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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      

      Friday, September 18, 1998, Vol. 1, No. 146

                    Headlines


* C H I N A   &   H O N G   K O N G *

BILLION INTERNATIONAL: Directors asked to supply papers
D. HOLICK ENTERPRISES: Winding-up order
DENSELAND LIMITED: Winding-up order
EXPRESS MARINE ELECTRONICS: Winding-up order
FRUITS COLLECTION COMPANY: Winding-up order

GENUINE OCEAN TRADE LIMITED: Winding-up petition
HARVEST WIDE INVESTMENT LIMITED: Winding-up petition
HOPEWELL HOLDINGS LIMITED: Force majeure on power project
HUGE GAIN (ASIA) LIMITED: Winding-up petition
HWA KAY THAI: Extends deadline for restructuring agreement

J-KING DEVELOPMENT LIMITED: Winding-up petition
JETOP COMPANY LIMITED: Winding-up order
LAI SUN DEVELOPMENT: To sell Crocodile House buildings
LONG & LAM INDUSTRIES: Winding-up order
MANSION HOLDINGS: Directors asked to supply papers

MEDILAB INSTRUMENTS LIMITED: Winding-up petition
MILTEX INDUSTRIES LIMITED: Winding-up petition
NGAI HING HONG COMPANY: Hearings on insider dealings
SINO ELEGANT DEVELOPMENT LIMITED: Winding-up petition
SMARTS CO. LTD.: Winding-up petition

SPECTRUM PACIFIC LIMITED: Winding-up petition
TOMSON PACIFIC: Lai tells jury he followed the rules
WARMINISTER ENTERPRISES CORPORATION: Winding-up petition
ZEIBO (CHINA) LIMITED: In creditors' voluntary liquidation


* I N D O N E S I A *

GARUDA INDONESIA: Wins debt agreement


* J A P A N *

BANK OF TOKYO-MITSUBISHI: S&P may downgrade ratings
HOKKAIDO TAKUSHOKU: Banks likely to take over problem loans
LONG TERM CREDIT BANK: LTCB shares drop as bailout doubted
TOKYU DEPARTMENT STORE: To sell outlets in restructuring


* K O R E A *

HALLA CONSTUCTION: Completes creditor reconciliation


* M A L A Y S I A *

ARAB-MALAYSIAN CORP: Fortis withdraws from talks
AUTOWAYS HOLDINGS BHD: Defaults on payments
LMS ENGINEERING SDN BHD: Winding-up petition
MALAYAN BANK: S&P lowers ratings
MALAYSIA NATIONAL INSURANCE: S&P cuts ratings

RHB BANK BHD: S&P lowers ratings
SPORTS CLASSIC SDN BHD: Voluntary liquidation
SYARIKAT TUJUH SERANGKAI SDN BHD: Winding-up petition


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

PHILIPPINE AIRLINES: Last ditch effort to save PAL rejected


* S I N G A P O R E *

ABR HOLDINGS: Results announcement
INTERNATIONAL FACTORS SINGAPORE: Results announcement
NEPTUNE ORIENT LINES: Expects substantial losses
OSPREY MARITIME: Considers asset sale or refinancing loans
PENTEX SCHWEIZER CIRCUITS: Results announcement


* T H A I L A N D *

TIPCO ASPHALT PLC: Tasco's debentures affirmed at BBB-


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

BILLION INTERNATIONAL: Directors asked to supply papers
-------------------------------------------------------
The Hong Kong Stock Exchange yesterday called on former
directors of Mansion Holdings and Billion International
Holdings to contact the exchange for collection of
documents as a matter of urgency. The exchange said it had
been unable to contact Mansion Holding`s former directors
and former chairman and director of Billion International
Holdings.


D. HOLICK ENTERPRISES: Winding-up order
---------------------------------------
A winding-up order notice is hereby given that D. Holick
Enterprises (HK) Company Limited is undergoing a companies
winding-up proceedings (No.429 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on September 2, 1998.  
The date of presentation of petition was June 22, 1998.    


DENSELAND LIMITED: Winding-up order
-----------------------------------
A winding-up order notice is hereby given that Denseland
Limited is undergoing a companies winding-up proceedings
(No.537 of 1988) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on September 2, 1998.  The date of presentation of
petition was August 7, 1998.    


EXPRESS MARINE ELECTRONICS: Winding-up order
--------------------------------------------
A winding-up order notice is hereby given that Express
Marine Electronics (Sales & Services) Company Limited is
undergoing a companies winding-up proceedings (No.517 of
1988) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on September 2, 1998.  The date of presentation of
petition was July 30, 1998.    


FRUITS COLLECTION COMPANY: Winding-up order
-------------------------------------------
A winding-up order notice is hereby given that Fruits
Collection Company Limited is undergoing a companies
winding-up proceedings (No.521 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on September 2, 1998.  
The date of presentation of petition was July 31, 1998.    


GENUINE OCEAN TRADE LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Genuine Ocean Trade Limited by the High Court of Hong
Kong was, on the 26th day of August, 1998, presented to the
said Court by Toy Major Enterprises Limited and the
petition is heard on 30th of September, 1998. Other
creditors who support or oppose the making of the order may
appear at the time of the hearing.  


HARVEST WIDE INVESTMENT LIMITED: Winding-up petition
----------------------------------------------------
A petition for the winding up of Harvest Wide Investment
Limited was presented to the High Court on Sept 7 by Lam
Hei Cheung of 7th Floor, 209 Tung Choi Street, Mongkok,
Kowloon, and the said petition is directed to be heard
before the court at 11:00 am on Oct 14, and any creditor or
contributory of the said  company desirous to support or
oppose the making of an order on the said petition may
appear at the time of hearing by himself or his counsel for
that purpose, and a copy of the petition will be furnished
to any creditor or contributory of the said company
requiring the same by Tam Lee Po Lin, Nina for Director of
Legal Aid, 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong on payment of the regulated charges
for the same.


HOPEWELL HOLDINGS LIMITED: Force majeure on power project
---------------------------------------------------------
Hopewell Holdings Limited has informed the SEHK declared an
event of force majeure on its TJB Project in Indonesia.

Pursuant to a Power Purchase Agreement ('PPA') between PT
PLN (Persero) ('PLN'), the Indonesian state-owned
electricity  company, and a 80% owned subsidiary of the
Company, PT HI Power Tubanan 1 ('HI Power'), HI Power will
develop a coal-fired power station in Central Java.
Construction began in December 1996 with completion
scheduled in the year 2000.

Current circumstances in Indonesia have left HI Power
unable to draw on the loans from financiers to ensure
completion of the TJB Project.

These circumstances amount to Events of Force Majeure as
defined in the PPA. Under the terms of the PPA, HI Power is
excused from performance of their obligations as long as
failure to perform such obligations is due to an Event of
Force Majeure. However, the Group will continue to work
closely with PLN and other related parties to enable
resumption of the TJB Project as early as possible.

The total costs incurred and paid by the Group for the TJB
Project, including the premium on acquisition of around
HK$1.8 billion, are approximately  HK$4.8 billion. The
Board is currently considering making provisions against
such costs.


HUGE GAIN (ASIA) LIMITED: Winding-up petition
---------------------------------------------
A petition for the winding up of Huge Gain (Asia) Limited
was presented to the High Court on Sept 2 by Man Suet Yin
of Room 305, Lai Wing House, Lai On Estate, Sham Shui Po,
Kowloon, and the said petition is directed to be heard
before the court at 9:30 am on Oct 7, and any creditor or
contributory of the said  company desirous to support or
oppose the making of an order on the said petition may
appear at the time of hearing by himself or his counsel for
that purpose, and a copy of the petition will be furnished
to any creditor or contributory of the said company
requiring the same by Tam Lee Po Lin, Nina for Director of
Legal Aid, 27th Floor, Queensway Government Offices, 66
Queensway, Hong Kong on payment of the regulated charges
for the same.


HWA KAY THAI: Extends deadline for restructuring agreement
----------------------------------------------------------
Hwa Kay Thai Holdings yesterday said it had extended the
deadline to sign a restructuring agreement from September
15 to September 30. The company said if a restructuring
agreement was not executed on or before September 30, the
heads of agreement would terminate and the firm may go into
liquidation. The company also said subsidiary Hwa Kay Thai
(Singapore) would be voluntary wound up following a writ of
seizure from the Development Bank of Singapore.


J-KING DEVELOPMENT LIMITED: Winding-up petition
-----------------------------------------------
Notice is hereby given that a petition for the winding-up
of J-King Development Limited by the High Court of Hong
Kong was, on the 24th day of August, 1998, presented to the
said Court by Lewin Investments Limited and the petition is
heard on 23rd of September, 1998. Other creditors who
support or oppose the making of the order may appear at the
time of the hearing.  


JETOP COMPANY LIMITED: Winding-up order
---------------------------------------
A winding-up order notice is hereby given that Jetop
Company Limited is undergoing a comapnies winding-up
proceedings (No.524 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998. The date of
presentation of petition was July 31, 1998.    


LAI SUN DEVELOPMENT: To sell Crocodile House buildings
------------------------------------------------------
Lai Sun Development is to sell its Central office buildings
Crocodile House One and Two in the latest in a string of
asset disposals aimed at boosting cash flow and reducing
debt.

The company is putting Crocodile House on the market
through a public tender to be handled by CY Leung & Co.
Analysts doubted there would be much buying interest in the
aging Central properties amid of new buildings coming onto
the market and deteriorating local economy. Analysts said
the continuing disposal of Lai Sun's investment properties
would help the firm cut its high gearing, but weakened
recurrent income.  


LONG & LAM INDUSTRIES: Winding-up order
---------------------------------------
A winding-up order notice is hereby given that Long & Lam
Industries Limited is undergoing a companies winding-up
proceedings (No.519 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998.  The date of
presentation of petition was July 30, 1998.    


MANSION HOLDINGS: Directors asked to supply papers
--------------------------------------------------
The Hong Kong Stock Exchange yesterday called on former
directors of Mansion Holdings and Billion International
Holdings to contact the exchange for collection of
documents as a matter of urgency. The exchange said it had
been unable to contact Mansion Holdings' former directors
and former chairman and director of Billion International
Holdings.


MEDILAB INSTRUMENTS LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Medilab Instruments Limited by the High Court of Hong
Kong was, on the 27th day of August, 1998, presented to the
said Court by Fung Cheung Reality Limited and the petition
is heard on 30th of September, 1998. Other creditors who
support or oppose the making of the order may appear at the
time of the hearing.  


MILTEX INDUSTRIES LIMITED: Winding-up petition
----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Miltex Industries Limited by the High Court of Hong Kong
was, on the 8th day of September, 1998, presented to the
said Court by Jeandani Vijai Vashdev and the petition is
heard on 14th of October, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


NGAI HING HONG COMPANY: Hearings on insider dealings
-----------------------------------------------
Ngai Hing Company Limited has informed the SEHK that the
Insider Dealing Tribunal made enquiries into the alleged
conduct of insider dealings of Mr Taylor Ho Tai Loi, Mr Hui
Sai Chung and Mr Hui Kwok Kwong.

The tribunal found that Mr Ho had committed insider dealing
in relation to his purchase of 1 million shares of the
Company on 21 July 1995. However, the tribunal made no
findings of insider dealing against either Mr S C Hui or Mr
K K Hui. The company asserts the findings of the Tribunal
are not likely to have any implication on the Ngai Hing
Hong Company Limited or the price of its shares.


SINO ELEGANT DEVELOPMENT LIMITED: Winding-up petition
-----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Sino Elegant Development Limited by the High Court of
Hong Kong was, on the 8th day of September, 1998, presented
to the said Court by Cheun Kam Wing and the petition is
heard on 14th of October, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


SMARTS CO. LTD.: Winding-up petition
------------------------------------
Notice is hereby given that a petition for the winding-up
of Smarts Co. Ltd. by the High Court of Hong Kong was, on
the 28th day of August, 1998, presented to the said Court
by Credit Suisse and the petition is heard on 30th of
September, 1998. Other creditors who support or oppose the
making of the order may appear at the time of the hearing.  


SPECTRUM PACIFIC LIMITED: Winding-up petition
---------------------------------------------
Notice is hereby given that a petition for the winding-up
of Spectrum Pacific Limited by the High Court of Hong Kong
was, on the 20th day of August, 1998, presented to the said
Court by van Melle Confectionery (Shenzhen) Co. Limited and
the petition is heard on 23rd of September, 1998. Other
creditors who support or oppose the making of the order may
appear at the time of the hearing.  


TOMSON PACIFIC: Lai tells jury he followed the rules
----------------------------------------------------
According to the SCMP, fraud suspect Arthur Lai Cheuk-kwan
told a jury yesterday he always played by the rules when
asked if he misled the Securities and Futures Commission
over the 1990 World Trade Centre Group takeover.

Lai recalled bringing together Tomson Pacific director
David Tong Cun-lin and WTCG (formerly Bond Corp
International) director Peter Lucas in 1990. Tomson
subsequently acquired 34.5 percent of the issued capital
of Bond Corp. He has denied that a further 31.5 percent of
the shares were placed with parties secretly linked to
Tomson Pacific.

Lai also said he was very determined to help Chin Tung
regain its business presence after the crash of 1987. He
said he was totally loyal to Standard Chartered. His work
went as far as to see Standard Chartered bestowed with the
accolade of Merchant Banker of the Year in 1990.

The court heard that Lai's business connections extended to
the highest ranks of the banking community. He arranged a
meeting with Sir William Purves, then chairman of Hongkong
Bank, and Tomson Pacific. Lai said that he started the
meeting with a view to introduce Tomson, and then the
possibility of the Bond deal was touched. He also denies
accepting $26.4 million in bribes for placing shares with
companies secretly acting in concert with Tomson. He told
the court the sum was a fee, and normal business practice
for introducing WTCG and Tomson. He said he did not mention
about the fee to his colleagues at Standard Chartered
because it was his personal thing.


WARMINISTER ENTERPRISES CORPORATION: Winding-up petition
--------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Warminister Enterprises Corporation by the High Court of
Hong Kong was, on the 20th day of August, 1998, presented
to the said Court by van Melle Confectionery (Shenzhen) Co.
Limited and the petition is heard on 23th of September,
1998. Other creditors who support or oppose the making of
the order may appear at the time of the hearing.  


ZEIBO (CHINA) LIMITED: In creditors' voluntary liquidation
----------------------------------------------------------
Notice is hereby given that the creditors of Zeibo (China)
Limited (in creditors` voluntary liquidation) are required
on or before 12th October, 1998 to send in their names and
address, full particulars of their debts and claims, and
the name and addresses of their solicitors, to the
liquidators of the said company at 23rd Floor, Chekiang
First Bank Building, 58-63 Gloucester Raod, Wanchai, Hong
Kong.


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

GARUDA INDONESIA: Wins debt agreement
-------------------------------------
A news brief in the Financial Times says Garuda
International, the state-owned airline, says Airbus
Industries had agreed to roll over Garuda's debt worth $750
million to three years, but rejected a proposal for a debt
cut to $600 million. The Times says earlier this year the
airline said it may return half of its fleet to leasing
companies and sell assets to avoid being grounded
altogether.


=========
J A P A N  
=========

BANK OF TOKYO-MITSUBISHI: S&P may downgrade ratings
---------------------------------------------------
Standard & Poor's yesterday threatened to downgrade Japan's
largest bank, Bank of Tokyo-Mitsubishi, due to a
deteriorating economy and its exposure to market turmoil.  

The agency, which assigns A long-term and A-1 short-term
senior debt and counter-party ratings to the bank, placed
the ratings on CreditWatch with negative implications. The
CreditWatch placement reflects a decline in Bank of Tokyo-
Mitsubishi's asset quality despite its efforts to dispose
of problem loans. The move also affects the bank's related
entities including BTM Capital, Tokyo-Mitsubishi
International, Bank of Tokyo Mitsubishi(Australia) and Bank
of Tokyo-Mitsubishi (Canada), it said.

The bank was experiencing deterioration in its loan book
and a consequent blow to its profitability and capital
base. S&P said the downgrade was due to a weakening
Japanese economy and emerging market exposures, primarily
in Asia.    


HOKKAIDO TAKUSHOKU: Banks likely to take over problem loans
-----------------------------------------------------------
According to Kyodo News, North Pacific Bank, Hokkaido Bank
and Sapporo Bank are expected to take over "second-
category" loans from the collapsed Hokkaido Takushoku Bank
(Takugin) on condition they obtain public funds to boost
their loan-loss reserves, Liberal Democratic Party (LDP)
sources said Wednesday.

Hidemitsu Washida, acting president of Takugin, told an LDP
panel on Hokkaido's financial crisis that Takugin has some
400 billion yen in second-category loans -- defined by the
Financial Supervisory Agency as requiring monitoring or
caution in collection, LDP officials said.

Takugin collapsed last November with massive bad loans,
becoming the first among Japan's 10 "city" commercial banks
with a nationwide branch network to go bankrupt.

North Pacific Bank is to absorb Takugin's head office and
108 branches located in the northernmost main island of
Hokkaido, and take over some performing loans from Takugin.

Chuo Trust and Banking Co. of Tokyo will take over
Takugin's operations in the largest main island of Honshu
and inherit the remainder of performing loans from Takugin.


LONG TERM CREDIT BANK: LTCB shares drop as bailout doubted
----------------------------------------------------------
According to the Hong Kong Standard, shares of ailing Long
Term Credit Bank took dipped yesterday on rising
expectations it would be placed under state control instead
of being bailed out. Brokers said concerns had grown that
the government may give in to opposition demands and
place the troubled bank under state control instead of
injecting fresh capital. Shareholders see a setback in the
government bailout as an increase in responsibility for
them.

The ruling and opposition parties are seeking to resolve
differences over the government-proposed finance sector
stabilisation bills, which include deciding how to handle
the LTCB failure.

Further pressure on the institution emerged when a big LTCB
borrower, Nishi Nihon Lease, with about 69.4 billion yen in
debts, filed for court protection from its creditors. LTCB
was the main bank for Nishi Nihon Lease which entered the
real estate business in the bubble economy of the late
1980s and stagnated in early 1990 as the firm was hit by
bad loans and unsuccessful share trading due to the
collapse of the bubble economy. The firm could not find a
way out when LTCB faced operational problems.

Bank of Japan governor Masaru Hayami told the committee for
financial stabilisation that the central bank's policy
board would examine the feasibility of special loans to
LTCB when it faces difficulties in raising funds. The
central bank extends special loans when the failure of a
financial institution is likely to trigger a crisis in the
financial system, or when there are no other lenders
available.


TOKYU DEPARTMENT STORE: To sell outlets in restructuring
--------------------------------------------------------
According to the SCMP, Japanese retailer Tokyu Department
Store is to put its three outlets in Hong Kong on sale and
fold other outlets in the region after being burnt by the
retail slump in Japan. The withdrawal will leave just a few
Japanese market players, such as Sogo and Mitsukoshi in
Causeway Bay.

Tokyu opeates one department store in Tsim Sha Tsui East
and two department stores under the Dragon Seed label in
Central and Tsim Sha Tsui.

Tokyu said yesterday the company hopes to strengthen
financial base and improve profitability at mainstay
department store operations as well as group operations by
implementing the five-year business plan, which is
expected to cause a 42 billion yen extraordinary loss.
Under the restructuring, Tokyu is to close and dissolve its
Singapore unit One-O-Nine Trading and will dissolve Tokyu
Department Store (Singapore).

The Thailand operations such as Tokyu department stores and
merchandising arm Tokyu Merchandise Development will be
sold.


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

HALLA CONSTUCTION: Completes creditor reconciliation
----------------------------------------------------
The Korean language Maeil Kyungje reports that the Halla
Construction Company has completed its creditor
reconciliation procedure. This reconciliation included
consideration for a scheduled investment of 220 billion won
by Rothschild Inc., a leading American fund manager.


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

ARAB-MALAYSIAN CORP: Fortis withdraws from talks
------------------------------------------------
Singapore BusinessTimes reports Arab-Malaysian Corporation
Bhd (Amcorp) faces a major setback in its reconstruction
plans now that Dutch-Belgian bank and insurance group
Fortis International NV pulled out of talks to buy a stake
in AMMB Holdings.

Bloomberg news agency yesterday quoted Fortis chief
executive officer William Courtauld as saying that
discussions to buy a 15 per cent stake in AMMB had ended.

Amcorp's sale of the stake, out of its 43.5 per cent in
financial group AMMB, was expected to raise some 700
million Malaysian ringgit (S$317.7 million) to trim its
debt totalling RM$1.1 billion as at March 31, 1997.

In July, Amcorp said it had received Bank Negara's approval
to commence negotiations with Fortis for the disposal of a
15 per cent stake in AMMB. Amcorp also plans to sell some
of its other assets.

While some analysts said the pullout of Fortis from
Amcorp's gameplan could scuttle the latter's restructuring
plans, one analyst was of the view that Danamodal (or the
Special Purpose Vehicle to recapitalise the banking sector)
could play a more prominent role in Amcorp's revival.

"I think Danamodal could come in and take over Amcorp's
entire 43.5 per cent stake in AMMB as Danamodal can buy out
stakes of banking institutions from weak shareholders,"


AUTOWAYS HOLDINGS BHD: Defaults on payments
-------------------------------------------
The Asian Wall Street Journal has reported that the
Malaysian construction concern and manufacture of rubber-
based products, Autoways Holdings Bhd., has defaulted on
payments to lenders. Autoways has reported that as of
the end of July it failed to pay 5.6 million ringgit of
overdraft facility and interest payments to Sabah Bank Bhd.  
The company's wholly owned Autoways Constuction Sdn. Bhd.
has also defaulted on payments and interest amounting to
approximately 28.1 million ringgit to several banks.  

Autoways and its unit Autoways Construction are now
undergoing a court sanctioned scheme of arrangement and
reconstruction. Autoways said that it has defaulted on
payments due to the non-payment and default by its own
clients which has caused severe cash flow problems.


LMS ENGINEERING SDN BHD: Winding-up petition
--------------------------------------------
Mecomb Engineering Sdn Bhd on 14/1/98 petitioned for the
winding-up of LMS Engineering Sdn Bhd. The petition is
directed to be heard on 27/11/98.


MALAYAN BANK: S&P lowers ratings
--------------------------------
The Asian Wall Street Journal reports that the Standard &
Poor's Ratings Group has lowered the ratings on Malayan
Bank Bhd. (Maybank). The ratings involved are foreign-
currency counterparty from BBB+/A2 to BBB-/A3; subordinate
notes (worth $250 million, due 2005) from BBB to BB+; and
commercial paper (worth $300 million) from A-2 to BB+.


MALAYSIA NATIONAL INSURANCE: S&P cuts ratings
---------------------------------------------
The Asian Wall Street Journal reports that the Standard &
Poor's Ratings Group has lowered the public information
financial strength ratings on the Malaysia National
Insurance Sdn. Bhd. from A to A-. The rating change
reflects the deterioration in the financial environment and
the impact this may have on the company's financial profile
and flexibility.


RHB BANK BHD: S&P lowers ratings
--------------------------------
The Asian Wall Street Journal reports that the Standard &
Poor's Ratings Group has lowered the ratings on RHB Bank
Bhd. The long-term foreign-currency counterparty rating was
lowered from BBB to BBB-.


SPORTS CLASSIC SDN BHD: Voluntary liquidation
---------------------------------------------
The members of Sports Classic Sdn Bhd on 16/9/98 resolved
to wind-up the company voluntarily. Creditors are requested
to submit their claims before 8/10/98.


SYARIKAT TUJUH SERANGKAI SDN BHD: Winding-up petition
-----------------------------------------------------
Dewan Bandaraya Ipoh on 22/5/98 petitioned for the winding-
up of Syarikat Tujuh Serangkai Sdn Bhd. The petition is
directed to be heard on 25/9/98.


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

PHILIPPINE AIRLINES: Last ditch effort to save PAL rejected
-----------------------------------------------------------
According to the Asian Wall Street Journal, a reported
last-ditch accord with its ground-crew union to prevent
closure of Philippine Airlines (PAL) has been rejected.  
The PAL Employees Association has decided to reject an
offer from the PAL chairman that would have given workers
three board seats and company stock in exchange for a 10-
year suspension of their collective-bargain agreement.  

According to the company's vice president, no immediate
decision has been made to close PAL, although officials
were to meet to discuss this matter.

PAL's pilots staged a 22-day strike in June, and its ground
crew walked off the job for a week, which worsened the
problems the airline was seeing due to the Asian currency
crisis. The strike forced PAL to drastically reduce its
operations, including the suspension of both domestic and
international flights.  

PAL has announced that due to its labor problems it is
unable to make payments on about $2 billion of debt. It is
also currently finalizing a rehabilitation plan with the
Philippine Securities and Exchange Commission.


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

ABR HOLDINGS: Results announcement
----------------------------------
Singapore BusinessTimes reports ABR Holdings' interim net
losses to June widened to $1.4 million from $429,000 a year
ago, as a result of associates and subsidiaries' losses,
while group turnover fell 2.8 per cent to $15 million. Loss
per share rose to three cents from one cent previously,
while net tangible assets per share fell to 18.5 cents from
30 cents. Directors expect to make progress in its
operating results for the full year after the
rationalisation of its businesses kicks in. No dividend was
declared.


INTERNATIONAL FACTORS SINGAPORE: Results announcement
-----------------------------------------------------
Mainboard-listed International Factors Singapore is in the
red at half-time to June, with net losses of $3.8 million,
compared to the previous year's interim net earnings of
$3.2 million. Group turnover was up 4.1 per cent to $17.3
million. Loss per share amounted to 3.7 cents, against
earnings per share of 3.1 cents previously. Net tangible
assets per share fell to 71 cents from 89 cents. No interim
dividend was declared.


NEPTUNE ORIENT LINES: Expects substantial losses
------------------------------------------------
Neptune Orient Lines (NOL), a Singapore shipping company,
expects to make quite substantial losses for the first half
of this year, the Business Times newspaper reported
yesterday.

It quoted NOL group deputy president and deputy chief
executive officer Lim How Teck as saying the group did not
expect to be profitable for the full year either. The
negative result is due to Asian economic turmoil and low
freight rates. NOL has announced a full-year net loss of
S$66.47 million in 1997 against a profit of S$16.96 million
for the previous year.  


OSPREY MARITIME: Considers asset sale or refinancing loans
----------------------------------------------------------
Singapore BusinessTimes cites a Bloomberg report that
Osprey Maritime Ltd, a shipowner and operator, may sell
assets or refinance existing loans as it looks for ways to
repay its massive debt after cancelling a bond sale last
week to raise $500 million.

Osprey's interest payments more than doubled to $33.9
million in the first half from $13.1 million a year earlier
as interest rates soared. It has $881.6 million in debt, of
which $156.3 million is due in a year.


PENTEX SCHWEIZER CIRCUITS: Results announcement
-----------------------------------------------
Singapore BusinessTimes reports Pentex Schweizer Circuits'
net earnings plunged 74 per cent to $2 million for the year
to June, while group turnover rose 57.3 per cent to $148.1
million.

Earnings per share plummetted to 3.04 cents from 11.38
cents on a fully diluted basis, while net tangible assets
per share rose to 92.4 cents from 89.70 cents.

The group suffered $2.1 million in foreign exchange losses,
while depreciation and amortisation charges grew 58 per
cent from the previous year to $12.8 million.

The company blamed the year's poorer profits on the
regional currency turmoil. However, directors expect
operations in the current financial year to stay
profitable. A tax-exempt final dividend of 1.5 cents was
declared.


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

TIPCO ASPHALT PLC: Tasco's debentures affirmed at BBB-
------------------------------------------------------
The Bangkok Post reports Thai Rating and Information
Service (Tris) announced yesterday it affirmed the ratings
of Tipco Asphalt Plc's (Tasco) 500 million baht senior
debentures and 1,300 million baht convertible debentures at
BBB-.

Tris also removed the firm from CreditAlert, where it was
placed on 28 March 1998 due to a significant increase in
Tasco's debt burden because of the baht depreciation,
causing it to breach covenants of its debentures.

Tris said the holders of Tasco's 500 million baht senior
debentures and 1,300 million baht convertible debentures
have agreed to abide the company's failure to comply with
its covenants in 1997 and allow amendments to both
debentures' covenants for the residual period.

Holders of the 500 million baht debentures' have agreed to
change the covenants of maintaining debt to equity ratio at
not more than 2 to 1 to not more than 5 to 1 and total
unpledged assets to total unsecured liabilities ratio at
not less than 1.25 times to not less than 1.15 times at the
end of each quarter of 1998.

As of June 1998 Tasco's financial ratios conformed to the
changed covenants. Debt to equity ratio was at 3.14 to 1
and interest coverage ratio was at 4.6 times. Total
unpledged assets to total unsecured liabilities ratio was
acceptable at 1.32 times.
  


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