/raid1/www/Hosts/bankrupt/TCRAP_Public/001120.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 20, 2000, Vol. 3, No. 226

                          Headlines


* A U S T R A L I A *

GATEWAY BRIDGE: Losses top $362M
MITSUBISHI AUSTRALIA: Closure lays ahead?


* C H I N A  &  H O N G  K O N G *

CHINA AEROSPACE INT'L: May get asset-injection from parent
CIL HOLDINGS LTD.: Posts HK$49M 1H net loss
PACIFIC CENTURY CYBERWORKS: Re-fi loan terms not set yet
SINCERE CO.: Posts HK$70.3M 1H net loss


* I N D O N E S I A *

PT JAKARTA INT'L HOTELS & DEV.: Restructures $70M debts


* J A P A N *

BRIDGESTONE/FIRESTONE: US unit to lay off 1,100
DAIEI INC.: 4 banks mull giving financial aid
HAZAMA CORP: Records 2.94B yen 1H net loss
MAZDA MOTOR: Unveils factory closure, job-cut plan


* K O R E A *

CHO HUNG BANK: Sees US$1.75M loss on Anam stock
DAEWOO MOTOR: GM-Fiat to break it up?
DAEWOO MOTOR: Posts 9-month loss
HYUNDAI ENGIN.& CONSTR.: Gov't rules out fresh loans
HYUNDAI GROUP: To raise US$880M in restructuring plan


* M A L A Y S I A *

MAGNUM: Shares sink to 23-month low


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

UNION CEMENT CORP.: To close one of surviving plants
URBAN BANK: BSP eyes more charges against officials
WESTMONT INVEST.CORP.: Pearlbank files charges vs.officials


* S I N G A P O R E *

FREIGHT LINKS EXPRESS HLDGS.: Warns of 1H loss


* T H A I L A N D *

BANGKOK RANCH: Posts Bt159M Q3 loss
NATIONAL FERTILIZER CO: In red despite 119% Q3 sales jump
NTS STEEL GROUP: Posts Bt638M Q3 loss
RENOWN LEATHERWARES: Posts Bt842M Q3 loss
THAI PETROCHEM.INDUS.: Baht falls below 44 to the dollar
THAI TEL.& TEL.: To finalize debt plan,end rev-sharing pact
UNITHAI LINE: Posts Bt115M Q3 loss


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

GATEWAY BRIDGE: Losses top $362M
--------------------------------
Brisbane's Gateway Bridge has proved to be a financial
disaster for the State Government after racking up losses
totaling $362.8 million since it was opened in 1985 at a
cost of $140 million.

The bridge, which the Government is thinking about
duplicating at a cost of some $400 million, increased
patronage by 9 percent in the past year.  But despite its
popularity with motorists the bridge made a $7.3 million
operating loss last financial year, down from an $18
million loss the previous year.

On average the bridge company has lost more than $20
million a year since 1985.  The toll revenue for the year
of $56.4 million was not enough to cope with total costs of
roadworks of $144.4 million. On top of its massive losses,
the Gateway Bridge Company has borrowings of $422 million
from the government-owned Queensland Treasury Corporation
while its assets are a comparatively paltry $75 million.

The borrowings mean the company faces a massive interest
bill of more than half its revenue.  Despite the black
hole, the State Government was unconcerned about the
financial viability of the company and said the duplication
of the bridge was only in the planning stages with $1
million set aside for studies on funding and route options,
including a tunnel.

Although the losses continue to pile up, the Gateway Bridge
Company is saved by an agreement that means the State
Government will underwrite its losses.  The holding company
for all of the Government's tollways, Queensland Motorways,
is suffering a similar financial fate with an operating
loss for the last financial year of $21.9 million and
accumulated losses over the years of $540 million.
Its borrowings have blown out to $813 million and its total
liabilities are now $890 million. (The Courier Mail  17-
Nov-2000)

MITSUBISHI AUSTRALIA: Closure lays ahead?
-----------------------------------------
Mitsubishi's new president Takashi Sonobe recently was
quoted in London's Financial Times as saying he was
considering the feasibility of continuing in Australia with
just its sales operation and would make a decision in
March. The statement has management and workers at the
Adelaide carmaker up in arms.

". people are in absolute turmoil back in Adelaide," Tom
Phillips, president of Mitsubishi Australia, told ABC radio
from Tokyo. "I was absolutely stunned and so was everybody
else."

Mr Phillips said he had a pleasant meeting with Mr Sonobe
and the Mitsubishi board and no mention of closures was
made. "Our discussions were nowhere along those lines," he
said, adding that he had no idea why Mr Sonobe would make
such comments.  "The reality of life is that if we had a
stable currency right now we would be trading in the black.
"I do not have any single doubt that we are going to get
the full support of the board to continue on and make
Mitsubishi Australia much stronger."

Mitsubishi's Australian management has regularly hosed down
reports of imminent closure but Mr Phillips said a decision
by the Japanese parent to approve exports of the
Australian-built Magna to the Middle East from July next
year was proof of the company's future as a manufacturer.
"It does not make sense for Japan to approve such a
programme to start in July if they intended to close us
down in March," he said.

Australian Treasurer Peter Costello said he wanted a
straight answer from Mitsubishi.  "Obviously, we want to
have a healthy, competitive car industry in Australia and
we'll be very interested to know what Mitsubishi's real
intentions are," Costello said.

Financial Times reporter David Ibison stood by his story.
"Mr Sonobe said that it was true that in Australia this
year there was going to be a loss and they were considering
whether it was possible to stop the losses," he told the
ABC. "What is difficult is to continue the plant's
operation and we are considering whether it's feasible to
continue business in Australia with just a sales
operation."

Mitsubishi, the fourth and smallest of Australia's car
manufacturers, sold 81,600 cars in Australia in 1998, but
the number declined to 67,200 units last year.
The company's operating loss in Australia was 3.7 billion
yen (about HK$266.1 million) for the six months to
September.

A Mitsubishi Australia spokesman said the losses were due
to the downturn in the Aussie dollar.  "That is what is
costing us a lot of money. We will make up some of that but
it's impossible to make up all of it and our parent company
understands that," he said. "We have met all the
requirements of our shareholders that were needed as far as
restructuring. We are happy about that."

The Manufacturing Workers' Union said if the Adelaide
assembly line and engine foundry were shut an immediate
4,000 jobs would go, but the real damage would be far
worse.

"It means it is more far-reaching than just our members,
you have got component companies and everybody else that
feeds into it," said Tom Taylor, who heads the union's
vehicles division.  "I mean you are talking three times,
four times, possibly five times the amount the membership
we have got. So it is far-reaching - even the community,
the butcher, the baker, everyone's going to suffer on this
one."

Meanwhile, Koji Endo, a director with Credit Suisse First
Boston, said he believed the debt-laden Japanese parent,
about to be annexed by DaimlerChyrsler in a controversial
tie-up, had already decided to cease production in
Australia within 12 months.

He said Mitsubishi Australia's only hope was to broker a
last-minute political deal to sustain the assembly
operations. Without financial assistance from either the
State or Federal Government, Mitsubishi would have to close
the loss-making plants simply to ensure its own survival.

"It is too much of a burden already," Mr Endo said. "There
is almost no reason to produce cars in Australia now the
Australian Government has lowered tariffs on imported
vehicles." (South China Morning Post, The Age  17-Nov-2000)


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

CHINA AEROSPACE INT'L: May get asset-injection from parent
----------------------------------------------------------
China Aerospace International (CAI) is poised to buy assets
from its powerful parent to turn the ailing electronics
maker into a satellite technology firm, President Wang
Yanguang said yesterday.

Its parent, China's state-owned China Aerospace Science &
Technology, which makes and launches commercial satellites,
would begin to inject part of its core businesses into CAI
in 2001 and finalise the injection within three years, Mr
Wang said. China Aerospace, with a 41.86 per cent stake in
CAI, last year launched China's first unmanned spacecraft
into the orbit. Mr Wang said CAI was engaged in final talks
with its parent on the injection of satellite television
broadcasting technologies and manufacture of related
equipment such as television set-top receivers and
satellite navigation systems.

"We're due to announce a whole story of asset injection
next year," Mr Wang said. "The first-stage injection would
start next year. After two to three years, you'll see an
utterly different CAI."

The company makes printed circuit boards, liquid crystal
displays, televisions and video products and also produces
telecommunications equipment through its subsidiary Casil
Telecom Holdings (1185). Due largely to high provisions
resulting from a crash in Hong Kong's property market
during the Asian economic crisis and the cut-throat
competition in the mainland television industry, CAI has
posted losses from 1998 through the first half of 2000.

It posted a loss of $384 million in the year ended December
31, 1999 versus a loss of $342 million in 1998.  Thanks to
efforts to recover accounts receivable and cut costs, the
firm cut its losses to $84 million in the first half of
this year from $131 million in the year-earlier period.
Mr Wang said CAI had total debts of $2.4 billion at the end
of July, putting its debt-to-asset ratio at more than 40
per cent, while its unaudited net assets valued at $1.38
per share.

Mr Wang said the assets injection would help it break even
next year or by the end of 2002 at the latest, and that he
was confident the mainland government would approve the
plan next year. "We're bound to post a loss for this year
but the losses should be much smaller," he said.

Mr Wang said the parent company would only inject assets
into CAI when the projects turn profitable and CAI would
fund the purchase with a combination of measures, possibly
including a share placement. Mr Wang's firm was studying
the financing scheme with financial consultants, he said
without elaboration.

Mr Wang said one of the most potentially lucrative projects
to be bought by his company from its parent was a satellite
network, which is under construction, to deliver television
programmes to households in China's hinterland. The so-
called "direct home" project is part of China's drive to
develop the west whose economic growth has lagged far
behind the coastal areas in the past two decades, he said.
More than 10 per cent of China's 1.3 billion population
have no access to television programs.

Mr Wang said he believed China would gradually allow its
people to receive foreign programmes after it joins the
World Trade Organisation, and that would let the network
make more money. The company's shares closed 3.9 per cent
up at $0.8 yesterday. (Hong Kong iMail  17-Nov-2000)

CIL HOLDINGS LTD.: Posts HK$49M 1H net loss
-------------------------------------------
CIL Holdings Ltd., an interior decoration company, recorded
a net loss of HK$49 million for the six-month period ended
Dec. 31, 1999. That was a turnaround from the net profit of
HK$6.9 million it posted for the same period the prior
year. Loss per share was 3.15 HK cents compared with
earnings per share of 0.60 HK cent the  year before.
Revenue dropped 61.4 percent to HK$135.97 million. No
interim dividend was proposed.

PACIFIC CENTURY CYBERWORKS: Re-fi loan terms not set yet
--------------------------------------------------------
Pacific Century CyberWorks was locked in intense
negotiations with its bankers last week over terms of a
US$4.7 billion (HK$36.6 billion) loan targeted for helping
to refinance a US$9 billion debt due February.

Bankers have given different versions of the discussions,
which have been running for more than a week. One said the
loan would be split into three tranches, with different
interst rates for each. Raymond Orr, general manager of
HSBC Holdings - one of the banks arranging the loan - said
the terms have not been finalized, despite leaks of terms
in the press.

PCCW deputy chief executive Norman Yuen said Friday that an
announcement on the refinancing terms would be made within
the next two weeks. Meanwhile, PCCW shares have fallen 60
percent from a high of HK$28.50 in February partly due to
repayment concerns. They fell as much as 3.5 per cent
Friday to HK$5.55 -- its lowest level in 13 months.

SINCERE CO.: Posts HK$70.3M 1H net loss
---------------------------------------
Department store operator Sincere Co. recorded a net loss
of HK$70.3 million for the six-month period ended August
31, up from from a loss of HK$46.2 million for the same
period last year. Loss per share was 12.24 HK cents
compared with 8.05 HK cents a year before. Revenue dropped
62.6 percent to HK$205 million. No interim dividend was
proposed.


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

PT JAKARTA INT'L HOTELS & DEV.: Restructures $70M debts
-------------------------------------------------------
PT Jakarta International Hotels and Development (JIHD) and
its creditors signed a deal here on Friday outlining the
restructuring of the company's US$70 million in debts, the
hotel operator said on Friday.

Under the agreement, the company's debts will be extended
seven years from the original due date of January 1998,
with a five-year put option. "At the end of the five-year
term the parties will have the option of either extending
the restructuring term or refinancing the facility," JIHD
said in a statement.

Interest rates for the initial three years of the
restructuring vary between 4 percent and 6 percent, and
will subsequently revert to the London Interbank offered
rate and an appropriate margin, it said. Throughout the
restructuring term, lenders will retain their collateral,
which consists of security over the hotel's assets,
including the land, improvements, movable equipment and
receivables.

The agreement was reached after two years of negotiations
between JIHD's management and the syndicate's lead bank,
The Royal Bank of Scotland Plc inSingapore, following an
independent accountant's report prepared by consultancy
firm Ferrier Hodgson, it said. The debts, which were
originally signed in January 1995 and fell due in
January 1998, were used to finance renovations for Hotel
Borobudur.

The statement said the loan would be serviced from surplus
cash derived principally from hotel operations. JIHD,
listed on the Jakarta Stock Exchange, owns the Hotel
Borobudur Jakarta and a property development site in the
Central Business District on Jl. Sudirman, through its
subsidiary PT Danayasa Arthatama. (The Jakarta Post  18-
Nov-2000)


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

BRIDGESTONE/FIRESTONE: US unit to lay off 1,100
-----------------------------------------------
Bridgestone Corp. plans to lay off at least 1,100 workers
at plants in Oklahoma City and Tennessee belonging to its
U.S.-Firestone subsidiary because demand has plunged since
it recalled 6.5 million Firestone tires amid a safety
investigation.

Firestone/Bridgestone, the U.S. unit of the Tokyo-based
tiremaker, will lay off 700 workers in La Vergne,
Tennessee, and 400 in Oklahoma City. Bridgestone said in a
statement that it also will shut its plant in Warren
County, Tennessee, for two weeks, affecting 900 people. It
wasn't more specific.

Bridgestone said last week that sales of Firestone tires
were down 40 percent in September and October from the
year-earlier period. The company's shares have tumbled 44
percent since the recall began in August. The investigation
into 119 deaths linked to the tires has damaged the
Firestone brand name, spurred a slew of lawsuits and
changes in safety legislation.

"How quickly these workers will come back depends on how
fast sales rebound," said David Bradley, an analyst with
J.P. Morgan Securities Inc. (Bloomberg 17-Nov-2000

DAIEI INC.: 4 banks mull giving financial aid
---------------------------------------------
Sumitomo Bank and three other Japanese banks are
considering giving financial assistance worth hundreds of
millions of yen to struggling supermarket chain Daiei Inc.,

According to informed sources, Sumitomo, Sanwa Bank, Tokai
Bank and Fuji Bank jointly have reached agreement on
providing assistance to Daiei, which needs massive funds to
take corrective financial measures, including the closure
of loss-making stores. The four banks are considering
commitment lines that would allow Daiei to withdraw funds
up to certain limits from the banks.

Daiei, meanwhile, is working on a new reconstruction plan
centering on rationalization. It is expected to present it
to main creditor banks by the end of this month. The four
banks likely will fix their respective commitment lines for
Daiei after scrutinizing that plan.

HAZAMA CORP: Records 2.94B yen 1H net loss
------------------------------------------
Hazama Corp. recorded an unconsolidated net loss of 2.94
billion yen for the first half of this fiscal year ended
Sept. 30. That was a negative turnaround from a 613 million
yen net loss for the same period the year before.

The debt-ridden construction firm attributed the increased
loss to a more than 35-fold jump in extraordinary losses,
including those related to the liquidation of subsidiaries
and capital losses on the sales of real estate and other
fixed assets.

Hazama actually posted an operating profit of 4.84 yen
billion for the half-year period -- down 31.2 percent from
a year earlier. Its pretax profit was 2.05 billion yen,
down 15.6 percent from last year, on sales of 177.98 yen
billion, which were up 6.6 percent.  As in the previous
year, the company will pay no interim dividend.

For the full fiscal year ending March 31, 2001, Hazama now
is forecasting an unconsolidated net loss of 3.9 billion
yen, and a pretax profit of 9.10 billion yen on sales of
383 billion yen.  By comparison, in fiscal 1999 the company
booked a net loss of 25.53 yen billion and a pretax profit
of 11.03 billion yen on sales of 395.19 billion yen.

MAZDA MOTOR: Unveils factory closure, job-cut plan
--------------------------------------------------
Japanese carmaker Mazda Motor Corp has unveiled plans to
close a factory, reduce its workforce by 1,800 jobs and
shift some production to a Ford plant in Europe, blaming
the strong yen for its first interim losses for two years.

In a statement accompanying the firm's consolidated results
for the six months to September, showing net losses of 9.6
billion yen (about HK$687.5 million), Mazda said yesterday
its board had approved a business rationalization plan.

"This includes production of Mazda vehicles at a Ford
facility in Europe, closure of part of our Hiroshima plant
[Ujina Plant No 2], and an early retirement special
programme for indirect employees," the statement said.

Production will cease at Ujina No 2, which produces the
mid-size Demio and Familia/323 models, in September next
year. An extraordinary loss of about three billion yen is
expected for fiscal 2000 as a result, Mazda said.  The next
generation of Demio and 323 cars will be produced at an as-
yet unidentified Ford plant in Europe starting in early
2003, and in the interim, production will switch to Mazda's
Ujina Plant No 1, the company said.

The Hiroshima-based company said the early retirement
scheme would target mainly "indirect employees" above the
age of 40 with 10 or more years' experience.  The cost of
the scheme, which will be open to about 10,000 of the
24,000 Mazda workforce starting next February, would be
about 24 billion yen.  It would be booked as an extra-
ordinary loss in this financial year, Mazda said.

At the same time, the car maker said it had slipped into
the red in the first half as sluggish sales and a strong
yen offset reform efforts led by its United States partner
Ford Motor.  Mazda said its group net loss for the six
months to September was 9.6 billion yen, reversing a net
profit of 13.2 billion yen in the same period last year.

"We came to post a net loss as the progress we made on cost
reductions and restructuring of domestic subsidiaries only
partially managed to offset the impact of a higher yen and
falling sales," the company said.

Interim revenue slumped 7.5 per cent from a year earlier to
one trillion yen.  Mazda also plunged further into the red
at pre-tax level with losses of 16.7 billion yen against a
3.1 billion yen loss for the first half of 1999. Total
sales slipped 0.9 per cent over the same period last year
at 413,457, the company said.

For the full year to March 2001, Mazda forecast its group
net loss would widen to 49.5 billion yen, with a pre-tax
loss of 42 billion yen on sales of 2.1 trillion yen.
Investors welcomed the new restructuring measures. (South
China Morning Post  18-Nov-2000)


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

CHO HUNG BANK: Sees US$1.75M loss on Anam stock
-----------------------------------------------
The diving share price of Anam Semiconductor has led to a
20 billion won (US$1.75 million) paper loss for its main
creditor Cho Hung Bank, according to a financial industry
source.  Cho Hung Bank swapped 41.92 billion won in Anam
Semiconductor debt for equity and received 8.38 million
shares at 5,000 won each last year, and in hindsight is
looking like a very bad financial decision.

DAEWOO MOTOR: GM-Fiat to break it up?
-------------------------------------
According to a Financial Times report, executives from
General Motors and Fiat SpA are mulling over the
possibility of breaking up the insolvent Korean company and
buying pieces. Neither company has submitted a new offer
for Daewoo, which filed for court receivership last week.
Last Friday, it announced its debt has swelled and car
sales were stalled on concerns over its financial troubles.

DAEWOO MOTOR: Posts 9-month loss
--------------------------------
Insolvent Korean carmaker Daewoo Motor posted a nine-month
loss, as its debt swelled and car sales stalled on concern
about its financial troubles.  Korea's second-largest
carmaker, which filed for court receivership last week,
said net loss in the nine months to September was 1.42
trillion won.

The company did not provide comparative figures, but the
company posted a third-quarter loss of 490.9 billion won,
according to Bloomberg calculations. Daewoo Motors, which
has already scaled down operations at its plants, is
struggling to persuade creditors to extend more funds and
stay in business.

Nine-month sales totaled 4.66 trillion won, while it posted
an operating loss of 419.89 billion won in the first nine
months of the year.  Full-year 1999 sales were 6.12
trillion won, while the operating loss last year was
721.2B.  The net loss in 1999 was 4.64 trillion won, as the
company booked hidden losses in preparation for a sale
earlier this year.

Meanwhile, the company's debts have become larger than its
assets. Daewoo Motor had 18.9 trillion won of debts at the
end of September, while its assets stood at 17.99 trillion
won. Daewoo Motor's assets were still worth more than its
debts at the end of December, when it had assets worth
18.16 trillion won and debts of 17.68 trillion won. Daewoo
Motor's vehicle sales dropped 2% to 673,628 units in the
nine months. By comparison, domestic rival Hyundai Motor
saw a 23% increase in sales in the same period.

HYUNDAI ENGIN.& CONSTR.: Gov't rules out fresh loans
----------------------------------------------------
The South Korean government has ruled out any fresh loans
to Hyundai Engineering and Construction Co. (HEC) this
year, no matter how impressive the ailing builder's self-
rescue package being prepared.

A senior official from the Financial Supervisory Service
(FSS) told journalists that aside from the roll-over of its
outstanding loans, there would be no further financial
assistance to the company this year. He also clarified a
statement made by Financial Supervisory Commission Chairman
Lee Keun-Young earlier this week that fresh loans "would be
considered positively if creditor banks agree to do so."

Lee had meant new loans to Hyundai Engineering would become
possible only if and when its credit ratings went up after
the company carried out thorough corporate restructuring,
the official said. Lee's statement had triggered
speculation here that creditor banks would grant Hyundai
Engineering new liquidity immediately after the company
came out with a solid self-rescue package to raise cash to
avoid bankruptcy.

The Hyundai Group is set to announce a one trillion won
package (880 million dollars) to rescue Hyundai
Engineering, the flagship of the group. The package will
include plans to sell a huge farm to the public and shares
and private assets of the founding family. Three sons of
the Hyundai Group founder, Chung Ju-Yung, on Thursday gave
in to government pressure to end months of wrangling
and raise money to save the engineering unit. (Agence
France-Presse  17-Nov-2000)

HYUNDAI GROUP: To raise US$880M in restructuring plan
-----------------------------------------------------
South Korea's Hyundai Group intends to announce a
restructuring plan that will raise US$880 million by the
end of the year to ease cashflow problems at its
affiliate, Hyundai Engineering and Construction.

According to the Yonhap News Agency, Hyundai Group plans to
sell a 7.01 percent stake in Hyundai Electronics. Hyundai
Heavy Industries has refused to buy a headquarters building
owned by Hyundai Electronics, so Hyundai Group now wants to
sell its shares in Hyundai Electronics instead.

The restructuring plan will include Hyundai Mobis purchase
of Hyundai Group founder Chung Ju Yung's remaining 2.69
percent stake in Hyundai Motor. Kia Motor will also
purchase Hyundai Auto-net, a maker of car stereos and
on-board navigation systems. Hyundai Engineering also will
sell Inchon's iron and steel-beam manufacturing facility.
(Channel News Asia  18-Nov-2000)


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

MAGNUM: Shares sink to 23-month low
-----------------------------------
Shares of Malaysian gaming firm Magnum sank to a 23-month
low this week after it wrote off a loan to an unidentified
borrower.

Analysts are divided over whether the worst is over.
Even if the blood-letting has stopped, the company and the
Malaysian gaming sector in general offer potential
investors little in terms of earnings growth in the next
year, some analysts added.  Magnum's shares have slumped
almost 11 per cent since it announced the loan write-off
along with its nine month results on Monday.

The stock fell to nearly a two-year low of M$1.57 on
Thursday but clawed back a few cents to M$1.61 yesterday -
far from this year's peak of M$3.78.  On Monday Magnum said
net profit fell to M$39.42 million (about HK$80.89 million)
for the nine months to September 30, from M$385.67 million
a year earlier.

It said the sharp fall was partly due to exceptional losses
of M$170 million, which included a M$140-million provision
for unidentified "doubtful loan debtor." In notes
accompanying the results, Magnum said the provisions "have
been made in respect of . . . doubtful loan debtor where
the security value had declined consequent to the weak
stock market."

Analysts said Magnum's refusal to identify the borrower had
irked investors who were already growing more pessimistic
over the outlook for the gaming sector and increasingly
impatient about talk a key shareholder would sell its
stake.

Multi-Purpose Holdings has 30.03 percent and is involved in
a major restructuring exercise to hive off its banking,
stock-broking and property development businesses. "We have
a sell call on Magnum as there is no transparency on its
loan debtors and they have stopped seeing investors for
some time now," said Teh Chi-chang, vice-president at S G
Research.

Analysts believe the loan may have been given to a related
party and Magnum's growing risk profile meant investors
were better off putting their money into other gaming
operators such as Tanjong and Berjaya Sports Toto. Some
analysts, however, said the battered stock had little more
downside risk and was more attractively priced than its
peers.  Magnum, which has been under new management since
early last month, is trading at a price-earnings ratio of
just under 10 times on financial year 2000 earnings
compared with 15 times for Tanjong.

"Operationally, its new management has improved the balance
sheet as short term loans are down and cash reserves have
held steady. But attempts to talk to them on future plans
have been shot down," said a gaming analyst with a foreign
brokerage.

The analyst, who changed his call on the stock from a
trading sell to a trading buy.  He said Magnum's M$140-
million loan write-off was a prudent move and more write-
offs could be expected. He has a six-month price target of
M$2.40 based on Magnum fully writing off its outstanding
M$532 million in loan debtors and applying a 30 per cent
discount to its cash flow.

A source close to Magnum said newly appointed executive
director Lim Teong Leong would open his doors to analysts
and the media once he settles in.  "He just took over on
October 2 and there are still shareholding issues at the
holding company level that needs to be finalised first,"
the source said.

Scott Lim, a fund manager with CMS Dresdner Asset
Management, said his firm had no exposure to the gaming
sector as it offered little in terms of earnings growth.
"The pick-up in domestic demand is still slow and it will
take a year or so for the momentum to kick in although the
downside for stocks such as Magnum is low." (South China
Morning Post  18-Nov-2000)


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

UNION CEMENT CORP.: To close one of surviving plants
----------------------------------------------------
Over a hundred employees of the Union Cement Corp. (UCC)
face a bleak Christmas as one of its two remaining
production lines is readied for permanent closure on Dec.
15. The line was shut down early October due to heavy
losses.

"The name of the game is survival," said Evelio G. Echavez,
senior vice president for operations of the UCC, popularly
known as "Bacnotan Cement" in the city. According to
Echavez, the cement industry of the country has been
greatly affected by the trade liberalization policies of
the government, which allows the influx of cheap imported
cement from the neighboring Asian countries like Indonesia
and Malaysia.

"About two years ago, imported cement comprised Zero
percent of total domestic demand but now it has surged to
15 percent to 20 percent,"said Echavez. He explained that
the volume of imported cement is now equivalent to the
UCC's fully automated and fully operational "production
line 3" capacity of 3,500 tons per day.

Production line 2 which was shut down last month had a
capacity of 500 tons per day. UCC, which earned ISO
accreditation for quality cement production, started
downsizing its manual operations two years ago when the
Swiss-owned Holder Bank bought it. In 1997, there were
three lines operational, two manual and one fully
automated, with a combined capacity of about 5,000 tons per
day.

Two kinds of cement are produced by the UCC's Davao plant:
the Portland for commercial constructions such as high-rise
buildings and highways; and the Pozzolan for residential
purposes. Portland currently sells at P118 per sack in the
market, while Pozzolan sells at P110 as against Indonesian
Bosowa's P85.

"To be able to survive in this free-market competition, we
have to change gears," said Echavez. "We have to control
our costs as never before," he added. (Manila Times  18-
Nov-2000)

URBAN BANK: BSP eyes more charges against officials
---------------------------------------------------
Government said Thursday it plans to file a stronger case
against officials of Urban Bank Inc and Urbancorp
Investment Inc. after heavy withdrawals by relatives of the
bank's top executives was made before the closure.

The Bangko Sentral ng Pilpinas and the Philippine
Depository Insurance Corporation said a report showed some
P40 million was paid to relatives of Urban Bank chair
Arsenio Bartolome III out of the the P2.31 billion paid by
the Urbancorp to its investors from April 19 to 25. The
report showed at least P193 million of withdrawals from
Urbancorp Investment went to individuals and groups related
to the directors and officers of the bank and the
investment house.

Ledger of manager's checks released to clients of Urbancorp
Investment revealed that at least 13 checks were issued to
relatives and in-laws of Bartolome while a check was
released to bank affiliate Urban Financial Services.
Earlier, the BSP and the PDIC noted that the liquidity
problem of Urban Bank that led to its shut down last April
26 were caused by the collapse of its investment arm
Urbancorp.

A BSP official said that if indeed relatives and friends of
Urban officials were able to withdraw days before the bank
declared a holiday, then this is a clear violation of the
central bank's disclosure policy. As a policy, bank
officers could not divulge insider information to their
relatives and friends particularly if it is to the
prejudice of the bank and its customers.

Among the relatives and in-laws of Bartolome that benefited
from insider information are Emiliana Bartolome, Mercedes
Kimwell, Elizabeth Cristobal, Emmanuel Kimwell, Francisco
Bartolome, and Linda Bartolome. A source said that other
individuals and entities that benefited from insider
information and were paid by Urbancorp before the bank
declared a holiday are A. Prop , Blue Pearls, Bunsu Chung,
Christine Lee, Edna and Celia Santos, Evangeline Go,
Frontiers Ltd, IHM Holdings, Ind. Prop., Intelligent Data,
J. Huang, Justa Lee, Lisenglap Trading, New Ventures
Realty Corp., Peter Michael Huang, Phebe Cabildo, Promise
Land, Soldier Bay, United Phil Realty Corp, and Vas Realty.

Last September 11, the BSP and the PDIC charged 10
officials of the ill-fated Urban Bank for "economic
sabotage" after their alleged unlawful misappropriation of
P2.8 billion in bank funds which significantly contributed
to the bank's closure. BSP governor Rafael Buenaventura and
PDIC president Norberto Nazareno said the bank officials
were criminally liable for swindling in relation to
Presidential Decree 1689, a 1980 law punishable by death,
if "five or more persons" commit the crime.

Among those charged were Urban Bank chairman Arsenio
Bartolome III, president Teodoro Borlongan, corporate
secretary Corazon Bejasa, senior vice president Nida
Santos, senior managers Milagros Santiago and Rowena
Punsalan, managers Mark Ching and Chulla Formanes,
Urbancorp Investments Inc., assistant vice president Loida
Payonga and manager Amalia Ordas. BSP-PDIC probers said the
bank officials conspired by purchasing "sub-standard and
doubtful receivables," which they dubbed as a "titanic
amount of garbage and /or trash receivables," from the
trust department of the investment house even if they knew
very well the bank had serious liquidity problems.

The investigators disclosed Urban Bank had resorted to
"heavy inter-bank borrowings" since February to April just
to be able to meet its "precarious liquidity requirements."

Other cases being prepared are violations of the directors,
officers, shareholders and related interests rule, the
single borrowers' limit, encashment of checks, transfer of
marginal assets from the investment house to the bank,
multiple sale of National Food Authority papers. Central
bank rules provide that no DOSRI could exceed more than 15
percent of the bank's unimpaired capital. (ABS/CBN News
Channel 17-Nov-2000)

WESTMONT INVEST.CORP.: Pearlbank files charges vs.officials
-----------------------------------------------------------
Pearlbank Securities, Inc. (Pearlbank) recently filed a
criminal complaint for falsification of commercial and
private documents against officers of scandal-plagued
Westmont Investment Corp. (Wincorp) with the Department of
Justice.

Named respondents were Antonio Ong, president; Anthony
Reyes, vice president for operations and administration;
Gilda Lucena, vice president for treasury; Eric Espiritu,
senior manager, corporate finance; Nemesio Briones,
chief legal officer and assistant corporate secretary;
Loida Tanundong, assistant manager legal department; and
John or Jane Does.

Pearlbank alleged that the respondents stated in certain
documents, such as confirmation advices which they signed
and issued to certain investors, that Pearlbank was the
borrower of their funds. Pearlbank said it has no such
outstanding loan obligations with Wincorp or any of its
investors. Pearlbank pointed out that there are no valid
and outstanding promissory notes, or any other evidence of
indebtedness for that matter, that would prove its alleged
liabilities.

Pearlbank had earlier filed a complaint for "fraud and
misrepresentation" against Wincorp and its responsible
officers with the Securities and Exchange Commission.
In its SEC complaint, Pearlbank prayed that confirmation
advices indicating it as borrower of invested funds be
declared to be without force and effect. It also sought
damages and attorney's fees. However, with the recent
effectivity of the Securities Regulation Code, jurisdiction
over the case was transferred to the Regional Trial Court.

But unlike in the SEC, now RTC, case, where the liability
of Wincorp and its officers is only civil or monetary in
nature, the respondents in the criminal case before the DOJ
could face up to six years in prison, if eventually found
guilty. The DOJ case is presently undergoing preliminary
investigation by State Prosecutor Rosario R. Larracas, who
is also in charge of other pending bank/investment fraud
cases. Pearlbank is represented by noted retired prosecutor
and trial court judge, Dennis M. Villa Ignacio.

In a related development, the Prosecution and Enforcement
Department of the SEC recently filed with the Department of
Justice criminal charges for violations of the Revised
Securities Act, now the Securities Regulation Code, against
the responsible officers and directors of Wincorp, led by
its former chairman of the board, John Anthony Espiritu,
son of former Finance Secretary and Wincorp founding
chairman, Edgardo B. Espiritu.

In its listing of the alleged borrowers of invested funds,
the PED noted that Pearlbank's alleged outstanding loan
obligations are still being contested in the SEC, now RTC,
case filed by Pearlbank. (Philippine Star  18-Nov-2000)


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

FREIGHT LINKS EXPRESS HLDGS.: Warns of 1H loss
----------------------------------------------
Freight Links Express Holdings has warned that it will
report a loss for the half-year ended Oct 31 - a turnaround
from a profit of $450,000 for the same period in the
previous year. The weaker-than-expected results were
attributed to a tightening of freight-forwarding margins as
shipping lines increased their freight rates to offset
rising fuel costs, as well as prolonged weak demand in its
warehousing and distribution businesses.


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

BANGKOK RANCH: Posts Bt159M Q3 loss
-----------------------------------
Bangkok Ranch's recorded a third-quarter net loss of
Bt158.68 million, down from a loss of Bt208.83 million for
the same quarter the previous year.

NATIONAL FERTILIZER CO: In red despite 119% Q3 sales jump
---------------------------------------------------------
While reporting that total third-quarter sales this year
rose by almost 6.6 billion baht or 119 percent over the
same period last year and that it has grabbed 70 percent of
the fertilizer market in the People's Democratic Republic
of Laos, National Fertilizer Company (NFC) still posted a
net quarterly loss of 433 million baht.

Kamolchai Patarodom, chief executive officer of NFC, said
the company's total revenue in the third quarter, ending
September 30, was 1.2 billion baht, or 119 percent, higher
than the 553 million baht generated in the same period last
year.  Despite the surge in revenue and considerable
decrease in production costs, NFC still suffered a loss of
433.80 million baht. Total losses in the same period last
year stood at 502 million baht.

"Our marketing efforts this year have been very successful.
So far, we have sold about 782,000 tonnes of fertilizer
against the year-end target of 800,000 tonnes,' said
Kamolchai.

He also said that NFC's total revenue in the past nine
months stood at 3.6 billion baht, marking an increase of 79
percent against the two billion baht recorded in the
previous year.  According to Kamolchai, the company's total
loss in the first nine months of this year stood at 1.2
billion baht, a decrease of 732 million baht from the 1.9
billion baht the previous year.

The CEO of NFC said that currently the company's fertilizer
products hold a market share of as much as 70 percent in
Laos, and that exports to that market will reach the
targeted 20,000 tonnes by year end.

"We are very happy with the expansion of our exports in
Laos. We have been working very hard through all our
channels to further develop this market," he said.

According to NFC, the current average usage of fertilizer
by Laotian farmers is 16kg/rai, against the worldwide
standard usage of 100kg/rai (Business Day  17-Nov-2000)

NTS STEEL GROUP: Posts Bt638M Q3 loss
-------------------------------------
NTS Steel Group recorded an audited net loss of Bt637.56
million in the third quarter of this year, down from a
Bt2.77-billion loss for the same period last year.

RENOWN LEATHERWARES: Posts Bt842M Q3 loss
-----------------------------------------
Renown Leatherwares recorded a third-quarter net loss of
Bt210.98 million, down from a loss of Bt842.02 million for
the third quarter last year.

THAI PETROCHEM.INDUS.: Baht falls below 44 to the dollar
--------------------------------------------------------
The baht yesterday broke through its key support level of
44 against the US dollar as worker unrest at the heavily
indebted Thai Petrochemical Industry Plc (TPI) rocked the
confidence of offshore investors.

Dealers said foreign players had rushed to unload their
baht holdings yesterday for fear that TPI's debt-
restructuring plan, dubbed a landmark case for Thailand,
would be delayed further and lead to a disruption of the
country's financial reform.

"They are not sure how TPI's case will turn out, so they
switch to hold on to the greenback in times of
uncertainty," said a senior dealer at a local bank who
asked not to be named.

The Thai currency overnight plunged to 44.19 to the US
dollar in New York trading and was traded at 43.97 to 44.02
in morning trade here. The currency hit a mid-day low of
44.14 yesterday in Bangkok trading. The Bank of Thailand
(BOT) said a lack of investor confidence had forced the
baht down below 44 against the US dollar yesterday on
rising concerns over TPI's debt-restructuring case.

BOT spokesman Bandid Nijthavorn tried to calm market
worries, saying that the TPI issue in fact had already been
factored into the market. But a rally by protesting workers
which finally forced creditor voting to be postponed
until November 27 has had a negative impact on foreign
investors' confidence, he said, adding that he hoped the
protest ends soon.

Dealers said offshore players had been selling baht since
Thursday, when some 3,000 workers at TPI staged a protest
against Effective Planners Co Ltd, TPI's debt-plan
administrator, which is trying to put its proposed
debt-restructuring plan into force. Investors fear the
protest could lead to an indefinite delay of the plan
implementation and that financial reform as a whole would
then grind to a halt.

Their fear is understandable, as a Thai Rak Thai party
member on Thursday boosted the party's popularity by
promising to amend the bankruptcy law and the 11 economic-
reform laws if the party won the January 6 general
election. (The Nation  18-Nov-2000)

THAI TEL.& TEL.: To finalize debt plan,end rev-sharing pact
-----------------------------------------------------------
Thai Telephone & Telecommunications PCL, the country's
provincial fixed-line operator, said Friday it is likely to
finalize its debt restructuring plan and end its revenue-
sharing telecommunications agreement with the government by
the end of this year.

In a filing to the Stock Exchange of Thailand, the company
said it will submit its final debt restructuring plan to
the central bankruptcy court by Nov. 29 and expects the
court to call for a creditors' meeting to vote on the plan
within two to three weeks after the submission. Previously,
the company had said it planned to finalize and sign the
debt restructuring agreement, worth over 44 billion baht
($1=THB43.799), this month.

Thai Telephone's plan involves a debt-to-equity swap, an
extension of loan principal repayment periods and a capital
increase. The company will have to raise at least THB5
billion within two and a half years, of which THB3 billion
will be used to repay debt, while the remainder is slated
for an expansion of the company.

Moreover, the company said it has submitted a proposal to
the Telephone Organization of Thailand, or TOT, to alter
its revenue-sharing agreement. Negotiations on the proposal
are in progress and should be concluded by the end of the
year. Thai telecommunications firms pay a proportion of
their revenue, ranging from 10% to 43%, to government
agencies, in return for the right to operate the networks
the companies have built and paid for.

The agreement has weighed on the financial status of many
telecommunications companies, especially Thai Telephone,
which must pay the full 43% of its revenue to the
government for the right to operate a fixed-line telephone
network in areas outside Bangkok. Thai authorities want
these companies to convert the revenue-sharing agreements
into other forms of payment to help them improve their
competitiveness before the market is fully deregulated in
2006.

The compensation Thai Telephone has to pay the government
for ending the revenue-sharing agreement is estimated to be
around THB9 billion. (AsiaGateway  17-Nov-2000)

UNITHAI LINE: Posts Bt115M Q3 loss
----------------------------------
Unithai Line posted a net loss of Bt114.74 million for the
third quarter this year, down from a loss of Bt207.14
million for the same period last year.


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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