---

     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

           Friday, November 24, 2000, Vol. 3, No. 229

                                     Headlines


* A U S T R A L I A *

BUY.COM.AU: Bombs out
GERALDTON BLDG.CO.: Forced into administration
IXLA: Acts to cut cash burn
ST. GEORGE BANK: Trimming the fat
TWIN LABORATORIES: Moody's slashes note ratings


* C H I N A  &  H O N G  K O N G *

CDL NEWS.COM: CyberBase closes it down
CHINA DEVEL.CORP.: Posts HK$173.1M annual net loss
CHINA DIGICONTENT CO.: Posts annual loss
KING PACIFIC INT'L: S'holder brings suit against officer
LEADING SPIRIT HIGH TECH: Posts HK$384.5M annual loss
TACK SING PRINTING & CAN MFTY.: Facing winding up petition


* I N D O N E S I A *

SALIM GROUP: IBRA sells affiliate for US$131M


* J A P A N *

CHIYODA LIFE: Planning staff cuts, capital reduction
SANWA BANK: Takes 169.1B yen 1H loan-loss charge
SOFTBANK CORP: 1H parent-only results revised downward


* K O R E A *

DAEWOO MOTOR: Disrupted production cost it 100B won
HANARUM MERCHANT BANK: KDIC to sell W1.5T-worth of assets
HYUNDAI ELECTRONICS: To raise $2.9B to pay 75% of debts
KYONGNAM BANK: FSC orders it to improve management


* M A L A Y S I A *

COMMERCE ASSET-HOLDING: To cut work force by up 20%
RENONG BHD: Investors to dump its downgraded stock?
UNITED ENGINEERING: Investors to dump its downgraded stock?


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

ACESITE HOTEL CORP.: Foreign firm in debt bailout
CENTRA (UNION) CEMENT: Illegal imports kills production
C & P HOMES: Suffers P561M net loss
LLOYDS RICHFIELD CEMENT: Illegal imports kills production
MINDANAO PORTLAND CEMENT: Illegal imports kills production
NORKIS CORP.: To close shops
RIZAL CEMENT: Illegal imports kills production
UNIWIDE GROUP: Eight creditors approve debt settlement
URBAN BANK: Special meeting called on rehab plan


* T H A I L A N D *

KUANG PEI SAN FOOD PRODUCTS: Posts Q3 and 9-mo. losses
NEP REALTY AND INDUSTRY: Posts Q3 and 9-mo. losses
NEW CITY (BANGKOK): Posts Q3 and 9-mo. losses
NEWPLUS KNITTING: Posts Q3 and 9-mo. losses
PATO CHEMICAL INDUSTRY: Posts Q3 or 9-mo. losses
PREECHA GROUP: Posts Q3 and 9-mo. losses
RUANG KHAO FUND: Posts Q1 loss
RUANG KHAO HIGH INCOME FUND: Posts Q3 and 9-mo. losses
SCB PRIME GROWTH FUND: Posts Q3 and 9-mo. losses
THAI PETROCHEM.INDUS.: Creditors further delay vote meeting
VINYTHAI : Refinances Bt8B of debt


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

BUY.COM.AU: Bombs out
---------------------
Buy.com.au -- a joint venture between US parent Buy.com Inc
and technology incubator e-Ventures - has shut down its
website just six months after it began.  Up to 40 employees
of will be redundant within two weeks after talks with
potential alliance partners broke down last week.

Among those it held discussions with was the Kerry Packer-
backed etailer, dstore.  E-Ventures CEO Andrew Isles said
Buy.com.au was shut down after the parties were unable to
agree to terms.

"I can confirm that we spoke to a number of parties but in
the end couldn't reach an agreement that was also
acceptable to the stakeholders of Buy.com Australia," he
said.

E-Ventures is a 50/50 joint venture between giant Japanese
technology investment fund Softbank and epartners, the 100
per cent-owned Internet venture fund of Rupert Murdoch's
News Corporation.  Mr Isles said the decision by Buy.com
Australia's US parent to shut the Australian business was a
response to changing conditions in the etailing sector.

"There is a worldwide restructuring going on in the dotcom
environment and all prudent companies are heeding what the
market is saying and modifying their business models
accordingly." (The Daily Telegraph  22-Nov-2000)

GERALDTON BLDG.CO.: Forced into administration
----------------------------------------------
The downturn in the construction industry has forced one of
Western Australia's oldest building firms, Geraldton
Building Co, into administration.

Directors of the company, which was pioneered in 1894,
called in Ferrier Hodgson insolvency specialists Mr Garry
Trevor and Mr Martin Jones as administrators on Monday.
However, managing director Mr Geoff Crothers said Geraldton
Building Co had the support of its secured lender, National
Australia Bank, and hoped to trade its way out of its
difficulties.

"We're confident we can trade out of this," said Mr
Crothers. The company's debts are thought to total more
than $5 million dollars. Geraldton is believed to be among
the first non-residential construction outfits to be
squeezed to the wall by the GST.

In recent months, a string of residential building
companies have floundered including Avonwood Homes, the
McMaster company, Planet Build and Tasmania's pre-eminent
home builder Y&B Homes. Mr Crothers said the monthly impost
of GST payments had caused Geraldton additional financial
pain, as had its protracted court battle to win payment
for the construction of the controversial Christmas Island
casino and resort in 1992.

While Geraldton Building Co eventually won court orders for
about $4 million in payments from the Indonesian-controlled
Christmas Island Resorts Pty Ltd, Mr Crothers said the
court battle cost the company about $1.5 million in
legal bills.

"Christmas Island was a huge setback for us and disrupted
our operations," Mr Crothers said. "It certainly was a bad
contract and a very unpleasant experience."

However, he said it was the dearth of big-ticket resource
projects getting the green light in Western Australia which
had impacted most on the company's financial fortunes,
along with what he described as an economic downturn in the
midwest region of Geraldton, north of Perth.

Mr Crothers said that under the guidance of the
administrators, the board hoped to refocus Geraldton
Building Co on residential maintenance work for major
resource projects in remote regions of Western Australia.
This would mean scaling back traditional construction
contracting work, he said.

"I think it's general knowledge around Australia that
construction companies are going through a tough time," he
said. "Everyone's fighting over very small prey."

Mr Crothers said the company would look to sell various
non-core assets to pay creditors, including 40 residential
lots in Geraldton. (Australian Financial Review 22-Nov-
2000)

IXLA: Acts to cut cash burn
---------------------------
Digital imaging group IXLA will reconfigure parts of its
three business units and sell off some of its underper-
forming assets as it struggles to maintain an acceptable
share price in a post crash environment.

The company has a strong cash position but wants to slow
down the burn rate as its strategy for the business units
unfolds, chairman Soon Heng Teh told shareholders at
yesterday's annual meeting.

"The volatility in share price movement driven by wild
swings in market sentiment can be distressing but your
board and management team remains focused on building long-
term shareholder value," he said.  "In a very tight market
for raising funds, IXLA has to re-configure its strategies
if it's to survive and to achieve profitability. The
strategy going forward may include the sell-off of some of
its assets and the re-organisation of some of its
investments."

While the company expects to achieve a December 2000 half-
year revenue in excess of $10 million, it will still record
a loss.  IXLA's first quarter 2001 revenue was $6 million
and it has cash resources of about $20 million including
listed securities, receivables and inventory. It has
focused on building the digital infrastructure with three
companies: Digital Now, IXLA Imaging and PhotoHighway, Dr
Teh said.

"We will be focusing our resources on software, sales in Q2
which will result in a comparatively lower revenue but
better gross margin," he said. (The Australian 22-Nov-2000)

ST. GEORGE BANK: Trimming the fat
---------------------------------
Australia's St George Bank Ltd. plans to use its radical
restructuring and redesign program to improve efficiencies
and fend off possible suitors. The nation's fifth largest
bank also said in its annual report the program -- which
has St George slashing its staff numbers by 1,450 in two
years - will allow it to achieve long-term goals.

"Instead of spending multimillions annually just to keep up
with our competitors, we're spending $115 million over the
next financial year and achieving four years worth of
productivity gains," the bank said. "It's no secret that
our restrictive articles of association will be lifted
in July 2002. By that time we need to prove to the market
that we are different from the major banks in terms of
efficiencies and improved product and service quality."

Australia and New Zealand Banking Group Ltd and National
Australia Bank Ltd, two of the nation's four largest banks,
are seen as possible suitors as they look for ways to
increase their respective shares of the Australian market.
The government's so-called "Four Pillars" policy prevents
any mergers among Australia's four largest banks.

Commonwealth Bank of Australia and Westpac Banking
Corporation are the nation's two other major banks.
St George Bank's restrictive articles of association, which
prevents any company from holding more than 10 percent of
the bank, will expire in July, 2002.

St George Bank chairman, Mr Frank Conroy, said the radical
redesign and restructuring program it announced in August
will boost earnings per share by 18› in 2002, and lift
revenue by $50 million in 2001 and $120 million in
2002. Mr Conroy said the outlook for 2000-01 was for
improved results, buoyed by continued strong domestic
lending.

The bank expects to "comfortably" exceed its return on
equity target of 15 percent in the six months ending in
March, 2002. St George reported a rise in net operating
profit to $354 million for the year to September, from $157
million previously. Before abnormals and tax, the operating
profit rose to $570 million, from $521 million. At 12.30pm
St George shares were up 8› at $13.15, shy of its year high
of $13.25. (Australian Financial Review  22-Nov-2000)

TWIN LABORATORIES: Moody's slashes note ratings
-----------------------------------------------
Moody's Investors Service Inc. has downgraded the bond
rating of Twin Laboratories Inc., a subsidiary of Twinlab
Corp., a maker and marketer of vitamins and nutritional
supplements.

Twin Laboratories' $40 million of senior subordinated notes
that are due 2006 were downgraded to a Caa2, which means
that bonds are in such poor standing that they "may be in
default or there may be present elements of danger with
respect to the principal or interest."

The move followed announcements by Twinlab of an investiga-
tion into $8 million in missing inventory, the discontinu-
ing of a product line and weak sales for the third quarter.


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

CDL NEWS.COM: CyberBase closes it down
--------------------------------------
New World CyberBase, multimedia arm of New World
Development Co., has decided to close its Chinese-language
news website -- Cyber DataLive or CDL.news.com -- because
of lack of working capital and keen competition. With 85%
of DataLive owned by CyberBase, the company will fire all
of its 21 editorial and technical staff.

A spokeswoman for CyberBase declined to confirm the news,
but said an announcement would be made soon. CyberBase
Chief Executive Yvette Ong first disclosed in late
September that the company may shut down or sell off some
of its dotcom businesses after it completes a business
review. CDLnews.com would be the first to be closed by the
company, which also holds a majority stake in
eHongkong.com, a B2C portal, and smaller stakes in
StockHouse Media Corp. a financial news website, cultural
portal China 10K.com (BVI) Co. Ltd., B2B eGuanxi (Cayman)
Ltd., and B2C beenz.com Greater China Ltd. (Quamnet News
22-Nov-2000)

CHINA DEVEL.CORP.: Posts HK$173.1M annual net loss
--------------------------------------------------
Construction company China Development Corp. recorded a net
loss of HK$173.1 million for the year ended June 30, up
from a loss of HK$152.6 million the previous year. Loss per
share was 23.8 HK cents compared with 22.0 HK cents the
prior year. Revenue fell 0.04 percent to HK$634.4 million.
No final dividend will be distributed.

CHINA DIGICONTENT CO.: Posts annual loss
----------------------------------------
China Digicontent Co Ltd., maker of home appliances,
recorded a loss for the year ended June 30 of HK$319.3
million, up 62.37 percent from its previous year's loss of
HK$196.7 million. Turnover was HK$1.69 billion, down 7.97
percent year-on-year. Loss per share was 2 cents, down from
2.5 cents the year before. Revenue fell 8 percent to HK$1.7
billion. No dividend was declared. Auditors expressed
reservations about the ability of the company to continue
operations given its unfavorable circumstances.

KING PACIFIC INT'L: S'holder brings suit against officer
--------------------------------------------------------
A King Pacific International Ltd. property investor has
brought suit against the company's deputy chairman seeking
the payment of $135 million to the company. Executive
chairman Cheung Yiu Wing sued deputy chairman Jenson Cheng
for violating his directoral integrity in a transaction
arising from a Wuhan water supply project. Cheung Yiu has
sent a letter to the stock exchange seeking a cessation of
trading in the company's shares on the main board; the
is preparing a explanatory response letter to the exchange.

LEADING SPIRIT HIGH TECH: Posts HK$384.5M annual loss
-----------------------------------------------------
Leading Spirit High-Tech (Holdings) Ltd., maker of computer
products, recorded a net loss of HK$384.5 million for its
latest fiscal year ended June 30, up from a HK$197.7
million loss for the previous year. Loss per share was 3.13
HK cents versus 1.93 HK cents for the prior year. Revenue
fell 8 percent to HK$1.69 million during the year, for
which no final dividend will be distributed. Auditors
expressed reservations about the ability of the company to
continue operations given its unfavorable circumstances.

TACK SING PRINTING & CAN MFTY.: Facing winding up petition
----------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on January 17, 2001 on the petition
of Chui Kai Wing for the winding up of Tack Sing Printing
and Can Manufactory Limited. A notice of legal appearance
must be filed on or before January 16.


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

SALIM GROUP: IBRA sells affiliates for US$131M
----------------------------------------------
The Indonesian Banking Restructuring Agency (IBRA) has
officially sold the oleochemicals group owned by Salim
Group, consisting of 7 companies, to Bhakti Investama for
$131m.

According to IBRA Director of Asset Management Investment
(AMI) Dasa Sutantio,  the largest transaction from the
Salim Group contributes the most to Holdiko Perkasa, a
holding company managing Salim Group companies. Sales
revenues will be directly handed to IBRA. "Sales can
actually meet 25% of Holdiko's total targeted Rp5.2tr,"
said Dasa.

Holdiko Perkasa is currently handling 108 companies from
the Salim Group taken over by IBRA. Sales from these
companies are projected to reach Rp52tr, while this year
the projection is Rp5.2tr. (Indoexchange News 23-Nov-2000)


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

CHIYODA LIFE: Planning staff cuts, capital reduction
----------------------------------------------------
Chiyoda Mutual Life, which went bankrupt last month,
intends to cut 970 jobs by March 2002 and reduce its
capital by about 14.2 billion yen (US$129 million).

Details of the restructuring plan and the company's interim
results are to be released this week. Chiyoda also
reportedly will seek a debt waiver of US$238 million, as
well as a planning a new share issue by March next year
for some US$89 million.

SANWA BANK: Takes 169.1B yen 1H loan-loss charge
------------------------------------------------
Sanwa Bank Ltd booked a 169.1 billion yen loan-loss charge
for the past half-year in order to clean up problem loans
accumulated after the bursting of an asset price bubble in
the early 1990s.

This compared with 404.7 billion yen in such charges in the
full year ended on March 31 and 250 billion yen the bank
had said it would take for the current business year to
next March.  Sanwa, which plans to combine its business
with Tokai Bank and Toyo Trust & Banking Co under a joint
holding company, UFJ Holdings Inc, in April 2001, also said
it had a total 1.32 trillion yen of problem loans as of the
end of September, little changed from 1.3 trillion yen at
the end of March 2000.

Both problem loan figures are based on disclosure standards
set under Japanese banking laws that took effect late in
1998.  Shares in Sanwa Bank were down a modest 0.46 percent
at 875 yen in late trade, compared with a 1.28 percent loss
in the banking sector index on the main section of the
Tokyo Stock Exchange. (Reuters 22-Nov-2000)

SOFTBANK CORP: 1H parent-only results revised downward
------------------------------------------------------
Internet investor Softbank Corp. now expects to post a
parent-only loss of 800 million yen for the first half of
fiscal 2000. That's a substantial turnaround from its
earlier forecast of a 1.5 billion yen profit. Softbank
attributed the revision to the scrapping of a plan to sell
some of its share holdings during the April-September
period. Instead, the sale will take place in the second
half, which will save Softbank from having to revise its
profit forecasts for the full year ending March 31, 2001.


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

DAEWOO MOTOR: Disrupted production cost it 100B won
---------------------------------------------------
Daewoo Motor Co., which defaulted on loans on Nov. 8, said
disrupted production at home caused by parts shortages had
cost the company as much as 100 billion won ($85.7 million)
so far.

The cost of lost production is mounting at the rate of
about 10 billion won a day, with its main plant idled for a
tenth day, and a second sedan plant operating at reduced
working hours, Daewoo Motor spokeswoman Park Hae Yeung
said.

"Other plants, except the main one in Bupyong, are running
normally," Park said. "Still, its impact on sales is
limited as we can make up for it with our stocks" of
completed cars, she said. The stocks total about one month
of sales.

While Daewoo Motor says it's able to limit much of the
damage, the same is not true for many of its small
suppliers, a handful of which have already became bankrupt
over the disruption to their business. Many have stopped
supplying Daewoo Motor until they're paid cash for their
production.

Korea Delphi Ltd. and other suppliers won't get combined
payments due by the end of this month, as the court has
frozen Daewoo Motor debts until it rules on the company's
request for court receivership.  Daewoo Motor Sales Corp.,
the domestic sales unit of Daewoo Motor, dropped as much as
12.1 percent to 1,490 won. The Ssangyong Motor Co. unit
fell as much as 11 percent to 1,050 won. (Bloomberg 22-Nov-
2000)

HANARUM MERCHANT BANK: KDIC to sell W1.5T-worth of assets
---------------------------------------------------------
Korea Deposit Insurance Corp. (KDIC) plans to hold an
international auction to sell about 1.5 trillion won of
assets held by failed merchant bank Hanarum Dec. 7.

"Foreign investors will be invited to submit bids for the
assets," a KDIC official said. The state deposit guarantee
agency has put the bankrupt merchant bank with assets of
about 4 trillion won under its wing in line with a
government plan to clean up the debt-ridden merchant
banking sector.

When successful bidders are selected, the KDIC will
establish a joint-venture special purpose company, it said.
It added the KDIC will make in-kind investments amounting
to a 50 percent stake in the envisioned company, while the
foreign investors will make a cash investment for the
remaining interest. (Korea Herald  23-Nov-2000)

HYUNDAI ELECTRONICS: To raise $2.9B to pay 75% of debts
-------------------------------------------------------
Hyundai Electronics Industries Co., the world's second-
largest memory chipmaker, said it plans to raise $2.9
billion next year by selling bonds and assets to help pay
three-quarters of its debt

The company, which has 8.7 trillion won of total debt, said
73 percent of that amount comes due next year. The
chipmaker, which hasn't earned a full-year profit since
1996, is hoping to cut short-term debt mostly by selling
new debt with longer maturity.

The plan comes three days after parent Hyundai Group
released a proposal to raise more than a trillion won to
bail out Hyundai Engineering & Construction Co. Hyundai
Electronics, which drew heavily on loans to take over rival
LG Semiconductor Co. last year, is trying to settle its
debts alone and sever legal ties to its parent in the first
half of next year.

"Obviously, Hyundai Electronics is making an effort to
avoid similar problems as those at Hyundai Engineering,"
said Jay Kim, an electronics analyst with ING Barings in
Seoul.

Hyundai Electronics shares rose as much as 4.9 percent to
7,340 won in early trading today. The stock has plummeted
71 percent so far this year. The chipmaker's plans include:
raising 1 trillion won from a won-denominated syndicated
loan in Korea arranged through Citibank NA; selling 1.35
trillion won in domestic and overseas bonds; selling 497
billion won in asset-backed bonds overseas.  It also aims
to raise 525 billion won through asset and equity sales,
including a 78 percent stake in Hyundai Autonet Co. valued
by Hyundai at 68 billion won.

"The plans, devised jointly by a financial adviser
Citigroup, will help ease short-term liquidity concerns as
well as improve the structure of our debt portfolio,"
Hyundai Electronics said in a statement.

The chipmaker has already been tapping debt markets to meet
creditor's demands. The company said last month it would
sell $500 million of long-dated U.S. dollar bonds to retire
short-term debt and reduce interest payments, which
amounted to more than three times net profit during the
third quarter.

Even so, there are signs the company's fortunes may
improve. It earned its first quarter of profit this year,
posting 66 billion won, between July and September. It lost
374 billion won in the first half after booking one-time
losses of 682 billion won related to failed investments.

Hyundai Electronics is looking to distance itself from
Korea's second-largest industrial group, which has waged a
six- month struggle to bail out its contractor arm. Hyundai
Engineering needs to repay a fifth of its 5.2 trillion won
debt next month to keep creditors at bay.

Another affiliate, Hyundai Petrochemical Co., said today
that it raised 60 billion won by selling bonds to local
investors in its first domestic debt sale since May as
Hyundai Group's financial problems mounted. Its fund-
raising was helped by state- run Korea Development Bank,
which arranged the sale and agreed to guarantee the
repayments. (Bloomberg  23-Nov-2000)

KYONGNAM BANK: FSC orders it to improve management
--------------------------------------------------
South Korea's Financial Supervisory Commission (FSC) has
ordered Kyongnam Bank to improve its weak balance sheet
after its capital adequacy ratio (set by the Bank for
International Settlements) dipped below 6 percent. The FSC
intends to put Kyongnam under a financial holding company
after injecting it with public funds as a way to clean up
the bank's non-performing loans.


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

COMMERCE ASSET-HOLDING: To cut work force by up 20%
---------------------------------------------------
Commerce Asset-Holding Bhd., owner of Malaysia's second-
largest commercial bank, plans to cut its 9,700-worker
staff by as much as 20 percent as a cost-reduction measure.
The reduction is to be done through a "voluntary separation
scheme" starting in June. It is expected to save as much as
60 million ringgit ($15.8 million) a year.  Jamil Hajar,
the bank's general manager and company secretary said no
one will be forced out, and the actual number of employees
cut "will depend on the acceptance level."

RENONG BHD: Investors to dump its downgraded stock?
UNITED ENGINEERING: Investors to dump its downgraded stock?
-----------------------------------------------------------
Investors are set to dump shares of Renong Bhd and its
associate United Engineers Malaysia (UEM) when they are
requoted on Friday, following their latest restructuring
exercise that has spooked the Malaysian stock market.

Many analysts downgraded the two stocks following UEM's
shocking proposal to acquire all of Renong's assets, except
the latter's 38 percent stake in UEM, for RM6.7 billion
(S$3.1 billion) -- substantially higher than Renong's
market capitalisation of RM3.5 billion.

"We think the acquisitions are negative for UEM as it is
not getting a good bargain on those assets, and so the deal
is likely to dilute earnings and be a drain on cash flow,"
said MalaysiaStreet.com.

While the two counters remained suspended yesterday, other
stocks linked to the group and the overall market tumbled
yesterday. The Kuala Lumpur Stock Exchange Composite Index
fell 11.96 points to 727.08 points. Analysts said the
market barometer may ease further due to investors'
uneasiness with tycoon Halim Saad's protracted bid to
restructure the two debt-laden companies over the past
three years.

UEM has said that it will buy all the assets of Renong for
RM6.7 billion through the issue of new shares and loan
stocks. It will also assume Renong's RM5 billion bonds,
issued by UEM's highway operator, Plus, last year. UEM is
expected to pay almost RM1.9 billion for Renong's listed
assets -- Time Engineering, Commerce-Asset Holding, Crest
Petroleum, Faber Group, Park May and Camerlin Group.

But the bigger acquisitions will be Renong's two unlisted
assets - monorail company Putra and Prolink Development,
the owner of 15,000 acres of land near the Second Link
connecting Singapore and Malaysia. UEM last night said the
deal is conditional on the listing of Time dotCom, a
subsidiary of Time Engineering.

This is not the first time that Mr Halim has driven the
market to despair. Last year, UEM's wholly-owned Plus
issued RM8.4 billion worth of bonds to retire the short-
term debts of UEM (RM3 billion) and Renong (RM5.4 billion).
Renong and UEM had promised to sell a string of assets to
repay Plus to avoid paying RM16 billion at the end of the
bonds' seven-year tenure. But they have not made much
headway in their asset disposal plan. UEM managing
director Ramli Mohamad said it was therefore necessary to
come up with a new scheme. (Business Times  22-Nov-2000)


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

ACESITE HOTEL CORP.: Foreign firm in debt bailout
-------------------------------------------------
A British Virgin Island company will bail out the owners of
local hotel operator Acesite (Phils.) Hotel Corp. (APHC)
from debts owed to a local bank through the acquisition of
75% stake in the listed firm's majority shareholder.

APHC president Francis Lam said the South Port Development
Ltd. will acquire Acesite (BVI) Ltd. which owns majority
interest in APHC, operator of the Holiday Inn Manila for
1.66 billion Philippine pesos ($33.50 million at
PhP49.554=$1). The sale will avoid the foreclosure of
shares in Acesite Limited and APHC by Equitable PCI
Bank.

The said shares were used as collateral by Acesite Limited
owners Evallon Investment Ltd. and Sino-i.com Ltd. to
secure a $2-million loan from the local bank. South Port is
currently engaged in the leisure business in the People's
Republic of China and Australia.

Mr. Lam said the foreign firm is expected to bring new
marketing and business opportunities to APHC. "This
constitutes a positive contributing factor to the
enhancement of the corporation's future operations and
financial position," he said. (Business World  22-Nov-2000)

CENTRA (UNION) CEMENT: Illegal imports kills production
LLOYDS RICHFIELD CEMENT: Illegal imports kills production
MINDANAO PORTLAND CEMENT: Illegal imports kills production
RIZAL CEMENT: Illegal imports kills production
----------------------------------------------------------
With illegal cement imports from Indonesia now making up 13
percent of the local cement market and 22 percent of the
Visayas-Mindanao market as of August this year, four more
Philippine cement firms supplying the south have been
forced out of production.

The huge growth of Indonesian shipments allegedly forced
the closures of cement companies Rizal Cement, Mindanao
Portland Cement, Lloyds Richfield and Central (Union)
Cement. Some 4,000 workers also lost their jobs. These
companies had plants in Luzon and Mindanao.

Those still operating are suffering from an under capacity,
forced to shut down one or more production lines. Early
this year cheap imports have already closed down five other
firms such as Solid Cement Corp., FR Cement, Republic
Cement, Continental Cement and Hi-Cement Corp.

According to industry sources, Indonesian firms shipped
in 61,807 metric tons of cement for August alone. The total
Philippine consumption is 22 million metric tons per month.
The imports are reportedly sold at reduced prices between
P108 per bag ex-plant price to P115 per bag retailers.
Imported cement is bought P10 cheaper compared to domestic
products.

Indonesia only began importing cement early this year. On
the other hand, imports from Taiwan and Japan continue to
dominate the Metro Manila and the rest of the Luzon
markets. Taiwan alone has 45 percent of the Manila market
and is expected to continue to get the orders until it
dominates up to 60 percent of the market by the end of this
year. Industry figures were sourced from the Bureau of
Product Services.

An official from a prominent cement firm meanwhile said
that an Indonesian cement company is now even building an
import terminal in Luzon. To stop import dumping in the
country, the Department of Trade and Industry is planning
to stop the issuance of permits for additional import
capacities. The move effectively put in place an import
control that would restrict the shipments of cement from
Taiwan, Japan and Indonesia.

According to the latest industry report, the capacity
installed in import terminals and other stations totaled
4.62 million tons. In terms of cement production, the
Philippines has an oversupply and the excess capacity has
nowhere to go. Furthermore, the entry of cheap imports
reduced the local market, leaving domestic cement
manufacturers stuck with
its excess supply.

Taiwan, Japan and Indonesia with a combined excess capacity
of 48 million tons per year already export to the
Philippines thus solving their own over-supply problem. In
fact Taiwan's largest cement maker Taiwan Cement Corp. has
a pending case of dumping with the DTI and has to answer
charges of discriminatory pricing to the detriment of the
local industry. (Manila Times 23-Nov-2000)

C & P HOMES: Suffers P561M net loss
-----------------------------------
Foreign-exchange (forex) losses continued to affect the
profitabil-ity of low-cost housing builder C & P Homes Inc.
as it incurred a net loss of P561 million during the first
nine months of the year, a turnaround from the P65-million
net income posted in the same period last year.

In its financial report filed with the Securities and
Exchange Commission, C & P Homes said the deterioration of
the peso resulted in a forex loss of P887 million. Interest
expense and foreign exchange losses for the period under
the review ballooned to P1.17 billion against P932 million
the same level a year ago.

Selling, marketing, general and administrative expenses
rose 24.67 percent from P576 million to P462 million as a
result of the increase in promotions and other marketing
expenditure in line with efforts to spur sales. The company
also reported lower revenues for the period January to
September due to the slowdown in sales in the third quarter
as credit availability for low-cost housing remained tight.

Interest and miscellaneous income, on the other hand, was
P404 million, slightly higher than the P358 million
recorded a year earlier. As of end-September this year, C &
P Homes has total assets of P26.26 billion and stockholders
equity of P4.8 billion.

In order to address its current difficulty of generating
sufficient cashflows to fully service interest-bearing
obligations, the company is continuing its program to
reduce debt. As of Sept. 30, 2000, C & P Homes had
bank loans of P1.88 billion, loans and notes payable of
P350 million and commercial and floating rate notes payable
of P9.73 billion.  The dollar denominated debt has been
translated at the peso-US dollar exchange rate as of Sept.
30, 2000.

C & P Homes said it does not expect any substantial
improvement in sales considering the country's economic
conditions. Credit availability for low-cost housing
continues to be the country's significant factor affecting
sales. The increases in costs triggered by the oil price
increases and the deterioration of the peso will impact on
the financial performance of the country.

Further unfavorable changes in the exchange rate, C & P
Homes said, will also increase the foreign exchange losses
because of the company's dollar denominated floating rate
notes.(Manila Times  23-Nov-2000)

NORKIS CORP.: To close shops
----------------------------
After almost 40 years of operations, the Philippines
assembler and distributor of Japan's Yamaha motorcycles
will close shop next month.

An American firm, Xante Corp. -- based at Mactan Export
Processing Zone (Mepz)-- will also close shop because of
dwindling demands. Norkis Trading Corp., which has been
operating the Yamaha motorcycle plant at A.S. Fortuna st.,
Mandaue city, will close shop as it is reportedly deeply
affected by the worsening economic crisis under President
Estrada's administration.

The closure was confirmed by Bert Emphasis, Norkis
spokesman and manager of a Norkis subsidiary, Porta Coeli.
"It is impossible for the Yamaha plant to continue its
production without incurring severe losses, which cannot be
passed to the present market because of the economic
crisis," Emphasis said.

He also confirmed that about 300 direct employees and 3,000
indirect employees, including the subcontractors, suppliers
and marketing personnel, will be affected by the closure.
The plant has reportedly been affected by the devaluation
of the peso, the 22% bank interest rates and the slump in
the market. Moreover, Emphasis said, they still have to
import 85 to 90 percent of raw materials, because Norkis is
only an assembler and re-conditioner of semi-knockdown and
complete knockdown motorcycles from Japan.

To cope with the present crisis, companies normally try to
increase sales and production. "But how can you sell mo-
torcycles when the present market cannot absorb it?"
Emphasis said.

Yamaha motorbikes are used nationwide by tricycle drivers,
vendors, farmers, workers and small and medium business
operators. Other Norkis companies engaged in
electroplating, appliance, management systems, lending,
mobile service and international trading, though, will
still continue operations.

As for Xante Corp., Mepz Administrator Dante Quin-doza said
the firm, which is into laser printing, has already filed a
notice of closure last week. Quindoza said he was told by
Xante officials that the firm is downsizing operations
outside the United States. About 15 employes in its Mepz
office will be affected by the closure, aside from
government revenues.

But lawyer Paul Alcaza-ren, of the Bureau of Customs at
Mepz, said his office will still collect fees due to the
government on Xante's equipment, which are now reportedly
sent to the US. (Sun Star  22-Nov-2000)

UNIWIDE GROUP: Eight creditors approve debt settlement
------------------------------------------------------
The Uniwide Group of Companies confirmed that eight of its
13 creditor-banks have agreed to the dacion en pago
settlement of the discount retail chain's obligations.

The development is expected to hasten the firm's
rehabilitation. In its financial report filed with the
Securities and Exchange Commission, Uniwide said that as of
Nov. 15 this year, it had successfully concluded a
memorandum of agreement with eight creditor banks on its
proposed repayment of loans via a combination of dacion en
pago and cash payment with a discount.

The five other banks that have not yet agreed to the
Uniwide Group's proposed repayment scheme are Philippine
National Bank, Allied Bank, East West Banking Corp., ING
Bank and Allied Banking Corp. Management believed that the
five banks would eventually approve the terms of the
repayment plan embodied in the group's amended rehabilita-
tion plan since only minor details were being threshed out
by the concerned parties.

According to management, Landbank has already approved the
MOA but would sign only after all the private banks have
signed. In the case of ING Bank, the MOA is being finalized
and is expected to be signed soon. East West Bank, one of
the creditors that will share with the Metromall property,
is awaiting the approval of Allied Bank and PNB before it
signs the MOA.

The extinguishing of the Uniwide Group's debts is a
prerequisite to the infusion by Casino Guichard Perrachon,
the second largest publicly-listed food retailer in France,
of P3.57 billion in fresh capital into the discount
retailer. Casino, with a work force of 100,000 worldwide,
ranks among the top seven food retailers in the world.

It became the biggest retailer in Thailand with its
successful rehabilitation of the Big C hypermarket. With
more banks giving their nod on its proposed rehabilitation
plan, Uniwide reported that its losses declined by 60.23
percent during the first nine months of the year to P238.03
million from P598.46 million the same period the previous
year, largely due to higher sales.

Revenues grew by 52.42 percent for the period of January to
September this year to P289.18 million from the year-ago
level of P189.72 million. Other income amounted to P4.57
million as against other losses of P354.58 million.
The increase was largely brought about by the positive
reported realized gross profit on sale of commercial and
residential lots as compared to a negative realized gross
profit for the same period last year.

For the period under review, Uniwide reported a reversal of
P126.34 million on its realized gross profit due to
forfeitures and cancellation of real estate sales. (Manila
Times 22-Nov-2000)

URBAN BANK: Special meeting called on rehab plan
------------------------------------------------
Urban Bank, Inc. ("URB") has advised the Philippine Stock
Exchange that the stockholders owning a majority of the
outstanding voting stock of Urban Bank (the "Bank") have
called for a special meeting of the stockholders on
December 12 at 9 a.m. to take up, among other items, the
rehabilitation plan for the Bank and Urbancorp Investments,
Inc.

The plan to be voted upon was proposed by the Bank of
Commerce and includes a proposed merger between the Bank,
Urbancorp. Investments, Inc., and Bank of Commerce as the
surviving institution, and the election of the Board of
Directors of the Bank specifically for the purpose of
taking action on the proposed merger.

A trading halt on the shares of the Bank had been in effect
by PSE since April 27, 2000, after the Bank had been placed
under receivership by the Philippine Deposit Insurance
Corporation and such trading halt has not been lifted up to
the present. All stockholders of record as of December 5,
2000 shall be entitled to vote at the said meeting.
(ABS/CBN News Channel  22-Nov-2000)


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

KUANG PEI SAN FOOD PRODUCTS: Posts Q3 and 9-mo. losses
------------------------------------------------------
Kuang Pei San Food Products recorded a consolidated loss of
19.3 million baht for this year's third quarter, down from
a loss of 66.1 million baht for the same period last year.
The consolidated loss for the first nine months was 11.2
million  baht compared with a 92.7 million baht loss for
the same period last year.

NEP REALTY AND INDUSTRY: Posts Q3 and 9-mo. losses
--------------------------------------------------
NEP Realty and Industry recorded a consolidated loss of
14.1 million baht for this year's third quarter, down from
a 76 million baht loss for the same period last year. The
loss for the first nine months totaled 126.1 million baht
compared with a 142.7 million baht loss for the same period
last year.

NEW CITY (BANGKOK): Posts Q3 and 9-mo. losses
---------------------------------------------
New City (Bangkok) recorded a loss of 16.7 million baht for
the third quarter of this year, substantially down from a
113.6 million baht loss for the same period last year. The
company's loss for the first nine months totaled 23 million
baht compared with a 112.5 million baht loss for the same
period last year.

NEWPLUS KNITTING: Posts Q3 and 9-mo. losses
-------------------------------------------
Newplus Knitting recorded a consolidated loss of 24.1
million baht for the third quarter of this year, down from
a loss of 15.7 million baht for the same period last year.
The company's loss for the first nine months was 15.4
million baht compared with a 12.5 million baht for the same
period last year.

PATO CHEMICAL INDUSTRY: Posts Q3 or 9-mo. losses
------------------------------------------------
Pato Chemical Industry recorded a loss of 1.3 million baht
for the third quarter of this year, down significantly from
a 15.4 million baht loss for the same period last year. The
company's nine-months loss was 12.7 million baht, a
turnaround from a 10.7 milion baht profit for the same
period last year.

PREECHA GROUP: Posts Q3 and 9-mo. losses
----------------------------------------
Preecha Group recorded a consolidated loss of 26.4 million
baht for the third quarter of this year, down dramatically
with a 585.7 million baht loss for the same period last
year. The company's loss for the first nine months totaled
423.1 million baht, compared with a 1.7 billion baht loss
for the same period  last year.

RUANG KHAO FUND: Posts Q1 loss
------------------------------
Ruang Khao Fund recorded a 311 million baht loss for the
first quarter ended Sept. 30. That was a turnaround from a
98.1 million baht profit for the same period last year.

RUANG KHAO HIGH INCOME FUND: Posts Q3 and 9-mo. losses
------------------------------------------------------
Ruang Khao High Income Fund recorded a 222.5 million baht
for the third quarter of this year - a turnaround from
profits of 64.9 million baht for the same period last year.
For the first nine months of the financial year, the
company recorded a loss of 675.4 million baht, compared
with profits of 45.2 million baht for the same nine-month
period last year.

SCB PRIME GROWTH FUND: Posts Q3 and 9-mo. losses
------------------------------------------------
SCB Prime Growth Fund recorded a 55.3 million baht loss for
the third quarter of this year, down from a 36.5 million
baht loss for the same period last year. For the first nine
months of the year, the company posted a loss of 152.1
million baht, up from a  92.7 million baht loss for the
same nine-month period last year.

THAI PETROCHEM.INDUS.: Creditors further delay vote meeting
-----------------------------------------------------------
A meeting of Thai Petrochemical Industry Plc's creditors
for the purpose of voting on the rehabilitation plan of the
company has been delayed again to Dec 6 amid fears of
violence if the meeting is held as scheduled next Monday.

About 5,000 employees of TPI planned to protest outside the
meeting, prompting both the company and its creditors to
agree to the postponement. Anthony Norman, managing
director of Effective Planners Co, architect of the
company's rehabilitation plan which is to be voted on said
the joint agreement on the adjournment acknowledged "the
seriousness of the security and related issues concerning
diverse employee matters. We are determined to work
overtime with TPI's senior management to find a solution
that is in everyone's best interests," he said.

Prachai Leophairatana, chief executive of TPI, said he
believed the two-week adjournment was a practical step to
provide the company with a fair and responsible opportunity
to address all employee concerns. "I am determined to work
closely with Mr Norman and other relevant parties to ensure
that calm is restored among TPI employees and that all
issues are satisfactorily addressed," he said.

Meanwhile, the company suffered a second defeat yesterday
when creditors of Thai ABS Co, one of its seven subsidi-
aries, approved a rehabilitation plan for the company,
rejecting the company's request to postpone the vote.
Creditors accounting for 84% of Thai ABS Co's loan of 9.67
billion baht voted in favour of the plan, which was drafted
by Effective Planners.

The company's rehabilitation, which is closely linked to
that of TPI, calls for Thai ABS's cashflows to be
channelled into debt repayment over the next five years, a
lawyer for TPI said. Only last week, creditors of TPI Oil
Co. approved its rehabilitation plan.

The conglomerate's two major creditors, Bangkok Bank and
Chase Bank, rejected its request to set up a creditors'
committee after the plan was approved. TPI would petition
the central Bankruptcy Court to oppose the creditors' vote
on the rehabilitation plan, the source said.

"We still maintain the right to petition the court to
object to the plan, and we will try every possible avenue
that the law permits. The rehabilitation of the
subsidiaries is more a case of selling assets to repay
debts rather than rehabilitating," he said.

Mr Prachai was absent from the creditors' meeting
yesterday, but a company source said she believed TPI would
receive fair treatment from the judicial process.
Mr Norman was also absent for security reasons, a source
said. (Bangkok Post  23-Nov-2000)

VINYTHAI : Refinances Bt8B of debt
----------------------------------
Vinythai plans to issue secured debentures worth Bt8
billion in order to refinance debts and increase its
liquidity. Further details about the five-year maturity
debentures are to be determined by the board of directors
or the executive committee. The debentures, to be offered
domestically or internationally to specific investors or
the public, will require approval of the company's
shareholders, for which a meeting is scheduled for December
19.


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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