/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/980721.MBXT 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, July 21, 1998, Vol. 1, No. 105 Headlines C H I N A & H O N G K O N G ANKON LAND LIMITED: Petition for winding-up AWT HOLDINGS: Announces exposure to claims CHARK FUNG SECURITIES CO LTD: Winding-up notice CITY BOSS LIMITED: Winding-up notice CHARTER VIEW HOLDINGS (HL) LTD: Winding-up petition DIMENSION PUBLISHING: Members' and creditors' meetings FLOW CHART INVESTMENT LIMITED: Winding-up notice FREE DESIGN LIMITED: Winding-up notice GRAND UNION ENGINEERING LIMITED: Winding-up petition KPS VIDEO EXPRESS: Sued for failing to pay store rental FORLUXE SECURITIES: Liquidators to sue former chairman GKC HOLDINGS: Equitable Banking files suit for $44m HANDWALES COMPANY LIMITED: Winding-up notice INTERFORM CERAMICS TECHNOLOGY: Units face bank claims KARLTEX LIMITED: Members and creditors' meetings LEADING SPIRIT: Leading Spirit faces CSRC investigation J&A SECURITIES: J&A to freeze trade, plans amid probe MING FUNG BULLION CO LTD: Winding-up notice NA NA FASHION CO LTD: Winding-up notice NEW RANK HOLDINGS LIMITED: Winding-up notice RESOURCES MAIN ENTERPRISES LIMITED: Winding-up notice SENFIELD INVESTMENT LIMITED: Winding-up notice SENSON LIMITED: Winding-up notice VINCENT MAX LIMITED: Winding-up notice YETCO INVESTMENTS LIMITED: Winding-up notice J A P A N KANKAKU SECURITIES: Reports loss of Y176.5 million MITO SECURITIES CO: To liquidate London unit K O R E A CHO HUNG BANK: Reforms go ahead as bank chief quits DONGHO ELECTRONICS: Completes creditor reconciliation HYUNDAI MOTOR: Union warns of lay off backlash ILWHA COMPANY: Seeks court receivership KANGWON INDUSTRIES: Named as workout target KIA PRECISION: Allowed to start creditor reconciliation SEPUNG COMPANY: Paper maker is a new workout target SHINWON GROUP: Named as workout target M A L A Y S I A ARAB-MALAYSIAN CORPORATION: Restructuring scheme GANDA PLANTATIONS SDN BHD: Winding-up petition IBF INDUSTRIES SDN BHD: Winding-up petition MBF CAPITAL BHD: Loan to be included in restructuring NORTHERN BASE (M) SDN BHD: Winding-up petition NG EE TEIK SDN BHD: Capital reduction SENG HUP CORPORATION BHD: Results announcement SENHONG ELECTRICAL SDN BHD: Winding-up petition SERAYA TEMBAGA SDN BHD: Voluntary winding-up SIMESECURITIES: Koos group submits bid for troubled company SINAR TENGGARA ENTERPRISES SDN BHD: Voluntary winding-up SYARIKAT LEMPOR SDN BHD: Voluntary winding-up W.S. PLASTER SDN BHD: Winding-up petition P H I L I P P I N E S PHILIPPINE AIRLINES: Unions urge boycott of PAL T H A I L A N D THAI MELON TEXTILE: Textile firm to close operations ================================= C H I N A & H O N G K O N G ================================= ANKON LAND LIMITED: Petition for winding-up ------------------------------------------- A notice of a July 4, 1998 winding-up order appeared in the Hong Kong Standard for Ankon Land Limited. The petition was presented on March 27, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 454 of 1998. AWT HOLDINGS: Announces exposure to claims ------------------------------------------ AWT Holdings reports that since June 9, 1998, the group's maximum exposure in respect of a claim against its members is now HK$144 million (including letters of demand, legal letters received from solicitor representing various creditors and writs of summons). An aggregate sum of HK$16.2 million is also due to four other bank/financial institutions. In addition, AWT Realty Limited, a wholly owned subsidiary, received letters of demand amounting to HK$14 million. CHARK FUNG SECURITIES CO LTD: Winding-up notice ----------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Chark Fung Securities Co Limited. The petition was presented on May 26, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0 362. of 1998. CITY BOSS LIMITED: Winding-up notice ------------------------------------ A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for City Boss Limited. The petition was presented on April 23, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0 267. of 1998. CHARTER VIEW HOLDINGS (HL) LTD: Winding-up petition --------------------------------------------------- Notice is hereby given that a petition for the winding-up of Charter View Holdings (HL) Ltd. by the High Court of Hong Kong was, on the 13th day of July, 1988, presented to the said Court by Mak Lai Ting. The petition is scheduled to be heard on 12th of August, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. DIMENSION PUBLISHING: Members' and creditors' meetings ----------------------------------------------------- A notice appeared in the Hong Kong Standard for members` and creditors' meetings for Dimension Publishing Limited (in creditors' voluntary liquidation). The meetings are scheduled for August 3, 1998 at Room 209, Duke of Winsor Social Service Building,15 Hennessy Road, Wanchai, Hong Kong. FLOW CHART INVESTMENT LIMITED: Winding-up notice ------------------------------------------------ A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Flow Chart Investment Limited. The petition was presented on May 26, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0 361. of 1998. FREE DESIGN LIMITED: Winding-up notice -------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Free Design Limited. The petition was presented on May 22, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0 353. of 1998. GRAND UNION ENGINEERING LIMITED: Winding-up petition ---------------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Grand Union Engineering Limited. The petition was presented on April 27, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 273 of 1998. KPS VIDEO EXPRESS: Sued for failing to pay store rental ------------------------------------------------------- According to the Hong Kong Standard of July 18, troubled video rental store KPS was sued for more than $177,000 in rent for its Mei Foo Sun Chuen branch store. A writ stated KPS had rented the store since June 1995 but failed to pay rent, management and air-conditioning charges and government rates totalling $177,190.28. FORLUXE SECURITIES: Liquidators to sue former chairman ------------------------------------------------------ According to the SCMP of July 18, Nelson Wheeler Corporate Reconstruction and Insolvency, provisional liquidators for brokerage Forluxe Securities and its finance arm, are suing former chairman James Mui Kwong-nok and related partners for $38 million they allegedly purloined from the firms. The defendant's solicitor said the Muis would file a defence against the claim within a fortnight. He said the law firm had informed the Commercial Crime Bureau of the Mui brothers' return ahead of the arrest. Sources said James Mui's family members had been pressing the Mui brothers to come home. The court will hold a hearing next Tuesday to consider the liquidator's proposed compensation for 526 affected clients. Latest financial status showed that clients of Forluxe may be able to recoup about 26 cents for every dollar that they are owed. Forluxe Securities suffered a near $40 million shortfall last month. Preliminary investigations revealed that the shortfall arose as clients' shares held in the broker's account in the central clearing house were allegedly to have been transferred illegally to Forluxe Finance, which is alleged to have used those shares as collateral for financing from various banks. Loans amounting to about $40 million were allegedly credited to bank accounts linked to James Mui and Gordon Mui. According to the Hong Kong Standard, a letter from the Muis' solicitor about the return of the two failed to reach the Commercial Crime Bureau in time because it was drafted on a Sunday on which the Bureau's office was closed, and the Mui brothers were detained by immigration officials. Sources said James Mui had been using clients' money for margin trading and when the economic slump hit, he found himself out of his depth. Both men actually left Hong Kong with very little money. A spokesman for the provisional liquidator said the crunch came when a spot audit by SFC asked to see the company's accounts. It should have contained $40 million and in fact only contained $8 million. It is believed the men were under pressure from the family to return after the provisional liquidator issued a notice for the court to give a summary judgement against them and their family for the missing $32 million. GKC HOLDINGS: Equitable Banking files suit for $44m --------------------------------------------------- According to the SCMP of July 18, Equitable Banking is seeking by writ $44 million from kitchen material supplier GKC Holdings. The company is also seeking damages for the breach of a warranty given by GKC. The sum of $44 million is also being sought from German Kitchen (HK), Eric Tang Yiu-hong, Eugene Tang Yiu-hong and China Investment Assets. Equitable Banking is also seeking a declaration from China Investment Assets that 120 million shares of GKC Holdings formerly registered in the name of China Investments and deposited as security be held in trust. Alternatively, it seeks an order that 120 million shares of GKC be delivered by China Investments to the banking corporation. HANDWALES COMPANY LIMITED: Winding-up notice -------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Handwales Company Limited. The petition was presented on May 29, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0 296. of 1998. INTERFORM CERAMICS TECHNOLOGY: Units face bank claims ----------------------------------------------------- Interform Ceramics Technologies, a tile-maker in Hong Kong, is being sued by the Belgium Bank for debts of HK$5 million and US$2 million. A writ against the company and Interform International was filed as failing to repay loans extended by the bank as of June 2. According to the writ, Interform Ceramics was to act as guarantor of loans extended to Interform International. Belgium Bank is also seeking interest and costs. In March, it was reported that Interform Ceramics had debts of HK$782 million and was in talks with creditors to freeze repayments. KARLTEX LIMITED: Members and creditors' meetings ------------------------------------------------ A notice appeared in the Hong Kong Standard of members' and creditors' meetings for Karltex Limited (in creditors' voluntary liquidation). The meetings are scheduled for July 24, 1998 at 17th Floor, One Hysan Avenue, Causeway Bay, Hong Kong. LEADING SPIRIT: Leading Spirit faces CSRC investigation ------------------------------------------------------- China Securities and Regulatory Commission (CSRC) is looking into Leading Spirit, a Hong Kong listed company, because of the possible involvement in alleged malpractice by some senior personnel of the government in Jiangmen government, Guangdong province. A source said CSRC had provided information to the Hong Kong Securities and Futures Commission relating to Leading Spirit's mainland operations. Leading Spirit lost $403 million last year due to a provision made on the trade in listed securities. J&A SECURITIES: J&A to freeze trade, plans amid probe ----------------------------------------------------- According to the SCMP of July 18, a panel headed by Wei Jianxing was formed a few days ago to investigate an increasingly political scandal at army-backed J&A Securities. Mr Wei is a Politburo member and secretary of the powerful party Central Discipline Inspection Commission. Local police and securities authorities in Shenzhen were told to pass the investigation on to Beijing. The financial crackdown is escalating into a potentially explosive political scandal as Beijing reportedly has mobilised all central police and judicial organs, including the Ministry of Public Security, Supreme People's Procuratorate, to help the panel. Sources said the formation of a panel headed by Mr Wei mirrored top leaders' concerns the scandal could become as politically sensitive as the investigations which led to the prosecution of former Beijing party boss Chen Xitong. Rumors of irregularities by senior J&A bosses have been circulating in the past year, but investigations into the company accounts by the State Auditing Administration were often obstructed by Mr Zhang, who had the backing of the People's Liberation Army. Sources said it was when the case was referred to Premier Zhu Rongji and President Jiang Zemin that investigators continued with the probe. Approval from Mr Jiang had hardened the resolve of the investigators. The group's asset quality, financial and liquidity conditions were healthy while the operation licences it held remained unaffected. The group has about eight billion yuan in cash, which is part of clients' upfront instalments for share trading of about 10 billion yuan. The Hong Kong stock exchange, futures exchange and the SFC said they had not observed any non-compliance of rules and regulations by J&A's local operations and would continue to keep an eye on them. According to the Hong Kong Standard, sources close to the company said yesterday that the mainland brokerage will temporarily halt proprietary stock trading and freeze all major spending plans as a result of an investigation of senior executives. They said the brokerage had also temporarily appointed a new management team to pilot the company while the investigation proceeded. Sources said that senior managers had circulated a directive advising staff to prepare sufficient finds for clients to head off any run on the company. Managers complained that other brokerages were trying to take advantage of J&A's current difficulties by poaching clients. J&A officials confirmed that Yin Ke, executive director, had temporarily taken over board-related matters and Tian Jenyong, executive deputy general manager, has taken responsibility for daily operations. They said J&A was operating normally. MING FUNG BULLION CO LTD: Winding-up notice ------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Ming Fung Bullion Co Limited. The petition was presented on May 26, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 364 of 1998. NA NA FASHION CO LTD: Winding-up notice --------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Na Na Fashion Co Limited. The petition was presented on April 27, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 274 of 1998. NEW RANK HOLDINGS LIMITED: Winding-up notice -------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for New Rank Holdings Limited. The petition was presented on May 26, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 359 of 1998. RESOURCES MAIN ENTERPRISES LIMITED: Winding-up notice ----------------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Resources Main Enterprises Limited. The petition was presented on June 10, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 398 of 1998. SENFIELD INVESTMENT LIMITED: Winding-up notice ---------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Senfield Investment Limited. The petition was presented on June 10, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 397 of 1998. SENSON LIMITED: Winding-up notice --------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Senson Limited. The petition was presented on May 22, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0 352. of 1998. VINCENT MAX LIMITED: Winding-up notice -------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Vincent Max Limited. The petition was presented on June 8, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 393 of 1998. YETCO INVESTMENTS LIMITED: Winding-up notice -------------------------------------------- A notice of a July 8, 1998 winding-up order appeared in the Hong Kong Standard for Yetco Investment Limited. The petition was presented on April 27, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 271 of 1998. ========= J A P A N ========= KANKAKU SECURITIES: Reports loss of Y176.5 million -------------------------------------------------- Kankaku Securities Co, a Japanese securities company, posted an unconsolidated pretax loss of Y1.26 billion for the fiscal year ended June 30. The company attributed the decline to a stock-market slump and price competition. MITO SECURITIES CO: To liquidate London unit -------------------------------------------- Mito Securities, a Japanese securities firm, said it will liquidate its London-based unit, Mito Europe Ltd., the last of its overseas operations. Mito said it will post a special loss of around 200 million yen this fiscal year, which ends next March, due to the liquidation. ========= K O R E A ========= CHO HUNG BANK: Reforms go ahead as bank chief quits --------------------------------------------------- According to the SCMP of July 20, South Korea's banking reform picked up speed at the weekend when Cho Hung Bank chief Jang Chull-hoon resigned under government pressure, becoming the first main line banker to quit in a reshuffle forced by the Financial Supervisory Commission. Cho Hung was one of several commercial banks ordered to produce voluntary and viable survival programs by the end of this month or face forced restructuring. Cho Hung's acting head said that from now on the bank will be controlled by an emergency committee to secure foreign capital. He denied any merger plans but television reports yesterday said Cho Hung was under pressure to pair with Hanil Bank or Commercial Bank of Korea. The 3 have failed to meet 8 per cent capital-adequacy ratios. Bank managers and unions have demanded the government respect market forces. The reform drive has sparked a wave of labor unrest. Analysts also warned forced reforms would not lead to a drastic cut in snowballing non-performing loans. The Hyundai Research Institute said non-performing loans would shoot up to 157.2 trillion won by the end of this year, from an earlier projection of 120 trillion won. The private institute also predicted a sharp increase in corporate failures in the second half of this year. The Hong Kong Standard has also given a brief account of Jang Chull Hoon's resignation and the banking reform underway. DONGHO ELECTRONICS: Completes creditor reconciliation ----------------------------------------------------- Changwon District Court announced in the Korean language Maeil Kyungje that Dongho Electronics Company has completed its creditor reconciliation procedure. The company's address is 111-1 Songsan-ri, Jisu-myun, Chinju-si and the president is Mr. Yi Byung-hee. HYUNDAI MOTOR: Union warns of lay off backlash ---------------------------------------------- According to the SCMP of July 20, Hyundai's union said that lay-off notices from Hyundai Motor could spark violence when angry workers return to work today. Hyundai began to distribute lay-off notices to 2,678 workers on Thursday at its factory in the southeastern city of Ulsan and said all workers would be notified by yesterday. The lay-offs would be effective from July 31 but workers have the opportunity to consider voluntary retirement. According to the Hong Kong Standard, South Korean police arrested a militant union leader yesterday in a crackdown on protests against lay-offs as Hyundai Motor workers braced for a new strike. Labor unrest fizzles out on Friday after a three-day strike spearheaded by the KCTU, a militant umbrella labor group which claims around 600,000 members. Hyundai Motor's union in the southeastern city of Ulsan offered yesterday to open negotiations with managers, indicating it could cancel its plan for a second strike this week. Some angry workers, however occupied assembly lines, demanding the union go ahead with the planned strike. Other unions have threatened to strike from Wednesday unless the government halts mass lay-offs and ends its labor crackdown. ILWHA COMPANY: Seeks court receivership --------------------------------------- Asia Pulse reports July 20 South Korea's Ilwha Co Monday filed an application with the Seoul district court seeking court receivership following its June 29 bankruptcy. The company, which produces ginseng drink and ginseng tea as its mainstay, has suffered from extreme financial difficulties since the government included it on the list of ailing firms to be liquidated. If court receivership is granted, Ilwha said it will push ahead with a plan to reconstruct by improving its business structure and financial standing. The company will have loans of 140 billion won (US$100 million), extended from its biggest shareholder Tongil Foundation, converted into stakes in Ilwha. The company will also try to reduce its debts from 145 billion won to 60 billion won by next year, by selling off assets, including a plant in Yongin, south of Seoul. KANGWON INDUSTRIES: Named as workout target ------------------------------------------- The Korea Herald reports that the Kangwon Industries Group and the Shinwon Group have been selected to undergo the workout restructuring program by their respective creditor banks. The Cho Hung Bank, the major creditor for Kangwon Industries notified other minor creditors that four Kangwon subsidiaries (including Kangwon Industries Ltd. and the Sampyo Corporation) would undergo a workout. There will be a plenary session of the Kangwon creditors on July 28. The subsidiaries will be given a one-month grace period in payment of negotiable notes. However, the Korea Herald states that they will be declared bankrupt if they fail to pay commercial bills for goods that they bought. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' non-performing loans by improving borrowers' debt payment. KIA PRECISION: Allowed to start creditor reconciliation ------------------------------------------------------- According to the Korean language Maeil Kyungje's Business Brief Section, Changwon District Court has allowed Kia Precision Machinery Company to start a creditor reconciliation procedure. SEPUNG COMPANY: Paper maker is a new workout target --------------------------------------------------- The Korean language Maeil Kyungje reports that Sepung Company, a paper maker, has been selected to undergo the workout restructuring program by Cho Hung Bank. Previously there were six companies that have become targets of the workout program: Kohap, Shinho, Kabool, Jindo, Keopyung, and Ubang Companies. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' non-performing loans by improving borrowers' debt payment capabilities. SHINWON GROUP: Named as workout target -------------------------------------- The Korea Herald reports that the Kangwon Industries Group and the Shinwon Group have been selected to undergo the workout restructuring program by their respective creditor banks. The Korea Exchange Bank picked three Shinwon subsidiaries (including the Shinwon Corporation) for the program. There will be a plenary session of the Shinwon creditors scheduled for July 24. The subsidiaries will be given a one-month grace period in payment of negotiable notes. However, the Korea Herald states that they will be declared bankrupt if they fail to pay commercial bills for goods that they bought. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' non-performing loans by improving borrowers' debt payment. =============== M A L A Y S I A =============== ARAB-MALAYSIAN CORPORATION: Restructuring scheme ------------------------------------------------ Arab-Malaysian Corporation Bhd (Amcorp), listed in the KLSE, announced that it is undertaking a corporate restructuring scheme, backed by leave of court, to facilitate the orderly disposal of its assets and get the best value for them. The scheme would ensure full repayment of all its borrowings. Amcorp is currently discussing with various parties to sell a significant stake in its financial arm, AMMB Holdings Bhd (AHB - listed in KLSE). Amcorp currently holds 43% of AHB. Amcorp's current total debt stands at RM1.1bil while total assets are estimated to be at RM6bil to RM7bil. GANDA PLANTATIONS SDN BHD: Winding-up petition ---------------------------------------------- WTK Holdings Bhd (listed in the KLSE) on 27/5/98 petitioned for the winding-up of Ganda Plantations Sdn Bhd. The petition is directed to be heard on 25/9/98. IBF INDUSTRIES SDN BHD: Winding-up petition ------------------------------------------- OCBC Bank (Malaysia) Bhd on 5/6/98 petitioned for the winding-up of IBF Industries Sdn Bhd. The petition is directed to be heard on 29/10/98. MBF CAPITAL BHD: Loan to be included in restructuring ----------------------------------------------------- Singapore BusinessTimes reports July 18 MBf Capital Bhd, in reply to a KLSE query, said the US$120 million (US$1 = RM4.10) loan borrowed by MBf Credit Ltd will be included in the proposed debt restructuring exercise of MBf Holdings as the bulk of the loan was lent to a subsidiary of MBf Holdings incorporated in Hong Kong. It also explained that certain loans have gone into default during the period of negotiation with MBf Holdings' bankers especially in respect of MBf Asia Capital Corp Ltd. MBf Asia, it said has not made payment of a US$80 million loan from offshore lenders which was due on May 11 1998. The loan is guaranteed by the company, it added. NORTHERN BASE (M) SDN BHD: Winding-up petition ---------------------------------------------- Guan Soon Heng Marketing Sdn Bhd on 15/7/98 petitioned for the winding-up of Northern Base (M) Sdn Bhd. NG EE TEIK SDN BHD: Capital reduction ------------------------------------- The company on 4/5/98 petitioned to the court for its paid- up capital to be reduced from RM4,152,000 to RM41,520. The company deemed that there is an excess of capital against the needs of the company. SENG HUP CORPORATION BHD: Results announcement ---------------------------------------------- Seng Hup Corporation Bhd, a company engaged in lighting fixtures and listed in the KLSE, reported an after-tax loss of RM29.071mil for the year ended 31/3/98, a drop of 1,367.3% from an after-tax profit of RM2.294mil in the previous year. Turnover, however, rose 17.7% to RM76.032mil during the same year. EPS fell 1,364.3% for the year ended 31/3/98, from RM0.115 to a loss per share of RM1.454. The share price fell 93.9% from a year ago to RM0.60 on 17/7/98. SENHONG ELECTRICAL SDN BHD: Winding-up petition ----------------------------------------------- Kenwood Electricals (M) Sdn Bhd on 15/7/98 petitioned for the winding-up of Senhong Electrical Sdn Bhd. SERAYA TEMBAGA SDN BHD: Voluntary winding-up -------------------------------------------- The members of Seraya Tembaga Sdn Bhd on 15/7/98 resolved to wind-up the company voluntarily. SIMESECURITIES: Koos group submits bid for troubled company ----------------------------------------------------------- Asia Pulse reports July 20 one of Taiwan's largest investment companies, the Koos group, has teamed up with Malaysia's Paragon Assets Sdn Bhd to submit a strong bid for financially troubled SimeSecurities Sdn Bhd, the Malaysian daily Star reported today. However, banking sources indicated to the Star that the local PhileoAllied group, which had been in the driver's seat all along, would win the prize. Currently, PhileoAllied is helping to raise funds for the takeover of debt-laden Sime Bank Bhd by Rashid Hussain Bhd (RHB). It quoted sources as saying that the Koos group, a large investment group in Taiwan with assets exceeding US$25 billion, and Paragon Assets, a private investment firm with bumiputra (or Malay) partnership, had submitted a proposal to Bank Negara and Sime Darby Bhd for the acquisition of SimeSecurities. SINAR TENGGARA ENTERPRISES SDN BHD: Voluntary winding-up -------------------------------------------------------- The members of Sinar Tenggara Enterprises Sdn Bhd on 10/7/98 resolved to wind-up the company voluntarily. Creditors are requested to submit their claims before 18/8/98. SYARIKAT LEMPOR SDN BHD: Voluntary winding-up --------------------------------------------- The members of Syarikat Lempor Sdn Bhd on 15/7/98 resolved to wind-up the company voluntarily. W.S. PLASTER SDN BHD: Winding-up petition ----------------------------------------- Maruichi Malaysia Steel Tube Bhd on 8/4/98 petitioned for the winding-up of W.S. Plaster Sdn Bhd. The petition is directed to be heard on 21/9/98. ===================== P H I L I P P I N E S ===================== PHILIPPINE AIRLINES: Unions urge boycott of PAL ----------------------------------------------- According to the Hong Kong Standard of July 18, militant labor groups urged the public yesterday to boycott PAL as well as the products and services of other companies of its majority shareholder and chief executive Lucio Tan. The labor leaders called for the boycott to start once the three PAL unions push through with a planned company-wide work stoppage that may take place late this month. Ground crew union president Alex Barrientos said that the Alliance of PAL Labour Unions call on all Filipino workers and labor groups to support the PAL employees' struggle against the Lucio Tan group's anti-labor acts. He hinted that PAL's 8000 ground crew may launch a work stoppage in time for President Joseph Estrada's State of the Nation Address in Congress on July 27. Mr Estrada, a close Tan associate, has given the labor department two weeks from Wednesday to solve a 40-day old dispute involving 625 pilots who were fired after launching a strike on June 5. =============== T H A I L A N D =============== THAI MELON TEXTILE: Textile firm to close operations ---------------------------------------------------- Asia Pulse reports July 17 Thailand's financial crisis has led to the closure of a major textile production house, with the loss of some 5,000 jobs. Thai Melon Textile Co Plc, whose shareholders include Thai, Swiss and Japanese, announced the closure in a letter to employees, leaving in doubt severence and other payments. Company executives attributed the closure to the country's credit crunch, after another company, Navadorn Co Plc, had been unable to meet payment on production of thread. Thai Melon Textile also produces corrugated boxes, spinning and cotton yarn. S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Princeton, NJ USA, and Beard Group, Inc., Washington, DC USA. Debra Brennan and Lexy Mueller, Editors. Copyright 1998. All rights reserved. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re- mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $875 per month delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *