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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, July 27, 1998, Vol. 1, No. 108
Headlines
C H I N A & H O N G K O N G
BOPA LIMITED: Winding-up petition
CATHAY PACIFIC AIRWAYS: Cathay looks at cargo loss of $300m
CICO LIMITED: Winding-up petition
CONDIC LIMITED: Members' and creditors' meetings
GOLDEN HOUSE COMPANY LIMITED: Winding-up notice
GUIDE GEM COMPANY LIMITED: Winding-up notice
HONGKONG AND SHANGHAI HOTELS: Vacancies depress earnings
INTERNATIONAL BANK OF ASIA: Results announcement
J&A SECURITIES: Government deepens J&A investigation
JADEBOARD TEAM BEST LIMITED: Winding-up notice
KINCHOICE INTERNATIONAL LIMITED: Winding-up petition
KWONG FUNG DEVELOPMENT: Winding-up notice
LONG ASIA INTERNATIONAL LIMITED: Winding-up petition
LONG TRANSPORT CO LIMITED: Members' and creditor's meetings
SHAM KINS ENTERPRISES LTD: Winding-up notice
SHENG KEE BUILDING MATERIALS: Winding-up notice
TOKYO SECURITIES (ASIA): Members' and creditors' meetings
WAH TAK FUNG HOLDINGS: $140m loss from Wide Best disposal
ZIP EXPRESS WORLDWIDE (HK) CO LTD: Winding-up notice
I N D O N E S I A
PT Perusahaan Listrik: Expected to record big loss in 1998
J A P A N
ASAKAWAGUMI COMPANY: Firm applies for creditor protection
DAIWA SECURITIES: S&P downgrades Daiwa Securities
K O R E A
BAROQUE FURNITURE COMPANY: Starts creditor reconciliation
DAEWOO GROUP: Second 'Hit List' to have 50 chaebol units
HALLA CONSTRUCTION COMPANY: Creditor meeting delayed
HANGUL & COMPUTER: Drops deal with Microsoft
HWASEUNG COMPANY: Creditor meeting delayed
HYUNDAI GROUP: Second 'Hit List' to have 50 chaebol units
LG GROUP: Second 'Hit List' to have 50 chaebol units
SAMSUNG GROUP: Second 'Hit List' to have 50 chaebol units
SK GROUP: Second 'Hit List' to have 50 chaebol units
TAEHAN YOOHWA INDUSTRY: Company's liquidation completed
M A L A Y S I A
AMSTEL DEVELOPMENT SDN BHD: Winding-up petition
STRATEGI KENCHANA SDN BHD: Winding-up petition
P H I L I P P I N E S
PHILIPPINES AIRLINES: Estrada offers to mediate
S I N G A P O R E
DEVELOPMENT BANK OF SINGAPORE: Fitch cuts ratings
OVERSEAS-CHINESE BANKING: Fitch cuts ratings
OVERSEAS UNION BANK LTD: Fitch cuts ratings
UNITED OVERSEAS BANK LTD: Fitch cuts ratings
T H A I L A N D
SHINAWATRA SATELLITE: May sell stake in phone project
=================================
C H I N A & H O N G K O N G
=================================
BOPA LIMITED: Winding-up petition
---------------------------------
Notice is hereby given that a petition for the winding-up
of Bopa Limited by the High Court of Hong Kong was, on the
16th day of July, 1988, presented to the said Court by Wong
Shu Pui. The petition is scheduled to be heard on August
19, 1998. Creditors who support or oppose the making of the
order may appear at the time of the hearing.
CATHAY PACIFIC AIRWAYS: Cathay looks at cargo loss of $300m
-----------------------------------------------------------
Cathay Pacific Airways could lose up to HK$300 million of
revenue after computer system failures threw cargo handling
at Chep Lap Kok airport into chaos. The forecast from WI
Carr Indosuez analyst Samuel Lee comes as the carrier faces
the first net loss in its 50-year history because Asia's
economic downturn has slashed passenger traffic.
CICO LIMITED: Winding-up petition
---------------------------------
Notice is hereby given that a petition for the winding-up
of Cico Limited by the High Court of Hong Kong was, on the
9th day of July, 1988, presented to the said Court by Lee
Kin Pong. The petition is scheduled to be heard on August
5, 1998. Creditors who support or oppose the making of the
order may appear at the time of the hearing.
CONDIC LIMITED: Members' and creditors' meetings
------------------------------------------------
A notice of members' and creditors' meetings appeared in
the Hong Kong Standard for Condic Ltd (in creditors'
voluntary liquidation). The meetings are scheduled for
August 25, 1998 at Room 2702, Lucky Comercial Center, 103-
109 Des Voeux Road West, Hong Kong.
GOLDEN HOUSE COMPANY LIMITED: Winding-up notice
-----------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Golden House Company Limited.
The petition was presented in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 308 of 1998.
GUIDE GEM COMPANY LIMITED: Winding-up notice
--------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Guide Gem Company Limited. The
petition was presented on June 15, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.390 of 1998.
HONGKONG AND SHANGHAI HOTELS: Vacancies depress earnings
--------------------------------------------------------
The Financial Times reports on July 24 that a more than 50
per cent vacancy rate at The Peninsula, a Hong Kong hotel,
pulled down the earnings of Hongkong and Shanghai Hotels by
29 per cent. Net profits for the group in the first half of
1998 fell to HK$291m from HK$412m.
INTERNATIONAL BANK OF ASIA: Results announcement
------------------------------------------------
The SCMP of July 22 reports International Bank of Asia has
reported a 14.82 per cent decline in attributable profit to
$166.38 million for the six months to June 30.
Charges for bad and doubtful debts during the period rose
30.31 per cent to $47.53 million, much faster than the 5.16
per cent increase in loans to $18.53 billion.
The specific provisions charge more than tripled to $50.46
million, up from $16.41 million.
Meanwhile, the charge for general provisions grew only 1.4
per cent to $133.31 million.
J&A SECURITIES: Government deepens J&A investigation
----------------------------------------------------
The Asian Wall Street Journal reports that the Chinese
government is deepening its investigation into financial
officials at J&A Securities, China's largest brokerage firm
which was founded in 1992. Senior officials at this firm
are reportedly emerging at the center of a campaign to
crack down on financial fraud and corruption.
J&A's chairman, Mr. Zhang Guoqing, has been the focus of an
investigation into improper financial dealings.
Mr. Zhang, and the company president Yang Jun are suspected
of illegally privatizing the firm, which is against the law
in China. The Asian Wall Street Journal reports that
sources close to the investigation say Mr. Zhang fled
before he could be apprehended, and it is still unclear if
he has been detained.
JADEBOARD TEAM BEST LIMITED: Winding-up notice
----------------------------------------------
A notice of an August 19, 1998 winding-up order appeared in
the Hong Kong Standard for Jadeboard Team Best Limited. The
petition was presented on July 15, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 476 of 1998.
KINCHOICE INTERNATIONAL LIMITED: Winding-up petition
----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Kinchoice International Limited by the High Court of
Hong Kong was, on the 14th day of July, 1988, presented to
the said Court by Ho Cheuk Him. The petition is scheduled
to be heard on August 12, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.
KWONG FUNG DEVELOPMENT: Winding-up notice
-----------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Kwong Fung Development Limited.
The petition was presented on June 12, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.405 of 1998.
LONG ASIA INTERNATIONAL LIMITED: Winding-up petition
----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Long Asia International Limited by the High Court of
Hong Kong was, on the 10th day of June, 1988, presented to
the said Court by Cheong Ming Investment Co Limited. The
petition is scheduled to be heard on August 5, 1998.
Creditors who support or oppose the making of the order may
appear at the time of the hearing.
LONG TRANSPORT CO LIMITED: Members' and creditor's meetings
-----------------------------------------------------------
A notice of members' and creditors' meetings appeared in
the Hong Kong Standard for Transport Co Ltd (in creditors'
voluntary liquidation). The meetings are scheduled for
August 19, 1998 at 22/F., Wing On Center, 111, Connaught
Road Central, Hong Kong.
SHAM KINS ENTERPRISES LTD: Winding-up notice
--------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Sham Kins Enterprises Limited.
The petition was presented on June 11, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 631 of 1998.
SHENG KEE BUILDING MATERIALS: Winding-up notice
-----------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Sheng Kee (Building Materials)
Limited. The petition was presented on June 12, 1998 in the
high court of the Hong Kong Administrative Region Court of
First Instance, Companies Winding-up Proceedings N0. 408 of
1998.
TOKYO SECURITIES (ASIA): Members' and creditors' meetings
---------------------------------------------------------
A notice of members' and creditors' meetings appeared in
the Hong Kong Standard for Tokyo Securities (Asia) Ltd (in
creditors' voluntary liquidation). The meetings are
scheduled for August 24, 1998 at 23/F., Sunning Plaza, 10
Hysan Avenue, Causeway Bay, Hong Kong.
WAH TAK FUNG HOLDINGS: $140m loss from Wide Best disposal
---------------------------------------------------------
Wah Tak Fung Holdings, a Hong Kong property development and
investment firm, said it would incur a loss of HK$140.7
million from the disposal of its interests in property
company Wide Best. It earlier said it had agreed to sell
Wide Best to Hing Kong Holdings for HK$163.8 million.
ZIP EXPRESS WORLDWIDE (HK) CO LTD: Winding-up notice
----------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Zip Express Worldwide (HK)
Company Limited. The petition was presented in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 406 of 1998.
=================
I N D O N E S I A
=================
PT Perusahaan Listrik: Expected to record big loss in 1998
----------------------------------------------------------
The Indonesian government expects state-owned electricity
company PT Perusahaan Listrik Negara (PLN), to incur a loss
of as much as 14.7 trillion rupiah (US$1.05 million) this
year, said the state enterprises minister, Tanri Abeng. If
the restructuring of the electricity company doesn't
succeed, PLN may require as much as 117 trillion rupiah in
government subsidies over the next four years.
=========
J A P A N
=========
ASAKAWAGUMI COMPANY: Firm applies for creditor protection
---------------------------------------------------------
Kyodo News reports July 23 that Asakawagumi Company, a
construction company based in the western Japan prefecture
of Wakayama, went virtually bankrupt Thursday as it applied
to a local district court for protection from creditors
under the Corporate Rehabilitation Law.
Asakawagumi, listed on the First Section of the Osaka
Securities Exchange, has liabilities estimated to top 60
billion yen, according to Teikoku Databank Ltd., a credit
research agency.
Founded in 1948, Asakawagumi expanded operations rapidly
during the high-flying days of the late 1980s and
registered record sales of 52.3 billion yen in fiscal 1993,
which ended in March 1998.
But the company has fallen into financial trouble as a
result of loan guarantees worth more than 10 billion yen
for affiliated companies and has since March 1997 been
trying to rehabilitate its finances, but in vain, under
Kiyo Bank's support.
In fiscal 1997, Asakawagumi incurred a net loss of 200
million yen.
Asakawagumi, with a workforce of around 500, is the first
listed construction company that has gone under this year.
Failures among listed contractors last year included Tokai
Kogyo Co. with liabilities of some 510 billion yen and Tada
Corp. with 170 billion yen.
DAIWA SECURITIES: S&P downgrades Daiwa Securities
-------------------------------------------------
The Asian Wall Street Journal reported that Standard and
Poor's Ratings Group downgraded the long-term counterparty
ratings of Daiwa Securities Company to triple B minus from
triple B plus. The short-term counterpart ratings of Daiwa
were also lowered from A-3 to A-2. The outlook for these
ratings remains negative.
S&P sources were quoted as saying that the downgrade
reflects a deterioration in the company's financial
performance as a result of the rapidly changing operating
environment for Japanese brokerage houses.
Daiwa's earnings are likely to remain depressed due to low
business volume, its delay in implementing an effective
rationalization plan, and heightened competition due to the
growing presence of foreign financial institutions. Daiwa
is also reported to be more vulnerable than its main rival,
Nomura Securities Co., because of its less diversified
funding sources.
=========
K O R E A
=========
BAROQUE FURNITURE COMPANY: Starts creditor reconciliation
---------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Inchon District Court has allowed
Baroque Furniture Company to start a creditor
reconciliation procedure.
DAEWOO GROUP: Second 'Hit List' to have 50 chaebol units
--------------------------------------------------------
Officials at the Financial Supervisory Commission (FSC)
cited by the Korea Herald said that at least ten
subsidiaries of the country's largest family owned
conglomerates (or chaebols) will be included on a second
list of companies to receive exit orders.
Furthermore, there are reports that at least 40 other units
of Korea's mid-sized conglomerates (those ranking between
6th and 64th in terms of net assets) will be subject to
removal from the market, either through liquidation or
restructuring.
The Korea Times stated that the FSC and creditor banks plan
to reveal the second list of non-viable companies next
month. However, the Korea Herald reports that upon the
completion of an investigation by the Korean Fair Trade
Commission into illegal inter-subsidiary financial
transactions, the FSC and creditor banks will make a final
decision on the number of affiliates from the top five
chaebols to be liquidated.
The FSC, Korea's newly created financial watchdog agency,
announced on June 18 a list of 55 nonviable firms that were
subject to immediate liquidation as creditor banks were to
stop providing them with new loans.
HALLA CONSTRUCTION COMPANY: Creditor meeting delayed
----------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that it has rescheduled the Halla
Construction Company's creditor meeting for September 14,
1998, as part of its creditor reconciliation plan. The
company's address is 7-19 Shinchon-dong, Songpa-gu, Seoul
and the president is Mr. Kim Jae-young.
HANGUL & COMPUTER: Drops deal with Microsoft
--------------------------------------------
Reuters reports July 23 that Hangul & Computer announced
Monday it was it was scrapping a deal with Microsoft in
favour of a South Korean consortium representing the
country's software industry, which promised an initial
investment of about 10 billion won ($7.8 million).
Hangul said it would also raise additional funds by
floating public shares or other means.
Bill Gates, the chairman of Microsoft, said in June on a
visit to Seoul his company would make an investment in
Hangul & Computer, which would make it a minority
shareholder in the company with no voting rights.
A letter of intent between the two companies said the U.S.
firm's investment would likely take the form of a 19
percent stake in Hangul & Computer worth $10 million to $20
million.
Hangul & Computer was a promising software venture company
that had developed and produced the Korean language Hangul
word processing software.
Kim Jaemin, president of Microsoft Korea, told Reuters in
an interview that Hangul & Computer, which was on the brink
of bankruptcy, had come to Microsoft seeking an investment,
to pursue other business opportunities and said it planned
to discontinue its Hangul software development.
The high cost of continuing to develop word processing
programmes, amid rampant piracy of software programmes and
the slumping economy, had pushed Hangul to the edge of
insolvency.
HWASEUNG COMPANY: Creditor meeting delayed
------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that it has rescheduled the Hwaseung
Company's creditor meeting for September 21, 1998, as part
of its creditor reconciliation plan. The company's address
is 379 Sungnae-dong, Kangdong-gu, Seoul and the president
is Mr. Park Young-jae.
HYUNDAI GROUP: Second 'Hit List' to have 50 chaebol units
---------------------------------------------------------
Officials at the Financial Supervisory Commission (FSC)
cited by the Korea Herald said that at least ten
subsidiaries of the country's largest family owned
conglomerates (or chaebols) will be included on a second
list of companies to receive exit orders.
Furthermore, there are reports that at least 40 other units
of Korea's mid-sized conglomerates (those ranking between
6th and 64th in terms of net assets) will be subject to
removal from the market, either through liquidation or
restructuring.
The Korea Times stated that the FSC and creditor banks plan
to reveal the second list of non-viable companies next
month. However, the Korea Herald reports that upon the
completion of an investigation by the Korean Fair Trade
Commission into illegal inter-subsidiary financial
transactions, the FSC and creditor banks will make a final
decision on the number of affiliates from the top five
chaebols to be liquidated.
The FSC, Korea's newly created financial watchdog agency,
announced on June 18 a list of 55 nonviable firms that were
subject to immediate liquidation as creditor banks were to
stop providing them with new loans.
LG GROUP: Second 'Hit List' to have 50 chaebol units
----------------------------------------------------
Officials at the Financial Supervisory Commission (FSC)
cited by the Korea Herald said that at least ten
subsidiaries of the country's largest family owned
conglomerates (or chaebols) will be included on a second
list of companies to receive exit orders.
Furthermore, there are reports that at least 40 other units
of Korea's mid-sized conglomerates (those ranking between
6th and 64th in terms of net assets) will be subject to
removal from the market, either through liquidation or
restructuring.
The Korea Times stated that the FSC and creditor banks plan
to reveal the second list of non-viable companies next
month. However, the Korea Herald reports that upon the
completion of an investigation by the Korean Fair Trade
Commission into illegal inter-subsidiary financial
transactions, the FSC and creditor banks will make a final
decision on the number of affiliates from the top five
chaebols to be liquidated.
The FSC, Korea's newly created financial watchdog agency,
announced on June 18 a list of 55 nonviable firms that were
subject to immediate liquidation as creditor banks were to
stop providing them with new loans.
SAMSUNG GROUP: Second 'Hit List' to have 50 chaebol units
---------------------------------------------------------
Officials at the Financial Supervisory Commission (FSC)
cited by the Korea Herald said that at least ten
subsidiaries of the country's largest family owned
conglomerates (or chaebols) will be included on a second
list of companies to receive exit orders.
Furthermore, there are reports that at least 40 other units
of Korea's mid-sized conglomerates (those ranking between
6th and 64th in terms of net assets) will be subject to
removal from the market, either through liquidation or
restructuring.
The Korea Times stated that the FSC and creditor banks plan
to reveal the second list of non-viable companies next
month. However, the Korea Herald reports that upon the
completion of an investigation by the Korean Fair Trade
Commission into illegal inter-subsidiary financial
transactions, the FSC and creditor banks will make a final
decision on the number of affiliates from the top five
chaebols to be liquidated.
The FSC, Korea's newly created financial watchdog agency,
announced on June 18 a list of 55 nonviable firms that were
subject to immediate liquidation as creditor banks were to
stop providing them with new loans.
SK GROUP: Second 'Hit List' to have 50 chaebol units
----------------------------------------------------
Officials at the Financial Supervisory Commission (FSC)
cited by the Korea Herald said that at least ten
subsidiaries of the country's largest family owned
conglomerates (or chaebols) will be included on a second
list of companies to receive exit orders.
Furthermore, there are reports that at least 40 other units
of Korea's mid-sized conglomerates (those ranking between
6th and 64th in terms of net assets) will be subject to
removal from the market, either through liquidation or
restructuring.
The Korea Times stated that the FSC and creditor banks plan
to reveal the second list of non-viable companies next
month. However, the Korea Herald reports that upon the
completion of an investigation by the Korean Fair Trade
Commission into illegal inter-subsidiary financial
transactions, the FSC and creditor banks will make a final
decision on the number of affiliates from the top five
chaebols to be liquidated.
The FSC, Korea's newly created financial watchdog agency,
announced on June 18 a list of 55 nonviable firms that were
subject to immediate liquidation as creditor banks were to
stop providing them with new loans.
TAEHAN YOOHWA INDUSTRY: Company's liquidation completed
-------------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that it approved the Taehan Yoohwa Industry's
liquidation procedure. The company's address is 48-3
Bongnae-dong 1, Chung-gu, Seoul and the manager is Mr. Seo
Kap-seok.
===============
M A L A Y S I A
===============
AMSTEL DEVELOPMENT SDN BHD: Winding-up petition
-----------------------------------------------
M. Come Design & Construction Sdn Bhd on 12/6/98 petitioned
for the winding-up of Amstel Development Sdn Bhd. The
petition is directed to be heard on 22/9/98.
STRATEGI KENCHANA SDN BHD: Winding-up petition
----------------------------------------------
Woodworld Sdn Bhd on 17/7/98 petitioned for the winding-up
of Strategi Kenchana Sdn Bhd.
=====================
P H I L I P P I N E S
=====================
PHILIPPINES AIRLINES: Estrada offers to mediate
-----------------------------------------------
RP Business Digest cites an Agence Presse-France article of
July 22 that Philippine President Joseph Estrada offered to
mediate in the dispute between PAL and its striking ground
crew, although he said the union previously opted out of a
meeting with him.
He also said the Labor Department had told him PAL had been
losing millions of dollars because of overstaffing.
PAL executive vice-president Manolo Aquino said, "If the
strike is extensive and our operations are really
paralyzed, our income will be cut, our servicing of our
obligations will be cut ... and our management will look at
this and decide if we can still operate Philippine
Airlines."
=================
S I N G A P O R E
=================
DEVELOPMENT BANK OF SINGAPORE: Fitch cuts ratings
-------------------------------------------------
Fitch IBCA downgraded the ratings of four banks in
Singapore citing an assessment of the worsening domestic
economy on these banks. The Asian Wall Street Journal also
quoted a Fitch spokesman as saying that the Singapore
economy will not escape the severe downturn in regional
countries to which Singapore has strong links.
Fitch officials stated that Singapore banks continue to be
among the world's best capitalized, and that Fitch IBCA has
no major concern regarding their asset quality or
capitalization. However, the banks are anticipated to
announce large general provisions when they release their
mid-year results next month, which are expected to sharply
reduce net income.
The Development Bank of Singapore had its A/B rating
changed to B rating.
OVERSEAS-CHINESE BANKING: Fitch cuts ratings
--------------------------------------------
Fitch IBCA downgraded the ratings of four banks in
Singapore citing an assessment of the worsening domestic
economy on these banks. The Asian Wall Street Journal also
quoted a Fitch spokesman as saying that the Singapore
economy will not escape the severe downturn in regional
countries to which Singapore has strong links.
Fitch officials stated that Singapore banks continue to be
among the world's best capitalized, and that Fitch IBCA has
no major concern regarding their asset quality or
capitalization. However, the banks are anticipated to
announce large general provisions when they release their
mid-year results next month, which are expected to sharply
reduce net income.
Overseas-Chinese Banking Corporation Ltd. had its A/B
rating changed to B rating.
OVERSEAS UNION BANK LTD: Fitch cuts ratings
-------------------------------------------
Fitch IBCA downgraded the ratings of four banks in
Singapore citing an assessment of the worsening domestic
economy on these banks. The Asian Wall Street Journal also
quoted a Fitch spokesman as saying that the Singapore
economy will not escape the severe downturn in regional
countries to which Singapore has strong links.
Fitch officials stated that Singapore banks continue to be
among the world's best capitalized, and that Fitch IBCA has
no major concern regarding their asset quality or
capitalization. However, the banks are anticipated to
announce large general provisions when they release their
mid-year results next month, which are expected to sharply
reduce net income.
Overseas Union Bank Ltd. had its B rating changed to B/C.
UNITED OVERSEAS BANK LTD: Fitch cuts ratings
--------------------------------------------
Fitch IBCA downgraded the ratings of four banks in
Singapore citing an assessment of the worsening domestic
economy on these banks. The Asian Wall Street Journal also
quoted a Fitch spokesman as saying that the Singapore
economy will not escape the severe downturn in regional
countries to which Singapore has strong links.
Fitch officials stated that Singapore banks continue to be
among the world's best capitalized, and that Fitch IBCA has
no major concern regarding their asset quality or
capitalization. However, the banks are anticipated to
announce large general provisions when they release their
mid-year results next month, which are expected to sharply
reduce net income.
United Overseas Bank Ltd. had its A/B rating changed to B
rating.
===============
T H A I L A N D
===============
SHINAWATRA SATELLITE: May sell stake in phone project
-----------------------------------------------------
The Nation reports July 23 that Shinawatra Satellite Plc
(SSA) may sell a 3.5 percent stake held by its subsidiary
in a global satellite mobile phone project, ICO, as part
of an effort to better manage loan repayments this year.
SSA, which operates the Thaicom satellites, has about US$80
million in debts reaching maturity this year, an industry
source said Wednesday.
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
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Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
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