---

T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Tuesday, June 2, 1998, Vol. 1, No. 71

                    Headlines


C H I N A   &   H O N G   K O N G

AMERICOM (HK) LIMITED: Notice of Meeting of Creditors
ANTILL ESTATES: Meetings of Members and Creditors
BOLD CHAMPION DEVELOPMENT LIMITED: Winding Up
CP POKPHAND: Pokphand Wins Delay from Noteholders
CHINA GLORIOUS LIMITED: Winding Up
FUNG WAH INVESTMENT: Meetings of Members and Creditors
IMG FAR EAST LIMITED: Winding-Up Notice
MARIA'S BAKERY: Winding Up and Appointment of Liquidators
NORTHERN INTERNATIONAL: Northern Tackles Billion Bad Debt
SANIL TRADING: Notice of Meeting of Creditors
WAH HING SECURITIES: Broker Wah Hing Halts Operations

I N D O N E S I A

SEMPATI AIRLINE: Begins Asset Sales

J A P A N  

JAPAN AIRLINES: Mounting Losses
NIKKO SECURITIES: Confirms Talks with Travelers Group
YAMAICHI SECURITIES: Finance Firms to Write Off Debt


K O R E A

HANJIN SHIPPING: Raises $161 Million Through Ship Sales
HANWHA ENERGY: Sale to Affect Oil Refining Industry
HAITAI GROUP: Group Collapses, Leaving Two Affiliates
KOHAP GROUP: Group Restructuring to Combine Affiliates
MIDOPA: Authorities Probe for Possible Tax Evasion
NEW CORE: Authorities Probe for Possible Tax Evasion


M A L A Y S I A

CAGAMAS BHD: Interest Payment Due June 15
MALAYSIAN AIRLINE: Chairman Asserts Equal Treatment for All
MALAYSIAN RESOURCES: Expects Debt Ratio to Decline
SISTEM TELEVISYEN: Reports Group Loss


P H I L I P P I N E S

VICTORIAS MILLING: Committee Seeks Extension on Plan

T H A I L A N D

TELECOMASIA CORP: Creditors Try to Force Restructuring
THAI PRASIT: Agreement with Canadian Firm Expected


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

AMERICOM (HK) LIMITED: Notice of Meeting of Creditors
-----------------------------------------------------
Americom (HK) Limited's notice dated May 29, 1998 was
posted the same day on the Hong Kong Standard notifying the
holding of creditors' meeting at Unit 601, Tower I,
Admiralty Centre, 18 Harcourt Road, Hong Kong on 25th June
1998 at 3:30 p.m.


ANTILL ESTATES: Meetings of Members and Creditors
-------------------------------------------------
Meetings of the members and creditors of Antill Estates
Limited (In Liquidation) will be held at 22/F., Wing On
Centre, 111 Connaught Road Central, Hong Kong on 26 June
1998 at 11:30 a.m. and 12:00 p.m., respectively, for the
purpose of receiving accounts of the liquidators' acts and
dealings and of the conduct of the winding-up of the
companies during the preceding year.
(Hong Kong Standard 29-May-1998)


BOLD CHAMPION DEVELOPMENT LIMITED: Winding Up
---------------------------------------------
The Hong Kong Standard of May 29, 1998 shows notice that a
petition for the winding up of Bold Champion Development
Limited was made to the High Court on the 4th day of May
1998 by Grandace Investments Limited and Spenders Image
Limited both situate at Room 2305, 23rd Floor, Shun Tak
Centre, 200 Connaught Road Central, Hong Kong. The said
petition is directed to be heard before the Court at 11:00
a.m. on the 10th day of June 1998.


CP POKPHAND: Pokphand Wins Delay from Noteholders
------------------------------------------------
Troubled conglomerate CP Pokphand, which is the Hong Kong-
listed arm of the Thailand-based empire headed by Dhanin
Chearavanont, issued a statement yesterday saying that
holders of floating-rate notes agreed at meetings yesterday
to adjourn until the end of next month discussions, which
will be aimed at convincing them to revoke redemption
notices amounting to US$92.8 million.

The Company said "the meetings met with the necessary
quorum and marked the beginning of confidential discussions
designed to reach agreement with the noteholders to revoke
all redemption notices and to refrain from taking legal
action." And "it believes that the noteholders will see the
benefits and long-term potential of its strategy of
focusing on its core agri-businesses in the [mainland] and
is optimistic that an agreement can be reached".

The company has been offloading its assets since the
beginning of its troubles last year in the face of the
regional currrency turbulence. It is staggering under net
liabilities of $542.05 million. Last month, the company
said it faced cash-flow problems and was in talks with
lenders.
(South China Morning Post 30-May-1998)


CHINA GLORIOUS LIMITED: Winding Up
----------------------------------
The Hong Kong Standard of June 1, 1998 shows a notice that
a petition was made on May 14, 1998 for the winding up
China Glorious Limited by Yim Chi Fai of Flat C, 19th
Floor, Block 2, Broadview Garden, Tsing Yi, New
Territories, Hong Kong. The petition was directed to be
heard before the High Court at 11:00 am on the 17th day of
June 1998.


FUNG WAH INVESTMENT: Meetings of Members and Creditors
------------------------------------------------------
Meetings of the members and creditors of Fung Wah
Investment Co. Ltd. (In Liquidation) will be held at 22/F.,
Wing On Centre, 111 Connaught Road Central, Hong Kong on 26
June 1998 at 3:30 p.m. and 4:00 p.m., respectively, for the
purpose of receiving accounts of the liquidators' acts and
dealings and of the conduct of the winding-up of the
companies during the preceding year.
(Hong Kong Standard 29-May-1998)


IMG FAR EAST LIMITED: Winding-Up Notice
---------------------------------------
South China Morning Post of June 1, 1998 shows a notice
dated the same day that a petition for the winding up of
the above named company has been made to the High Court on
May 14, 1998 by Vigor Toys Limited whose registered office
is at Room 1, 4-8, Block A, 8/F., Texaco Road Industrial
Centre, 256-264 Texaco Road, Tsuen Wan, New Territories,
Hong Kong. The petition is directed to be heard before the
Court at 11:00 am on the 17th day of June 1998.


MARIA'S BAKERY: Winding Up and Appointment of Liquidators
---------------------------------------------------------
Four legal notices were posted on the Hong Kong Standard on
May 29, 1998, two by the respective companies and two by
the liquidators (one for each of the companies) concerning
the winding up and appointment of liquidators.

The notices say that Extraordinary General Meetings of
Members of the respective Companies were held at the
Auditorium, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on 22 May 1998 and
special resolutions for the winding-up of the respective
companies were passed.

Messrs. Matthew Finbarr O'Driscoll and Wilfred Keith Timso,
both of 15th Floor, Hutchison House, 10 Harcourt Road,
Central,  Hong Kong were appointed Joint and Several
Liquidators of the Company to act for the purpose of such
winding up.



NORTHERN INTERNATIONAL: Northern Tackles Billion Bad Debt
---------------------------------------------------------
Mr. Chong Sing-yuen, newly-appointed Chairman of troubled
consumer electronics manufacturer, Northern International
Holdings said creditors are more willing to negotiate with
the company after the new management took over.They are now
working together to resolve a crushing debt load,
accumulated during the company's previous reincarnation,
Billion International Holdings.

Mr. Chong was appointed chairman last month when he
acquired a 14% stake in the company from previous chairman
Simon Chan Ying-ming. His stake will increase to 16.9%
after the conclusion of a rights issue, which he is
partially underwriting.

About half of the company's debt was overdue, but only
about $15 to $16 million is being actively chased for.

After the fund raising, the company will have a debt load
of $96 million, mostly short-term obligations, and working
capital of $2 million to $3 million, which is a tight
situation with cash-flow worsened by about $30 million in
overdue receivables.
(South China Morning Post 30-May-1998)




SANIL TRADING: Notice of Meeting of Creditors
---------------------------------------------
Sanil Trading Company Limited posted a notice dated May 29,
1998 on the Hong Kong Standard of June 1, 1998 that the
above-mentioned creditors'meeting will be held at Room 703,
Multifield Plaza, 3 Prat Avenue, Tsimshatsui, Kowloon on
July 3, 1998 at 11:00 am.





WAH HING SECURITIES: Broker Wah Hing Halts Operations
-----------------------------------------------------
Brokerage Wah Hing Securities yesterday applied voluntarily
to the stock exchange to suspend its operations and
appealed to clients to settle their accounts as soon as
possible, which means that cash clients would have to
regain possession of their shares while margin clients
would have to settle accounts.

Sources said the brokerage, which had about 2,000 clients,
had not collapsed but failed to meet the exchange's
resource requirements and was seeking restructuring. It had
to close its client accounts before the restructuring.

The Exchange sent a team to the securities house to
investigate the matter and found the firm able to settle
clients' accounts smoothly, according to a spokesman.

Hong Kong Clearing said the firm was able to settle its
trades in the clearing house yesterday.

Despite the regulators' reassurances, the suspension
sparked fears of yet another collapse, after the failures
of Ming Fung Group's Chark Fung Securities, Forluxe
Securities and the CA Pacific Group.

Wah Hing Securities is privately owned by William Chan Pak-
to, a substantial shareholder and managing director of the
listed consumer electronic products maker Wah Nam Group,
which last week announced a net loss for the year to
December 31 of $34.2 million - a decrease of 21.6%
over losses recorded the year before and a decrease in
turnover of 21.11% to $136.5 million.

Wah Hing has 2 brokers' seats, a futures broker seat but
conducts no futures trading business. Its staff declined to
comment on its financial situation or its suspension.
(South China Morning Post 30-May-1998)


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

SEMPATI AIRLINE: Begins Asset Sales
-----------------------------------
Sempati Airline has started to sell its assets such as
office appliances and 25 Timor sedan cars owing to
financial difficulties amid the recent protracted economic
crisis, Kompas daily reported here over the weekend.

Sempati has dismissed more than 1,000 employees including  
300 cabin crew and 150 cockpit crew last March, and 513
more employees in April. They still received 50 per cent of
their salaries.

Sempati shareholders are Humpuss Group belonging to  
Soeharto's son (15 per cent), Bob Hassan (Soeharto's close  
friend, 20 per cent), PT Tri Usaha Bhakti (25 per cent) and
ASEAN Aviatioan Inc. (40 per cent). Its fleet consists of
25 aircraft (Fokker 27 and Airbus A300), and its asset
values about $US100 million.
(Asia Pulse 01-June-1998)


=========
J A P A N  
=========

JAPAN AIRLINES: Mounting Losses
-------------------------------
Japan Airlines, the nation's largest airline, today
reported a huge loss for the last fiscal year after it set
aside 97.40 billion yen ($701 million) to cover losses on
hotel and resort properties. JAL said it lost 94.19 billion
yen ($678 million), or 52.95 yen (38 cents) per share, in
the year ended March 31. The year before the company lost
9.24 billion yen ($66 million), or 5.19 yen (0.04 cents)
per share. The loss came after JAL announced plans to sell
hotels in the United States and elsewhere to concentrate on
the airline business. The value of many of the hotels has
fallen, forcing the airline to set aside money to cover
losses it expects to incur when the properties are sold.
(AP Wire 29-May-1998)


NIKKO SECURITIES: Confirms Talks with Travelers Group
-----------------------------------------------------
Japan's third-largest broker, Nikko Securities, yesterday
confirmed it was in talks about an equity tie-up with
Travelers Group, which owns Salomon Smith Barney, in more
evidence of Japan's Big Bang securities industry shake-up.

Industry sources said the two firms might announce this
week Travelers would take a stake of between 10 and 25 per
cent in Nikko for as much as 200 billion yen (about
HK$11.16 billion).

Nikko approached Travelers after it lost 38 billion yen in
the year to March and realised it was unlikely to survive
Japan's Big Bang financial reforms unless it teamed with a
powerful, internationally competitive partner, Nikko
officials said.

US-based Travelers, now merging with Citicorp to form the
world's biggest financial company, would become Nikko's
largest shareholder - surpassing Nikko's present largest
investor, Bank of Tokyo-Mitsubishi.

If successful, the deal would create an investment bank
linking Nikko's large domestic institutional client base
with Salomon's technical expertise in areas such as
derivatives, fund management, mergers and acquisitions,
securitisation and corporate fund-raising, the officials
said. The new company was expected to start up in December,
they said.

Nikko's retail business will be split from the
institutional side of the firm but will sell some
investment trusts, wrap accounts and other products
developed by Salomon Smith Barney.

Nikko has had trouble generating enough new types of
business to compensate for income losses as a result of the
steady deregulation of stock trading commissions, analysts
said.

It has also been unable to keep up with Nomura Securities
in areas such as proprietary trading and derivatives.
Competition by the securities subsidiaries of Japan's banks
had also been hurting its underwriting business, they said.

Nikko officials said they privately feared they could
eventually go under - like Yamaichi Securities did - as
steady drops in their credit rating raised their funding
costs and scared clients away.
(South China Morning Post 01-June-1998)


YAMAICHI SECURITIES: Finance Firms to Write Off Debt
----------------------------------------------------
Collapsed Yamaichi Securities could not repay all its debts
and Japan's finance firms would be forced to write off half
of their loans, a daily said yesterday. Liabilities of what
was once Japan's fourth-largest brokerage would exceed net
worth by 20 billion yen (about HK$1.12 billion) due to
larger than expected liquidation costs, the Asahi Shimbun
said. Financial institutions would not recover half of
their 43 billion yen loans to Yamaichi, the daily said.

Subordinated loans come behind ordinary debts and the
central bank's special loans in the event of a borrower's
failure. The capital deficit would not affect Bank of Japan
special loans but they might not be repaid in full if debt
grew or the negotiations with other lenders went sour. Bank
of Japan loans were given on condition that the borrower's
debt did not exceed its capital.

Yamaichi's net worth, or shareholders' equity, consists of
paid-up capital, legal reserves and surplus funds. The
finance ministry said Yamaichi shareholders' equity dropped
to 190 billion yen at the end of last year from 431.3
billion yen a month before the brokerage's collapse on
November 24.

The final deficit will be reported to Yamaichi's
shareholder meeting in late June.

The brokerage closed all offices on March 31, but client
assets are still being returned and sales of unlisted
securities are continuing.
(South China Morning Post 01-June-1998)


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

HANJIN SHIPPING: Raises $161 Million Through Ship Sales
-------------------------------------------------------
Hanjin Shipping Co., which secured $290 million in foreign
capital by selling 21 ships since October last year,
recently garnered another $161 million by selling seven
2,700 TEU (20-feet equivalent unit) containerships. Hanjin
agreed to sell the ships to Danasos of Greece on a sales &
charter basis, Hanjin said yesterday. It noted the company
through the sales of its ships is able to raise its
overseas credit rating remarkably, utilizing the funds to
reduce the equity-debt ratio and for investment and
operation purposes.
(Korea Times 01-June-1998)


HANWHA ENERGY: Sale to Affect Oil Refining Industry
---------------------------------------------------
The announcement by Hanwha Energy Friday to sell its oil-
refinery unit is expected to change the landscape of the
country's oil refining industry. The possible joint
acquisition of its refinery division by Daewoo Corp. and
National Iranian Oil Co. (NIOC), and a takeover of the unit
by an international major has resulted in South Korea's
four major oil refineries -- SK, LG, Ssangyong and Hyundai
-- scurrying to come up with countermeasures, industry
sources said Monday.

Experts believe that NIOC's acquisition will enable Korea's  
fifth largest refinery to engage in aggressive management,  
based on the Iranian firm's oil money and a stable supply
of crude oil.

International oil majors, including the U.S. firm Caltex,  
have offered to buy the division. LG-Caltex Oil Corp.,
which has a fifty-fifty joint-venture operation with
Caltex, is playing down the posssibility of Caltex's move.
However, Caltex would have the edge in logistics, if it  
owns Hanwha's oil refining facilities in Inchon, near
Seoul, and LG's ones in Yochon, in southern South Korea,
industry experts say. In addition, Caltex may beat the
market leader SK Corp. in expanding its local share, if it
also has shares from Hanwha and LG.

SK, the country's biggest oil refinery, reporteldy has a  
task force trying to induce foreign capital in a bid to
defend any changes to the domestic market resulting from
the acqusition of Hanwha's operations.
(Asia Pulse 01-June-1998)


HAITAI GROUP: Group Collapses, Leaving Two Affiliates
-----------------------------------------------------
Financially troubled Haitai Group -- comprising 15
affiliates -- will be disbanded, with two units, Haitai
Corp. and the baseball team Haitai Tigers, to be kept
afloat.

Cho Hung Bank, the main creditor bank, Monday announced the  
liquidation plan, reflecting consensus among Haitai's 30  
creditor banks. The plan calls for writing off of debts
from the group's three core units -- confectionary,
beverages and distribution. The assets of the three firms
will be sold overseas for about 1.5 trillion won (US$1.07
billion). Other affiliates will either be sold off or go
through the  liquidation process, Lee Kang-yung, director
of Cho Hung Bank said. After their assets are sold, the
three units will be merged  into Haitai Corp.

"Since the total debts of the three units are about 2.3  
trillion won, about 800 billion won will be written off,"
Lee said. "Since the general outline regarding Haitai's
future has been drawn up, we plan to call a meeting of
creditor banks soon for consultation on detailed method of
liquidation," Lee added. "But considerable debate is
expected, because the debts to be written off are huge."

It will take about six months to complete the disposal of  
the group through this method, he predicted. On May 22,
Haitai Group presented to its creditor banks three avenues
for its future course; sales of assets, conversion of loans
to equity for the confectionary unit and court
receivership. Most creditors agreed on sales of assets.
(Asia Pulse 01-June-1998)


KOHAP GROUP: Group Restructuring to Combine Affiliates
------------------------------------------------------
South Korea's Kohap group will embark on a major
restructuring mission that will combine, abolish, or
liquidate most of its affiliated companies. Under the
restructuring plan, the group will dispense with all but
three companies: Kohap, a maker of polyester and other
synthetic fibers; Kohap Chemical, an aromatics maker
posting 1997 sales of 580 bn won; and purified terephthalic
acid producer Kohap Petrochemical (1997 sales of 400 bn
won).

Moreover, Kohap Chemical and Kohap Petrochemical will
likely be consolidated into a single entity because they
are involved in similar businesses.

Through this process, the Kohap group seeks to transform
itself into a specialist focusing solely on upstream basic
materials for synthetic fibers and related downstream
products.

Kohap Engineering Plastic is one of the affiliates being
put up for sale: it compounds various engineering plastics
such as PET, polyamide, polyacetal, and polycarbonate
resins. The group is currently negotiating with foreign
suitors including DuPont (U.S.) and DSM (Netherlands) over
the company's sales. They expect to sell all of its
overseas factories in China, Indonesia, and Mexico within
the year.

If things go according to schedule, by 2000 the Kohap group
will trim its present 13 companies to two or three. The
group will use the funds thus generated to pay down debt,
and by focusing on two core businesses of fibers and
chemicals, it hopes to map out a survival strategy amid
South Korea's economic crisis.

According to recently released business performance data,
in 1997 sales at group centerpiece Kohap, Ltd. climbed 18%
year on year to over 1 trillion won. Despite the sales
gain, however, the company ended the year with net losses
of 2 bn won.
(Japan Chemical Week 25-May-1998)


MIDOPA: Authorities Probe for Possible Tax Evasion
--------------------------------------------------
In a move to uncover possible tax evasions and
embezzlements of company assets, the National Tax
Administration has launched investigations into
bankrupt department stores Midopa and New Core, according
to officials.

"Tax investigations are now underway to secure national tax
claims and to see if company properties have been diverted
by major shareholders and executives," an official at the
administration announced.

The probe came in the wake of a government policy
announcement, which purported to criminally prosecute
corporation owners or executives found to have committed
illicit acts, including embezzlement.

After going belly up last year, Midopa and New Core have
requested court receivership and mediation.

If owners or executives of the two department stores are
discovered to have evaded taxes or diverted company assets
to personal uses through illicit and falsified
transactions, tax authorities plan to refer them to the
prosecution for charges of fraud and others, officials
said.
(Korea Economic Weekly 01-June-1998)


NEW CORE: Authorities Probe for Possible Tax Evasion
----------------------------------------------------   
In a move to uncover possible tax evasions and
embezzlements of company assets, the National Tax
Administration has launched investigations into
bankrupt department stores Midopa and New Core, according
to officials.

"Tax investigations are now underway to secure national tax
claims and to see if company properties have been diverted
by major shareholders and executives," an official at the
administration announced.

The probe came in the wake of a government policy
announcement, which purported to criminally prosecute
corporation owners or executives found to have committed
illicit acts, including embezzlement.

After going belly up last year, Midopa and New Core have
requested court receivership and mediation.

If owners or executives of the two department stores are
discovered to have evaded taxes or diverted company assets
to personal uses through illicit and falsified
transactions, tax authorities plan to refer them to the
prosecution for charges of fraud and others, officials
said.
(Korea Economic Weekly 01-June-1998)


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

CAGAMAS BHD: Interest Payment Due June 15
-----------------------------------------
Cagamas Bhd announced that the fourth interest payment on
the Fixed Rate Cagamas Bonds issued on June 14, 1996,
comprising RM500 million ($US131.6 million) of three-year
tenure and RM400 million of four-year tenure will be due
and payable on June 15, 1998. The National Mortgage
Corporation said in a statement today that interest on
these bonds are payable semi-annually at the respecetive
fixed rates of 6.79 percent and 6.88 percent. It said the
total interest payable on June 15, in respect of the bond
issues is RM30.755 million comprising RM16.975 million for
the RM500 million bonds and RM13.760 million for the RM400
million bonds.

In a separate statement, Cagamas said the first interest  
payment on the RM500 million two-year Fixed Rate Cagamas
Bonds issued on Dec 15, 1997 is due and payable on Monday,
June 15, 1998. (Asia Pulse 01-June-1998)


MALAYSIAN AIRLINE: Chairman Asserts Equal Treatment for All
-----------------------------------------------------------
Malaysian Airline System Bhd (MAS) chairman Tajudin Ramli
has pledged that all shareholders will be treated equally
when the carrier undergoes its restructuring exercise.

"The restructuring as reported is seen to be saving me.
That is not true at all. We are not going to do it just to
save one shareholder," Mr Tajudin said at a briefing on MAS
financial results on Saturday.

In a written statement, Mr Tajudin gave his commitment that
the benefits from the revamp of MAS will be shared by all
those connected with the airline -- bankers, investors,
customers, shareholders and employees. "I strongly believe
that the restructuring programme will bring benefits to all
our valued partners by the focus on specific activities,
revenue improvement and efficiencies in operations and
optimisation of resources," he said.

Mr Tajudin has come under heavy fire since the Asian Wall
Street Journal reported he is proposing a restructuring at
MAS to help himself settle personal loans. Mr Tajudin said
the exercise is not an attempt to satisfy the business
interests of specific groups of shareholders in MAS.

Investment analysts and bankers who attended the Saturday
briefing asked for more information on the latest
restructuring but Mr Tajudin remained tight-lipped. "I
cannot disclose it now but the restructuring will not
disenfranchise anyone," he said.

However, it is not just the restructuring exercise which
has caused concern among analysts. MAS on Friday reported a
massive net loss of 259.85 million Malaysian ringgit
(S$111.7 million) for the financial year ended March 31,
1998, stemming from heavy foreign exchange losses and
higher costs.
(Singapore BusinessTimes 01-June-1998)


Malaysian Resources: Expects Debt Ratio to Decline
--------------------------------------------------
Malaysian Resources Corporation Bhd expects its debt ratio
to decline to 0.4 from the current 0.6 against its
shareholders fund of RM2.86 billion following a US$100
million (RM380 million) loan repayment in September. This
will be the initial payment for a US$250 million bridging
facility.

Chief operating officer Izzaddin Idris said at present
MRCB's total debt stood at RM1.6 billion. He added that the
proceeds from the sale of MRCB's 15 per stake in Malakoff
Bhd would be used to partly repay the US$100 million debt.
MRCB, which at present has a 36.57 per cent stake in
Malakoff, has proposed to dispose a 15 per cent stake to
UK-based National Power Plc.

On reasons behind MRCB offering the stake to a foreign
company and not local independent power producers, Izzaddin
said National Power would be Malakoff's exclusive foreign
business and investment partner in Malaysia, with respect
to potential power generation or other electricity-related
projects that require foreign investment. National Power,
one of the world's largest independent power companies
listed on both the London and New York stock exchanges,
generates 20 per cent of UK's electricity while its
combined UK and overseas generation portfolio stands at
32,400 megawatts.

MRCB's group pre-tax profit declined 65 per cent to RM51.94
million for the half year ended Feb 28, 1998, from RM147.93
million in the previous corresponding period. Group
turnover declined by 36 per cent to RM310.06 million from
RM481.56 million last year. It attributed the lower
turnover to the completion of construction works in its
power-related joint venture projects - one of its core
businesses.
(New Straits Times 01-June-1998)


SISTEM TELEVISYEN: Reports Group Loss
-------------------------------------
Sistem Televisyen Malaysia Bhd (TV3) has not been spared
from the problems of the economic crisis, reporting a group
loss of RM20.642 million (US$1=RM3.86) for the half-year
ended Feb 28, 1998, down from a pre-tax profit of RM15.015
million in the previous corresponding period.

The company said in a statement that the results were  
achieved on a higher group turnover of RM143.054 million  
against RM141.649 million. At company level, TV3 pre-tax
profit dropped by 84 percent  to RM4.027 million from
RM25.769 million on turnovers of RM120.310 million and
RM120.405 million respectively.
(Asia Pulse 01-June-1998)


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

VICTORIAS MILLING: Committee Seeks Extension on Plan
----------------------------------------------------
The management committee of cash-strapped firm Victorias
Milling Co., Inc. has asked the Securities and Exchange
Commission (SEC) for an additional 15 days to respond to
the comments of Victorias' creditor banks on its proposed
rehabilitation plan. The body asked for an extension
because of "its inability to file" the required comments.

Last April 28, the SEC directed the firm's creditor banks
to submit their comments on the proposed plan on or before
May 12. Consequently, it ordered the management committee
to submit its reply within ten days from the receipt of the
comments. However, only five out of 16 banks were able to
meet the May 12 deadline, giving the Victorias management
committee very little time to review the documents.

The management committee had finalized the rehabilitation
plan for the firm as early as January. According to the
plan, the creditors should prioritize the revival of
Victorias' milling and refining operations as well as
improve and streamline its operations.
(BusinessWorld 01-June-1998)

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



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

TELECOMASIA CORP: Creditors Try to Force Restructuring
------------------------------------------------------
CREDITORS and major shareholders of TelecomAsia Corp Plc
have been trying to force the country's largest private
telephone company to restructure its management and start
laying off staff, but TA top management is still hesitant.  
A TA senior executive, who requested anonymity, said
company president Ajva Taulananda has objected to the lay-
off plan as he sees other ways to cut costs. The lay-off
plan was drawn up earlier this year but not implemented as
management successfully reduced other costs, including
office expenses and spending on some welfare benefits and
overtime, the source said.

TA has about Bt62 billion in foreign debts, largely from
foreign exchange losses after the baht was floated last
July. About Bt9.5 billion in loans are to mature this year.
Next month, it is obligated to repay US$40 million to
creditors, but is negotiating a rollover.

TA is the only local telecom company yet to cut wages and
offer redundancy packages. Some telecom companies have cut
salaries more than once.

Analysts said TA has no way out but to restructure and lay
off staff to satisfy creditors.

"TA has to show competence in solving its internal problems
and it also has to speed up plans to sell investments
abroad. Revenue generated from its telephone lines alone is
not enough," a telecom analyst said.

TA expects to earn Bt7.2 billion from the sale of three
companies abroad this year. Some have already been sold but
the earnings have yet to be booked. Its new share offering
worth Bt7.7 billion has yet to attract investors.

TA announced a profit of Bt8.1 billion in the first quarter
this year, largely from foreign exchange gains, but
actually posted a Bt1 billion operating loss for the
quarter.
(The Nation 01-June-1998)


THAI PRASIT: Agreement with Canadian Firm Expected
--------------------------------------------------
Thai Prasit Insurance Plc is expected to conclude an
agreement next week with Canadian-based Manual Life
Assurance Ltd to acquire 25 per cent of its stock. The deal
does not appear to have been derailed by an investigation
begun by industry regulators last week into alleged
misappropriation of funds by the local insurer.

Sukhatep Chansrichawla, chief executive officer of Thai
Prasit, said the firm was waiting for confirmation of the
deal. If all goes according to plan, Thai Prasit expects a
capital injection of about Bt500 million.

Thai Prasit meanwhile denied the Insurance Department's
charge of funds misappropriation, saying that Bt500 million
of the Bt800 million under scrutiny by the authorities was
for an office building whose ownership would soon be
transferred to Thai Prasit. Tight liquidity has put
pressure on insurance firms to recapitalise.
(The Nation 01-June-1998)


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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