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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

                   Thursday, June 29, 2000, Vol. 3, No. 126

                                  Headlines


* A U S T R A L I A *

AUSTRALIAN SUBMARINE: Union Questions Ability to Keep Afloat
EDGE GROUP: Administrator Sees Little Money for Creditors

* C H I N A   &   H O N G  K O N G *

MBF HOLDINGS: Plans to Undertake Restructuring in Court Next Month
THAKRAL CORP.: Signs Six-Month Standstill Agreement with Creditors
ZHENGZHOU BAIWEN: Will be Liquidated following Beijing Cement Formation

* I N D O N E S I A *

BANK NEGARA: President Wahid Orders Banks to Restructure Faster
BANK RAKYAT: President Wahid Orders Banks to Restructure Faster

* J A P A N *

AKIA ELECTRIC: Posts 98 Billion Yes (US$919 million) First Quarter Loss
SOGO CO.: Shinsei Bank Asks Deposit Insurance Corp. to Buy its Loans
TOKYO SOWA: Government Agrees to Sell Bank to Wilbur Ross-Led Fund

* K O R E A *

DAEWOO HEAVY: To Split Into Two Companies
HYUNDAI CONSTRUCTION: Obtains US$134 Million Emergency Loan
HYUNDAI MOTOR: Will Attempt to Separate from Hyundai Group

* M A L A Y S I A *

BERJAYA SPORTS: Shareholders Run on Suspicion of Insider Lending
IDRIS HYDRAULIC: In Talks with MNI's Annuar Senawi/Associates On Restructuring
NALURI BHD: My Stake in MAS will not be Sold, Chairman Says
TIME ENGINEERING: Sale of 30% Stake in Timedotcom to Satisfy All Debts
UNITED ENGINEERING: Puncak Still In Default Of Term Loan, Credit Facilities

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

NATIONAL STEEL CORP.: ISPAT & Pentium Excrow $100 Million to Fund Acquisition
PHILIPPINE AIRLINES: Posts Annual Profit After Completing Restructuring
PHILIPPINE NATIONAL BANK: Templeton Urges Government to Halt Rights Offering
URBAN BANK: High Bidders Pressured to Increase Bids for Failed Bank
VICTORIAS MILLING: SEC & Additional Banks Gives Nod to Rehab Plan

* T H A I L A N D *

BAMRUNGRAD RAYONG: Hospital Offers Equity for Debt Conversion Plan


=================
A U S T R A L I A
=================


AUSTRALIAN SUBMARINE: Union Questions Ability to Keep Afloat
------------------------------------------------------------
Despite a Federal Government buy-out, The Advertiser quotes union
representatives as saying, the future of the Australian Submarine Corporation
is unclear.  The Government's ownership was a temporary measure until a new
buyer could be found and the future hinged on what projects the new owner
brought, union officials said . . . after three officials lost their jobs this
week as a result of management retrenchment efforts.  

Australian Manufacturing Workers Union organiser John Gresty said workers were
relieved the Government had exercised its option to increase ownership in
Austrialian Submarine from 48% to 97.5%.  But Mr Gresty said the move was 18
months too late and had jeopardised the future of the workforce, which would
finish building the last two of the six Collins-class boats in October.

The Advertiser speculates that unless a new owner brought with it some large
infrastructure projects, the Osborne plant could be dramatically downsized.  
The plant could take on a range of work, the Advertiser observes, including
making bridges for the Alice Springs to Darwin rail link, shipbuilding,
constructing offshore rigs and other large steel fabrication.


EDGE GROUP: Administrator Sees Little Money for Creditors
---------------------------------------------------------
Administrator Alan Topp, from Armstrong Wiley & Co, is focused on intercompany
loans among affiliates of Johnson Wang's Edge Group.  Mr. Topp is attempting
to determine whether the foreign affiliates are still in business and whether
any recovery is possible for the benefit of creditors.

"If there is any money to come over after the receiver is finished, I don't
think it's going to be substantial," Mr Topp tells Australian IT, adding
that Edge owed its creditors about $30 million, compared with assets of just
$6 million.  Edge's stock holding is currently being verified by its receiver,
which is owed $1 million.  A further $500,000 was owed to employees, Mr Topp
said.



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


MBF HOLDINGS: Plans to Undertake Restructuring in Court Next Month
------------------------------------------------------------------
MBf Holdings says that it will apply for a Hong Kong court-convened creditors
meeting next month  in an effort to restructure some 1.33 billion RGT in debt.  
The Star quotes MBf managing director and CEO Loy Teik Ngan as saying, "We
hope the court will grant us a hearing by August and we can obtain
its sanction in September."  Reportedly, Malaysian creditors have, in
principle, approved the scheme but foreign creditors have not.  


THAKRAL CORP.: Signs Six-Month Standstill Agreement with Creditors
------------------------------------------------------------------
Thakral Corp and units Thakral Corp (HK) Ltd, Thakral Overseas Pte Ltd
and DOT Media Industries Ltd signed a six-month "standstill" agreement
allowing the company to defer payment on 75% of its debts until July 31 and
use its SGD$84 million cash balance to fund on-going operations.  On July 31,
the Company anticiipates paying SGD$30 to creditors.

"Under the terms of the standstill agreement, the creditor banks have
undertaken that during the six months period beginning on June 15, 2000,
they will not demand, declare an event of default or otherwise
accelerate the due date for payment of (debts) under any facilities
granted (to Thakral)," the Company said in a prepared statement obtained by
AFX News.  During the standstill period, AFX adds, the group will develop a
plan for the restructuring of its bank facilities, which will include a
recapitalisation of the company.



ZHENGZHOU BAIWEN: Will be Liquidated following Beijing Cement Formation
-----------------------------------------------------------------------
Beijing Cement Factory Co Ltd will be formally established today, following
a debt-to-equity swap carried out by China Cinda Asset Management Co Ltd,
Shenzhen's Securities Times reported.  Cinda will have a 70 pct stake in the
newly-formed joint-stock company. The report said Cinda has already taken on
250 bln yuan in unhealthy assets from the China Construction Bank, and the
asset management firm is now seeking to implement debt-to-equity swaps at
companies which have received permission from the State Council to perform the
debt conversions. It added that Cinda has applied to court for the liquidation
of A-share company Zhengzhou Baiwen Co Ltd.  (AFX News 27-Jun-2000)


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


BANK NEGARA: President Wahid Orders Banks to Restructure Faster
BANK RAKYAT: President Wahid Orders Banks to Restructure Faster
---------------------------------------------------------------
Indonesian President Abdurrahman Wahid has "cracked the whip on the country's
bank restructuring program, ordering an acceleration of the recapitalization
of Bank Negara Indonesia (BNI) and Bank Rakyat Indonesia (BRI)," Business
Times reports, explaining that Wahid gave the order to Finance Minister
Bambang Sudibyo during a ministerial meeting on Monday to monitor progress on
economic recovery, according to a report on the meeting issued by National
Logistics Agency chief Rizal Ramli said.

"In relation to the bank recapitalization program, the President has
instructed the Finance Minister to speed up the processes of recapitalization
for BNI and BRI," Ramli said.

In a related development, the country's top finance minister, Kwik Kian Gie,
said IBRA must go ahead and sell assets under its control because unless it
did so, the government would be unable to meet its budget target.  Kwik, who
is coordinating minister for the economy, finance and industry, said that as
of June, IBRA had raised less than one trillion rupiah (US$116.3 million) of
the budget target of 18.9 trillion rupiah for the April to December 2000
financial year.  IBRA must "sell the assets in any way, even at cheap prices,"
Kwik told reporters on the sidelines of a seminar.



=========
J A P A N
=========


AKIA ELECTRIC: Posts 98 Billion Yes (US$919 million) First Quarter Loss
-----------------------------------------------------------------------
Akai Electric Co. disclosed a preliminary 98 billion yen (US$919 million) net
loss for the first quarter.  The losses are attributed to revaluation of
inventory, increased loan reserves and declining sales.  Final numbers should
be released next month.  


SOGO CO.: Shinsei Bank Asks Deposit Insurance Corp. to Buy its Loans
--------------------------------------------------------------------
Owed some 200 billion yen (US$1.89 billion) by department store operator Sogo
Co. (TSE:8243), all of which is in default, Shinsei Bank turned to the Deposit
Insurance Corp. with a request that the agency buy its Sogo Loans.  

Without delay, Deposit Insurance Corp. and Industrial Bank of Japan started
negotiating a deal that might allow Sogo up to 12 years to repay its loans.
In exchange for that commitment -- rather than stretching payment out to 30
years as originally proposes -- Deposit Insurance Corp. will forgive 97 bln
yen of the 200 bln yen in loans to the Sogo group that it would buy from
Shinsei Bank.

"The government risks setting a precedent that when companies ask for debt
forgiveness, and Shinsei Bank is one of the lenders, the taxpayers' purse is
open," Ken Okamura, strategist at Dresdner Kleinwort Benson in Tokyo, warned
in talking to a reporter for the Financial Times.

"(The government) should not be buying loans from banks using public money
when it knows they are not worth full face value. I believe this is a
political ploy to get Shinsei Bank out of the picture in order for Sogo's
restructuring to take place," Brian Waterhouse, banking analyst at HSBC
Securities in Tokyo, added an interview with the Financial Times.


TOKYO SOWA: Government Agrees to Sell Bank to Wilbur Ross-Led Fund
------------------------------------------------------------------
The Financial Reconstruction Commission announced that it tapped
Wilbur Ross' Asia Recovery Fund as the buyer for Tokyo Sowa, the insolvent
Japanese bank placed under regulators' control this past June.  A definitive
agreement is expected in September with a March 2001 target for the transfer
of operations.   

The sale of the failed bank would be the third foreign takeover of a Japanese
bank this year, reflecting growing confidence among foreign firms for
potential profits in Japan's consolidating banking industry, Hong Kong Imail
observes.

"Mr Ross is very serious about doing banking business in Japan. He has good
business plans for running Tokyo Sowa," an official who declined to be
identified told Imail.  Tokyo Sowa has a network of 101 branches in the Tokyo
region and had attracted the attention of several bidders. Other contenders
included discount air ticket seller HIS as well as Shinsei Bank.

Analysts expect the bank to sell for between 50 billion and 80 billion yen
(HK$5.6 billion).

Last week, Mr. Ross's investment firm, W. L. Ross & Company, joined with the
American International Group, a leading American insurer, to invest $800
million in a mutual fund company that is part of South Korea's giant Hyundai
conglomerate, Stephanie Strom recalls in a New York Times piece.

In the bidding for Tokyo Sowa, Ms. Strom relates, Mr. Ross beat out Shinsei
Bank, formerly known as Long-Term Credit Bank, which is owned by a group of
investors led by Ripplewood Holdings, a Wall Street investment firm, and the
H.I.S. Company, a travel agency that specializes in selling discount tickets.
The government said the deal with Mr. Ross's group was the best for Japanese
taxpayers.


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


DAEWOO HEAVY: To Split Into Two Companies
-----------------------------------------
Shareholders of Daewoo Heavy Industries decided to split the company into
shipbuilding and general machinery divisions at an extraordinary shareholders'
meeting Tuesday, Asia Pulse reports.  Daewoo Heavy Industries will be split
Aug. 1 into Daewoo Shipbuilding and Marine Engineering Co. and Daewoo Heavy
Industries and Machinery Co., both will be completely separated from Daewoo
Group and be listed on the bourse Sept. 1.  

Daewoo Shipbuilding and Marine Engineering, whose debt ratio will be 245
percent, is expected to be normalized early as the global shipbuilding
business is humming. Daewoo Heavy Industries and Machinery Co., whose debt
ratio will be 239 percent, has already recovered to its pre-workout level in
production and sales, recording a relatively high operation rate of 87 percent
in the first half of this year.

"Daewoo affiliates' workout programs are proceeding fast with shareholders
of Daewoo Heavy Industries approving the company split and sale procedures of
Daewoo Motor also going well," said an official at Korea Development Bank,
main creditor of Daewoo Heavy Industries, told Yonhap.  "Smooth advances in
workout programs will contribute to stabilizing the financial market," he
said.


HYUNDAI CONSTRUCTION: Obtains US$134 Million Emergency Loan
-----------------------------------------------------------
From Seoul, reports say that Korea Development Bank will provide an emergency
loan of 150 billion won (US$ 134 million) to Hyundai Engineering and
Construction. Korea Exchange Bank, the main creditor for the construction
firm, said Hyundai had been having trouble extending the maturities of its
commercial papers. The firm's liquidity pinch was short-term because of a
concentration of commercial papers due at the end of this month and should be
resolved by the loan, the bank said.


HYUNDAI MOTOR: Will Attempt to Separate from Hyundai Group
----------------------------------------------------------
The Hyundai Group will apply with the Fair Trade Commission for separation of
Hyundai Motor, but approval of that application is uncertain.  The group
refuses to respect the commission's demand that group founder Chung Ju-yung
lower his 9.1 percent stake in Hyundai Motor to below 3 percent, The Korea
Herald reports.

"If the commission tells us to change the application in the review process,
we will follow it, but at the moment, we have no intention of persuading Chung
to reduce his stake," the official told the Herald.


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


BERJAYA SPORTS: Shareholders Run on Suspicion of Insider Lending
----------------------------------------------------------------
Shares in Berjaya Sports Toto Bhd fell for the third straight day, declining
nearly 25% from last Thursday.  News reports appearing in Business Times
(Malaysia) and elsewhere say that BToto's outstanding loans have swelled to
RM807.7 million.  Analysts tell BT that investors are afraid this reflects an
increase in intercompany loans which may be detrimental to BToto, the cash cow
of the sprawling Berjaya group, should the borrowing companies fail to
repay.


IDRIS HYDRAULIC: In Talks with MNI's Annuar Senawi/Associates On Restructuring
--------------------------------------------------------------------------
The New Straits Times reports that Idris Hydraulic (Malaysia) Bhd said it is
in preliminary talks with Malaysia National Insurance Sdn Bhd (MNI) former
executive chairman Mohd Annuar Senawi and his associates on their
participation in its debt restructuring under the Corporate Debt Restructuring
Committee.

In a statement to the Kuala Lumpur Stock Exchange, Idris said the terms of the
group's participation have not been finalised and the company has not received
creditor approval for the proposed debt restructuring as negotiations are
still ongoing.  Idris said it will only be in a position to make a formal
announcement on its ongoing restructuring exercise once the terms of Senawin's
participation have been finalised.



NALURI BHD: My Stake in MAS will not be Sold, Chairman Says
-----------------------------------------------------------
NALURI Bhd chairman Tan Sri Tajudin Ramli said his stake in Malaysian
Airlines Systems Bhd (MAS) is not part of assets that will be sold to
pay off Naluri's debts under an approved restructuring scheme, according to a
report appearing in Business Times (Malaysia).

Naluri owes RM890 million to creditors who agreed last month to extend
the repayment dealine to mid-2002 but ever since it was announced that
the group would have to sell some assets, the market assumed that this
meant some of the 29.09 per cent stake in the national carrier.

The holding company, which has interests in helicopter operations,
property development, hotels and construction, owes RM600 million in
redeemable bank guaranteed bonds that matured on June 12.
Its subsidiaries account for the remaining RM290 million of the total
debt.

The company had pledged its investments, including the stake in
MAS, as collateral for its borrowings.

Under the debt restructuring scheme brokered by the Corporate Debt
Restructuring Committee, Naluri has agreed to sell off some of its
assets over the next two years to pay down its debts by half, and will
extend the repayment period of the remaining debt by five years.

Tajudin said it is only natural for people to zero in on MAS when
Naluri said it will need to sell some assets to pay off debts, as the
national carrier is the biggest asset in the group.


TIME ENGINEERING: Sale of 30% Stake in Timedotcom to Satisfy All Debts
----------------------------------------------------------------------
Time Engineering Bhd (KLSE: TENG) and Khazanah Nasional Bhd are in the last
stages of negotiating final pricing, terms and conditions of KNB's purchase of
a 30% stake in Timedotcom Bhd.  Those details are slated to be wrapped-up by
July 12, when creditors of Time Engineering Bhd -- owed some RM4 billion --
will gather for a meeting to approve the group's debt restructuring plan that
calls for the proceeds of the sale to pay all debts in full.  

Some creditors have tried to step into Time Engineering's shoes in the
Timedotcom deal to share in the profits.  Those attempts have been futile thus
far.

As previously reported, Time's plan is to repay all claims in cash either 30
days after the initial public offering of TimedotCom or after the entrance of
a strategic investor, whichever is later.

A creditors' meeting was scheduled for June 8 but postponed until July 12 to
allow for final documentation of the deal.  Time is confident its creditors
will vote in favor of the debt restructuring.  



UNITED ENGINEERING: Puncak Still In Default Of Term Loan, Credit Facilities
---------------------------------------------------------------------------
United Engineers Malaysia Bhd said its associate company Puncak Vista
Sdn Bhd is still in default for principal and interest payments on its
RGT 363.0 million syndicated term loan and convertible bank guarantee
facility, and on its RGT 30.0 million revolving credit facility.

Puncak Vista has fully drawn the term loan facility and RGT 6.115 million on
the revolving credit facility as of end-May, United Engineers said in a
statement to the Kuala Lumpur Stock Exchange.

The principal and interest due and payable for the term loan as of
end-May were RGT 363.0 million and RGT 110.017 million, respectively, while
the principal and interest due and payable for the revolving credit facility
as of end-April were RGT 6.115 million and RGT 1.699 million, respectively.

Both loan facilities are secured against Puncak Vista's 32.3 acres of
land in Kuala Lumpur and a debenture over all its assets.

The debenture empowers the agent bank for the facilities to appoint a
receiver in the event of default, but no such notice has been received
so far, United Engineers said.



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


NATIONAL STEEL CORP.: ISPAT & Pentium Excrow $100 Million to Fund Acquisition
-----------------------------------------------------------------------------
ISPAT International NV and US-based Pentium Group have deposited $100 million
in an escrow account with Hong Kong and Shanghai Banking Corp. to show their
earnest interest to buy National Steel Corp., the Philippine Daily Inquirer
reports.  Finance Secretary Jose T. Pardo confirmed he received a
certification of the deposit and had shown it to President Estrada.  "This
would pave the way for the start of the sale of National Steel," he said.

ISPAT and Pentium intend to invest the $100 million and assume the steel
firm's P16 billion in debts.  The next highest offer of $15 million in equity
for National Steel came from Swiss trader Duferco.

"We welcome their interest, which shows there is a chance we could revive the
steel plant instead of having its creditors foreclose the assets. We needed to
know first if they are serious and apparently they really are," Pardo told the
Inquirer.  


PHILIPPINE AIRLINES: Posts Annual Profit After Completing Restructuring
-----------------------------------------------------------------------
Philippine Airlines capped a remarkable comeback from near-bankruptcy just
12 months earlier by reporting an unaudited net income of 44.2 million pesos
for the fiscal year ended March 31, 2000, a report circulated by Asia Pulse
reports.  Concluding its first year under rehabilitation with a flourish, PAL
was able to generate more revenues, hold the line on expenses and post
productivity gains versus targets set by its rehabilitation plan, the document
that serves as the blueprint for the airline's recovery.  

As a result, the resurgent flag carrier vastly improved on the bottom-line
projections of both the rehab plan, which had forecast a net loss of US$16.4
million (650.6 million pesos), and its more conservative internal budget
estimates, which anticipated a loss of 351.6 million pesos for the 1999-2000
fiscal year.

The profit figure was PAL's first positive annual financial result since
fiscal 1992-93, when it booked a profit of 1.025 billion pesos.  That ushered
in a period of six straight years of net losses during which the airline lost
a combined 25.614 billion pesos. It was also a dramatic single-year turnaround
for PAL, which in fiscal 1998-99 lost a staggering 10.181 billion pesos.

Key strategies included a focus on core markets, fleet realignment, improving
yield management, strengthening the organization, improving productivity,
forging marketing alliances and the disposal of non-core assets.


PHILIPPINE NATIONAL BANK: Templeton Urges Government to Halt Rights Offering
--------------------------------------------------------------------------
Templeton Asset Management Inc., owning 12.9% of Philippine National Bank,
urges Finance Secretary Jose T. Pardo to intervene to:

      (a) oppose the stock rights offering being pushed by taipan Lucio Tan;

      (b) reorganize PNB's board; and

      (c) oust the Tan group from the bank.

Pardo tells the Philippine Daily Inquirer that he is open to aligning with
Templeton in opposing the reduction of PNB par value to P60 each from P100 per
share, a pre-requisite to the rights offer.  Pardo added that the government
could still consider selling its 30-percent stake in the bank together with
Templeton's if the Hong Kong fund manager would be willing to sell at P100 per
share.

Templeton is a unit of Franklin Resources Co. of the United States.  PNB said
last week it will sell new shares and warrants to raise as much as P20 billion
to help it tackle bad loan problems.

"The result of such a rights offer will be a dilution of the shares held by
minority investors and the Philippine government will then realize a much
lower value for the shares they are trying to sell," said Allan Lam, executive
vice president at Templeton in Hong Kong.  Other Franklin Resources funds own
about 2 percent of the bank.


URBAN BANK: High Bidders Pressured to Increase Bids for Failed Bank
-------------------------------------------------------------------
Bank of Commerce, a medium-size Philippine lender, and Asia United Bank, a
smaller lender, presented what they thought were their final offers in bidding
for the assets of failed Urban Bank.  Now, the South China Morning Post
reports, Norberto Nazareno, president of Philippine Deposit Insurance Corp,
which took over the bank, is going to ask both banks to improve their bids one
final time.  The PDIC is confident, apparently, that the bidders won't walk.  

In a plan submitted two weeks ago, Bank of Commerce said it would raise its
capital base by at least 1.65 billion pesos (about HK$296.02 million), much of
that coming from the Social Security System and key Urban Bank depositors, who
would convert their money and investments into shares of the acquiring lender.
The Social Security System, a state run pension fund for private employees,
will pour at least 600 million pesos into Bank of Commerce through the
purchase of preferred shares.  That amount is going to be complemented by the
conversion into equity of at least 750 million pesos worth of deposits and
funds placed with Urban Bank and its investment unit.


VICTORIAS MILLING: SEC & Additional Banks Gives Nod to Rehab Plan
-----------------------------------------------------------------
THE OVERSEER of cash-strapped Victorias Milling Corp. is hoping to get the
green light from the Securities and Exchange Commission for the implementation
of an alternative rehabilitation plan very soon after 24 of its biggest
creditors have agreed to the package.  In an interview yesterday, East West
Bank executive vice president and VMC management committee (mancom) vice chair
Gerardo Anonas told the Philippine Daily Inquirer that the mancom was ready to
implement the rehab program that would hopefully restore the viability of the
country's biggest sugar mill.

"We're waiting for the SEC to decide. The proposal of the mancom has been
approved by the 'clean' and some of the secured creditors," Anonas told
reporters, relating that of VMC's creditors, only Bank of the Philippine
Islands remained opposed to the rehab plan proposed by the mancom.

Under the mancom's proposal, P1.1 billion of VMC's debts will be directly
converted into equity. On top of this, the convertible notes will be increased
to P2.4 billion from P1.5 billion. The banks will thus shoulder P2 billion of
VMC's rehabilitation cost.  The mancom is likewise prepared to give existing
shareholders 30-percent control of the company but the creditor-banks will
appoint a management team.  Of VMC's P5.2 billion in principal debt, P3.5
billion to P4 billion represented unsecured loans. Combined with interest
payments, VMC's debts have now ballooned to P6.5 billion.

VMC filed a petition for a suspension of debt payments with the SEC in early
1997, saying its operations were impaired by the country's over-importation of
cheap sugar and aggravated by the difficult economic environment brought by
the currency crisis.  VMC had gone into a voluntary suspension of trading of
its shares at the Philippine Stock Exchange since then. Part of the mancom's
proposal, however, was for VMC to resume trading at the stock exchange.



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


BAMRUNGRAD RAYONG: Hospital Offers Equity for Debt Conversion Plan
------------------------------------------------------------------
BAMRUNGRAD HOSPITAL PLC says it will sell 1,897,773 shares in Bamrungrad
Rayong Hospital, at Bt100 per share. As a result, Bamrungrad Rayong Hospitall
will no longer be the subordinate company of Bamrungrad Hospital, according to
a news blurb appearing in The Nation.  The company also approved the
subordinated debt conversion and the purchase of Bamrungrad Medical Center
(BMC) stocks and International Finance Corporation (IFC) stocks, due to the
debt restructuring plan between IFC and BMC. The agreement require the company
to buy 2,836,875 BMC stock from IFC at Bt13.40 per share, and to reserve
60,071,076 BMC capital-increase stock at Bt13.40 per share.




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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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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