised of representatives from Standard Chartered
Nakornthorn Bank, Siam City Bank, Krung Thai Bank, Bangkok
Metropolitan Bank, Standard Chatered Bank, BankThai, SG
Asia Credit, TISCO Finance and Asset Management

Of the total debts, around Bt1 billion belongs to financial
institution creditors while the balance belongs to trading
partner creditors.  The source said the plan proposed by
EWC to the steering committee specifies a rescheduled
repayment period with a lower interest rate. It does not
include debt forgiveness and equity swap, though.
All parties involved in the debt restructuring was stepping
up efforts to wrap up a deal within the time-frame set in
the creditor-debtor agreement of the Corporate Debts
Restructuring Advisory Committee (CDRAC).

"We would be able to sign the debt restructuring contract
with creditors by late next month," the source said.

In a filing with the Stock Exchange of Thailand, the
company said the rehabilitation plan needs approval from
the company's shareholders. Their next meeting will be held
on Dec 23, 1999.  The company's board of directors,
meanwhile, said that it has named Dr Phiraphan as the
chairman of the board of directors and Boonchai
Khamboonruang as managing director.

The board also appointed Yuthana Thamacharoen, Charnchai
Lekvichittada, Pattrawan Harntrakul and Sopa Nontananant as
new directors and ackhowledged the resignation of Rapee
Sukhayanga and Prasarn Katanyutanon from the board. The
resignation took effect on on Nov 2 and Nov 9 respectively.
(The Nation  12-Nov-1999)

INDARA INSURANCE PLC: Posts narrower 3rd quarter loss      
Indara Insurance Plc reporting revised quarterly results,
said its net losses dropped to Bt4.699 million in the third
quarter ending Sept 30, from Bt8.227 million in the same
period of last year.  (The Nation  13-Nov-1999)

NATIONAL PETROCHEMICAL PLC: Posts 3Q profit but 9-mo.loss  
National Petrochemical Plc said that its revised third
quarter net profit shed dramatically to Bt89.87 million,
compared with Bt778.17 million net profit in the
corresponding period last year. Its 1999 first nine months
results plunged to a net loss of Bt190.02 million, a sharp
decline from Bt2.74 billion net profit over the same period
last year.  (The Nation  13-Nov-1999)

ROJANA INDUSTRIAL PARK PLC: Posts 3rd quarter loss         
Rojana Industrial Park Plc lost Bt28.16 million in the
third quarter against profit of Bt6.8 million in the same
period last year, according to a filing to the Stock
Exchange of Thailand. (The Nation  13-Nov-1999)

SG ASIA CREDIT: To recapitalize, reopen, pay down debts
SG Asia Credit Plc's (SGACL) finance business is set to
resume operation no later than the end of this year after
shareholders gave an overwhelming vote yesterday for the
Bt17.5 billion recapitalisation plan.

Charnchai Leethavorn, who chaired the shareholders meeting,
expected that the new capital hike plan should be fully
completed by this month or next month at the latest.
After resuming operation, he said the company will proceed
immediately with the split between finance and securities
businesses expected to be finished by the end of this year.
The newly-split securities company will be fully owned by
the finance company.

Pattera Dilokrungthirapop, managing director of the
company's securities division, said that the goal for its
securities business, it plans to expand new business
operations in retail distribution and trading as well as
investment banking.

When it resume its finance operation, it plans to focus on
debt recovering and debt restructuring rather than new loan
extension, Charnchai said.

"As our finance operation has been shut down for a while,
we need to be more prudent in extending fresh loans,"
Charnchai added.

He refused to provide the current level of problem loans,
but analysts expect its non-performing loans are likely to
rise to 80 per cent of total loans.  In addition, SGACL
also plans to apply for licences to conduct trade finance,
foreign currency exchange, savings and fixed deposit
accounts and branch network with future possibility to
apply for restricted bank status.

"We have prepared ourselves for this day to come for a long
time, so now we are ready to move ahead with all these new
business lines. Supported by the strength of our
shareholders' regional and international network, we aim to
play a noticeable part in these markets in the near
future," Charnchai said.

He revealed the next step of the company after shareholders
yesterday gave a greenlight for the recapitalisation plan,
involving in the capital writedown only on parts of two
major shareholders -- Societe Generale (SocGen) and Bangkok
Bank (BBL), the state's tier-1 capital raising scheme and
private placement of new preferred shares to be subscribed
by the three parties.

Prices of all newly issued preferred shares are set at
Bt11.50 apiece. Following a completion of recapitalisation,
SGACL would hold an equity level of Bt8 billion with full
provisioning and capital adequacy ratio under Bank for
International Settlements over 30 per cent of total risk-
weighted assets.

Under the plan, according to a company statement, SocGen
and BBL would initially inject Bt6.46 billion to bring the
equity level to positive and provide full provisioning, of
which Bt3.66 billion would be from the former and Bt2.80
billion would come from the latter.  The Finance Ministry
would then pour additional Bt729 million to raise BIS ratio
to 2.5 per cent and then lastly the 1:1 contribution from
SocGen and BBL on one side and the Finance Ministry on the

Of which, Bt2.92 billion would be injected by SocGen,
Bt2.23 billion by BBL and Bt5.15 billion by the Finance
Ministry.  After the new subscription, SocGen with its
total injection of Bt6.59 billion would then hold a 36.05
per cent stake in SGACL, BBL with Bt5.03 billion at 27.49
per cent and the Finance Ministry with Bt5.88 billion at
32.17 per cent. Minority shareholders would hold a total
stake of 4.28 per cent.

Currently, SocGen owns 51.2 per cent stake in SGACL while
BBL has a total stake of 38.9 per cent.  In light of the
Finance Ministry's participation in the company, SGACL will
increase its directors of the board from 9 at present to 11
at maximum.  Charnchai is confident that with all the tools
set in place -- financial strength, human and technological
resources and continued strong support of shareholders,
SGACL will progress in the direction aimed at becoming one
of the key players among financial institutions in the
country's economic stability.  (The Nation  13-Nov-1999)

SIAM PANICH LEASING PLC: Posts narrower 3rd quarter loss   
Siam Panich Leasing Plc reported its revised net losses in
the third quarter this year amounted to Bt73.22 million
against losses of Bt276.38 million in the same period the
previous year. (The Nation  13-Nov-1999)

SURAPON SEAFOODS: Shuts down 2 subsidiaries
Surapon Seafoods Plc announced that it has shut down its
two subsidiaries, Blue Pataya Foods Sales Ltd and Surapon
Seafoods Inc, since Oct 1 this year.

SSF's wholly-owned subsidiary Blue Pataya Foods Sales Ltd
holds 70 per cent of Surapon Seafoods Inc. Blue Pataya Food
Sales is a frozen seafood distributor while Surapon
Seafoods is in the frozen seafood import business in the US

The liquidation of the companies is expected to be complete
by early next year. In a filing, SSF said that closing down
the two firms has not affected the company because it
already exports products to the US market through other
distributors.   (The Nation  12-Nov-1999)

TANAYONG PLC: Posts 2nd quarter loss                       
Tanayong Plc recorded an audited net loss of Bt2.14 billion
in the second quarter of 1999 ending Sept 30 against
profits of Bt351.35 million in the same period last year,
according to a filing to the Stock Exchange of Thailand.  
(The Nation  13-Nov-1999)

THAI OIL CO.: Creditor majority approves rehab plan
Thailand made significant progress towards speeding up the
country's corporate debt restructuring process yesterday
when a majority of creditors approved Thai Oil Co's
(Thaioil) US$2.25 billion debt reform programme, the
largest amount since the onset of the economic crisis.

Under the finalised debt accord, the state will also lower
its funding support to aid the refinery to $250 million,
instead of the $350 million stipulated in a draft approved
by the Cabinet recently.  Creditors holding 74 per cent of
the Thaioil's debts participated in the voting forum
organised at the Bank of Thailand (BOT) yesterday, with 94
per cent of participants voting in favour of the plan, said
Sivaporn Dardaranda, vice chairman of the central bank's
supervised Corporate Debt Restructuring Advisory Committee

Among the 46 creditors who are members of CDRAC, 35 of them
-- representing 95.6 per cent (or Bt38.3 billion) of their
combined total debt of Bt42 billion -- approved the reform
plan.  The figure easily surpasses the 75 per cent
requirement as stipulated by CDRAC regulations.

"This is a major achievement that we have concluded the
largest ever debt restructuring deal," said Sivaporn.
Thaioil managing director Chulchit Bulyaketu said the
company would wait a further 15 days for the remaining non-
CDRAC creditors to vote on the debt plan before going ahead
with the implementation.

But if Thaioil could not get 100 per cent voting approval,
he said, the firm would file a rehabilitation case to the
court as a pre-emptive measure to protect it from a
possible lawsuit from the minority lenders.  The debt
restructuring scheme will start with a one-month debt
repurchasing process for Thaioil to buy back $385 million
in debt at a 50 per cent discount from the creditors who
prefer to be paid quickly.

Thaioil will pay back the debts with funding from a
recapitalisation programme in which the state-owned
Petroleum Authority of Thailand (PTT) and the creditors
will each contribute $250 million.  Of the total $250
million equity injection by PTT, the authority will inject
a fresh funding of only $149 million since the remaining
$101 million will be a debt-to-equity conversion for the
debt owed by Thaioil to the state firm.

After raising Thaioil's registered capital to $500 million
from the present Bt20 million, PTT and the creditors will
each hold 49.99 per cent in Thaioil, while the Crown
Property Bureau which will contribute US$1 million to the
recapitalisation will possess a symbolic 0.02 per cent
stake.  Other shareholders, including Shell Petroleum NV,
Caltex Trading and Transport, and the Chowkwanyun group who
will not participate in the capital-increase plan, will see
their ownership stakes in Thaioil virtually disappear as a
result of the massive recapitalisation programme.

Following the recapitalisation, the debt reduction, the
US$250 million debt-to-equity conversion by the creditors
and an assets sale plan, Thaioil's total debt will be
brought down to US$1.385 billion.  The remaining debt will
be rescheduled over a 14-year repayment term with an
initial three-year grace period.

Yesterday's voting came after Thaioil's creditor steering
committee, led by Chase Manhattan Bank, Bank of Tokyo-
Mitsubishi and the Industrial Finance Corp of Thailand,
agreed to the debt repayment plan last month.  (The Nation,
Bangkok Post  13-Nov-1999)

THE AROMATICS (THAILAND) PLC: Posts wider losses           
The Aromatics (Thailand) Plc said its 1999 third quarter
financial result showed a net loss of Bt2.21 billion
against the profit of Bt502.27 million in the same period
of the previous year. The company reported that its net
loss for the first nine months of 1999 accounted for Bt3.38
billion, compared with the profit of Bt1.05 billion.  (The
Nation  13-Nov-1999)

THE NAVAKIJ INSURANCE PLC: Post wider 3rd quarter loss     
The audited third quarter financial results for The Navakij
Insurance Plc show it posted a Bt13.90 million net loss, a
sharp fall from Bt24.42 million net profit in the same
period a year before.  (The Nation  13-Nov-1999)

TRANG SEAFOOD PRODUCTS: Posts 3rd quarter loss
Trang Seafood Products Plc reported that its reviewed third
quarter financial results showed a net loss of around
Bt59.74 million, compared to Bt68.05 million net profit
over the same period last year. The company also posted a
net loss of Bt69.65 million in first nine months of 1999,
against a Bt191.912 million net profit in the same period
last year. (The Nation  12-Nov-1999)

UNITED MOTOR WORKS (SIAM) PLC: Posts 3rd quarter loss      
United Motor Workd (Siam) Plc reported revised net losses
in the third quarter of 1999 of Bt13.56 million, against
profits of Bt5.25 million in the same period of the
previous year.  (The Nation  13-Nov-1999)

VAROPAKORN PLC: Posts narrower 3rd quarter loss            
Varopakorn Plc said its reviewed third quarter net loss
declined significantly to Bt14.05 million over Bt8.95
million net loss in the corresponding period a year ago.  
The company's board has also named Songsri Soontornwipat as
chairman of the audit committee. Tongchan Jotikasthira and
Munoru Kubota are members of the committee while Sorranee
Deephanphongs is secretary to the committee.  (The Nation  

YONG THAI PLC: Posts 3rd quarter loss                      
Yong Thai Plc reported that its net loss in the third
quarter of 1999 accounted to Bt44.96 million against the
profit of Bt2.74 million in the same period of the previous
year.  (The Nation  13-Nov-1999)

S U B S C R I P T I O N  I N F O R M A T I O N

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