/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/981029.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 Thursday, October 29, 1998, Vol. 1, No. 175 Headlines * C H I N A & H O N G K O N G * ASIA OFFSET PRINTING LIMITED: Winding-up petition CATHAY INTERNATIONAL: Moody's places rating on review CHINA PRINTING & DYEING INDUSTRIAL: Winding-up order FATUM FUNG MANAGEMENT LIMITED: In voluntary liquidation GITIC HK: Offshoots' assets attract interest GUANGDONG INTERNATIONAL: Misses coupon payment GUANGDONG INTERNATIONAL: Shenzhen mayor calms creditors GUANGXIN ENTERPRISES: Offshoots' assets attract interest GUANGZHOU INTERNATIONAL: Gzitic seeking a capital infusion HIGH SPEED PHOTO FINISHING CO LIMITED: Winding-up order KERRY PROPERTIES: Receives subscription offer LEE'S KANPO YAKU & ACUPUNCTURE LIMITED: Winding-up order LUCKY UNICORN LIMITED: Winding-up order OLYMPIC HOTEL: Creditor banks win control of Olympic SINOAMERICAN TELECOM: Wind-up petition rejected by judge ULTRASONIC INDUSTRIAL CO LIMITED: Winding-up order UNIVERSAL PRODUCTS: In voluntary liquidation XIN TONG FA (MING GANG) LIMITED: Winding-up petition YCK (HOLDINGS) LIMITED: Winding-up petition YAOHAN INTERNATIONAL NATIONAL HOLDINGS: Winding-up petition * J A P A N * HITACHI LTD: Results announcement LONG TERM CREDIT BANK: Banker to head nationalised LTCB TOSHIBA CORP: Results announcement TOYO DENKI SEIZO KK: Plans staff reductions * K O R E A * CHUNGCHONG BANK: Bank declared insolvent CHUNGGU HOUSING: Allowed court receivership DONGGUK GROUP: Workout program finalized HWANYOUNG STEEL: Trade suspended during capital reduction PEERLESS GROUP: Workout program finalized SHINWON GROUP: Workout program finalized * M A L A Y S I A * KEDAH CEMENT: Blue Circle to buy 65% stake MIZAKI MANAGEMENT SERVICES SDN BHD: Winding-up petition RENONG: Mahathir revives Renong bid SENG SENG CONSTRUCTION SDN BHD: Winding-up petition SIME DARBY BHD: Focus on debt collection & stock reduction * S I N G A P O R E * CREATIVE TECHNOLOGY: Expecting sharply lower profits VAN DER HORST: Analysts puzzled by stock's rise * T H A I L A N D * BANGKOK METROPOLITAN BANK PCL: Results announcement BANK OF AYUDHYA PCL: Results announcement BOOK CLUB FINANCE AND SECURITIES PCL: Results announcement DHANA SIAM FINANCE AND SECURITIES PCL: Results announcement EKACHART FINANCE AND SECURITIES PCL: Results announcement FIRST BANGKOK CITY BANK: Results announcement FIRST CITY INVESTMENT: Results announcement KRUNG THAI BANK: Results announcement NATIONAL FINANCE PCL: Results announcement THAI FARMERS BANK: Results announcement THAI MILITARY BANK: Results announcement ================================= C H I N A & H O N G K O N G ================================= ASIA OFFSET PRINTING LIMITED: Winding-up petition ------------------------------------------------- Notice is hereby given that a petition for the winding-up of Asia Offset Printing Limited by the High Court of Hong Kong was, on the 7th day of October, 1998, presented to the said Court by Impress Offset Printing Factory Limited and the petition is heard on 11th of November, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. CATHAY INTERNATIONAL: Moody's places rating on review ----------------------------------------------------- Moody's Investors Service has placed the rating of Cathay International Limited's US$350 million notes due 2008 on review for possible downgrade. The review is prompted by concerns that recent financial difficulties facing Guangzhou International Trust and Investment Corp may increase the possibility of a technical default on a syndicated bank loan extended to a CIL subsidiary holding an interest in the Guangzhou Tunnel and Bridge project. An acceleration of the bank loan could become an event of default under the bond covenants. CHINA PRINTING & DYEING INDUSTRIAL: Winding-up order ---------------------------------------------------- A winding-up order notice is hereby given that China Printing & Dyeing Industrial Co Limited is undergoing a companies winding-up proceedings (No 647 of 1998) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on October 14, 1998. The date of presentation of petition was September 9, 1998. FATUM FUNG MANAGEMENT LIMITED: In voluntary liquidation ------------------------------------------------------- Notice is hereby given that the creditors of Fatum Fung Management Limited (in creditors' voluntary liquidation) are required on or before 25th November, 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 15th Floor, Hutchison House 10 Harcourt Road, Central, Hong Kong. GITIC HK: Offshoots' assets attract interest -------------------------------------------- According to the SCMP, inquiries have been received to acquire assets of the Hong Kong offshoots of Gitic, Gitic HK and Guangxin Enterprises, including properties and their holdings in Gitic Enterprises and DC Finance, as revealed by the provisional liquidator KPMG Peat Marwick partner Gabriel Tam who said that the liquidator would pursue asset sales after the first creditors' meeting on Nov 9. Gitic HK owns 58 per cent of Gitic Enterprises, which is mainly engaged in marble trading, and 15.07 per cent of DC Finance. Last week, Guangxin Enterprises creditors put the Phoenix Tower in Causeway Bay up for public tender. It remains unknown when Gitic Enterprises, which has been suspended since Oct 7, will resume trading. GUANGDONG INTERNATIONAL: Misses coupon payment ---------------------------------------------- The Asia Wall Street Journal reported that the Guangdong International Trust & Investment Corporation (GITIC) failed to make a coupon payment last Monday on a $200 million bond issue. The 8.75 percent payable semi-annually payment was on bonds due in 2016. The 20 year bonds had been sold in the US in the 144A market through underwriters Merril Lynch & Company in 1996. GITIC, which is the official investment arm of the Guangdong provincial government, was shut down by the Chinese government on October 6 because of its inability to pay maturing debt obligations. GITIC is the second largest of China's trust and investment companies, and had about $500 million in short term loans coming due. According to a settlement plan announced earlier in the Asian Wall Street Journal, following liquidation costs, salaries, taxes, and insurance of GITIC, foreign creditors who have "officially registered their debts" will be "compensated in entirety." However, whether or not foreign creditor not registered with the Chinese State Administration of Foreign Exchange (SAFE) will be repaid seems to be an open question. It has also been noted that foreign bankers have claimed that due to the Chinese regulatory framework, they had no ability to submit official debt registrations directly to SAFE. It was rather the obligation of the institution borrowing their funds (namely GITIC) to register their debts with SAFE. SAFE officials have said that further negotiations are needed with foreign creditors that fit this category, but that SAFE has no obligation to repay these obligations. GUANGDONG INTERNATIONAL: Shenzhen mayor calms creditors ------------------------------------------------------- According to the SCMP, Shenzhen mayor Li Zibin has moved to reassure foreign creditors that money owed by the collapsed Gitic will be repaid in full. He said that the action taken by the PBOC is a closure, not a bankruptcy and the government had to pay back creditors even if there was nothing left following liquidation. He added that the Guangdong provincial government would pay back all ending obtained domestically and the PBOC's designated liquidator would be responsible for foreign debts. However, he cautioned that this would mean only officially registered debts which would be repaid in full. Earlier comments by the mainland's Finance Minister Xiang Huaicheng that Beijing was not prepared to act as a guarantor of last resort appeared to serve more as a warning to local financial institutions and foreign bankers than a claim the mainland is not prepared to honor Gitic's overseas debt obligations. According to the Hong Kong Standard, Shenzhen's Guangfa Securities says it is holding domestic A shares of Gitic and had no immediate plans to liquidate them. The A shares traded on the Shanghai and Shenzhen stock exchanges are held on behalf of Gitic and its customers. Guangfa said it had received no instructions from the central bank yet on how to deal with Gitic's stock position and have no right to touch Gitic's holdings which it has not acquired. A Gunagfa official said Guangfa did not yet have a clear picture of of the trust's total stock holdings or the debts and assets of its securities operation but just know customer margin finds of 1.5 billion yuan were held. He said Gitic did not keep unified accounts for its 10 regional securities offices because each office reported only to the company's local branches, making a full audit of its holdings a slow and difficult process. Analysts said there were worries other trust firms would rush to sell shares ahead of a sweeping restructuring which would cut the number of trusts from 242 and define approved areas of business. Industry sources said the restructuring's first stage should be over by March 31 next year. GUANGXIN ENTERPRISES: Offshoots' assets attract interest -------------------------------------------------------- According to the SCMP, inquiries have been received to acquire assets of the Hong Kong offshoots of Gitic, Gitic HK and Guangxin Enterprises, including properties and their holdings in Gitic Enterprises and DC Finance, as revealed by the provisional liquidator KPMG Peat Marwick partner Gabriel Tam who said that the liquidator would pursue asset sales after the first creditors' meeting on Nov 9. Gitic HK owns 58 per cent of Gitic Enterprises, which is mainly engaged in marble trading, and 15.07 per cent of DC Finance. Last week, Guangxin Enterprises creditors put the Phoenix Tower in Causeway Bay up for public tender. It remains unknown when Gitic Enterprises, which has been suspended since Oct 7, will resume trading. GUANGZHOU INTERNATIONAL: Gzitic seeking a capital infusion ---------------------------------------------------------- According to the SCMP, Gzitic has proposed to municipal authorities a three-point rescue plan: a capital infusion of 600 million yuan from the government, sale of properties to repay short-term domestic debts and a strengthening of debt recovery efforts. The plan was revealed by Ren Puxian, financial controller of H-share company Luoyang Glass who was in Guanzhou last week to seek assurances from Gzitic general manager Li Yinglin on the repayment of 145 million yuan in overdue deposits. He said that he was told that Gzitic was suffering from a credit crunch but did not have many non- performing assets and most of its foreign debts that fell due this year were repaid. It is not clear whether the Guanzhou government would approve the injection. Mr Ren said approval by Luoyang Glass directors would be needed for the sale of properties. He said that it was not promising that Gzitic would repay all deposits by the end of the year but Luoyang should be able to recover its money in full. Gzitic has properties in Guangzhou, Shanghai, Beijing, Hong Kong and Macau, including Fuxin Square, Beijing Guangzhou Tower and its new headquarters Guoxin Mansion. It also owns industrial assets in Guangzhou, notably Guangzhou Ethylene, and a 57.8 per cent stake in Hong Kong-listed Gzitic Hualing. Guangzhou Shipyard, another H-share company which has about 110 million yuan in overdue deposits with Gzitic and another 290 million yuan that will fall due in March, said that legal action might be taken to recoup the overdue deposits. However, the company is confident of recovery because the central bank and the China Securities Regulatory Commission were concerned. HIGH SPEED PHOTO FINISHING CO LIMITED: Winding-up order ------------------------------------------------------- A winding-up order notice is hereby given that High Speed Photo Finishing Co Limited is undergoing a companies winding-up proceedings (No 615 of 1998) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on October 14, 1998. The date of presentation of petition was August 31, 1998. KERRY PROPERTIES: Receives subscription offer --------------------------------------------- Kerry Properties has received a subscription offer from US private investment firm Colony Investors for 100 million new shares in the company at $4.5 each. According to the subscription agreement, the price represents a premium of 7.14 % to yesterday's closing price of $4.2. Colony Investors is an international firm focusing primarily on real estate-related assets and operating companies with a strategic dependence on such assets. Kerry said about 50 million of the new shares were intended to be sold at the subscription to be sold at the subscription price to Newbridge Asia, an emerging markets private equity firm backed by two US investment groups- Texas Pacific Group and Richard C. Blum & Associates. In the event Newbridge failed to purchase the 50 million new shares, they would be retained by Colony Investors, it said. Kerry said the net proceeds would be used as general working capital. The $450 million proceeds would bring Kerry's total cash on hand to about $1.2 billion. LEE'S KANPO YAKU & ACUPUNCTURE LIMITED: Winding-up order -------------------------------------------------------- A winding-up order notice is hereby given that (EKI HOU) Lee's Kanpo Yaku & Acupuncture Limited is undergoing a companies winding-up proceedings (No 622 of 1998) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on October 14, 1998. The date of presentation of petition was September 4, 1998. LUCKY UNICORN LIMITED: Winding-up order --------------------------------------- A winding-up order notice is hereby given that Lucky Unicorn Limited is undergoing a companies winding-up proceedings (No 632 of 1998) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on October 14, 1998. The date of presentation of petition was September 7, 1998. OLYMPIC HOTEL: Creditor banks win control of Olympic ---------------------------------------------------- According to the SCMP, Beijing Number One Middle Court has ruled that the Olympic Hotel's management must hand over control to a trustee firm which will run the inn on behalf of creditor banks. This came after the hotel's management failed to heed a 1995 ruling by the China International Trade Arbitration Committee that the banks could take over. Olympic Hotel, a three-star Beijing hotel jointly built by the China Athletic Service Co and Hong Kong's Jiaxing Investment, owes the banks 5.7 billion yen, an original five billion yen plus interest. The 1987 loan was raised from the Bank of China, Sakura Bank, Daiichi Kangyo Bank, and Mitsui Trust Bank. SINOAMERICAN TELECOM: Wind-up petition rejected by judge -------------------------------------------------------- According to the SCMP, an urgent bid to wind up Sinoamerican Telecom was rejected by the court yesterday following accusations of abuse of legal system. Counsel for the majority shareholder and director Allan Yuen Shek-sang slammed the attempt as a move to grab the only available assets from his hands. Barrister Benjamin Chain described the legal steps taken as having bulldozed through the relevant legislation. An adjournment to cross- examine witnesses was sought and granted. Mrs Justice Doreen Le Pichon said that if a winding up order was granted, there would be prejudice to the minority faction. Barrister for the petitioner said that the commercial reality was that investors in Sinoamerican's Shenzhen pager venture would not continue to provide funding unless the winding up was resolved. The venture was at grave risk of being wrecked and investors began to see the situation as throwing good money after bad. A further US$3.5 million was needed before December, or the pager venture would lose its licence. Mr Chain said the urgency could not be accepted and a winding-up order would not resolve funding problems. The petition was filed by Dragon Investment, a Cayman Islands company owed $10 million. Other investors, mainly from the United States and the Middle East, had injected $17 million into the company. Sinoamerican has networks in Hong Kong and the mainland, with a business carried out through Remoco (HK) which, through its Liago Telecom holding, operates the mainland joint venture. ULTRASONIC INDUSTRIAL CO LIMITED: Winding-up order -------------------------------------------------- A winding-up order notice is hereby given that Ultrasonic Industrial Co Limited is undergoing a companies winding-up proceedings (No 623 of 1998) in the High Court of the Hong Kong Special Administrative Region court of first instance. The date of order is on October 14, 1998. The date of presentation of petition was September 4, 1998. UNIVERSAL PRODUCTS: In voluntary liquidation -------------------------------------------- At an extraordinary General Meeting of members of Universal Products (HK) Limited duly convened and held at Room 103, 1 St. floor, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong on October 16, 1998, the special resolution was passed that it has been proved to the satisfaction of this meeting that the company cannot by reason of its liabilities continue its business and that commencement of winding-up of the company under Section 228A of the Companies Ordinance is appropriate and necessary and accordingly that the company be wound up voluntarily and Messrs Mattew Finvarr O`Driscoll and Wilfred Keith Timso be appointed Joint and Several Liquidators of the company. XIN TONG FA (MING GANG) LIMITED: Winding-up petition ---------------------------------------------------- Notice is hereby given that a petition for the winding-up of Xin Tong Fa (Ming Gang) Limited by the High Court of Hong Kong was, on the 25th day of September, 1998, presented to the said Court by Hua Min Tourism Automobile Transport Company Limited and the petition is heard on 29th of October, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. YCK (HOLDINGS) LIMITED: Winding-up petition ------------------------------------------- Notice is hereby given that a petition for the winding-up of YCK (Holdings) Limited by the High Court of Hong Kong was, on the 16th day of September, 1998, presented to the said Court by The Hongkong and Shanghai Banking Corporation and the petition is heard on 4th of November, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. YAOHAN INTERNATIONAL NATIONAL HOLDINGS: Winding-up petition ----------------------------------------------------------- Notice is hereby given that a petition for the winding-up of Yaohan International National Holdings Limited by the High Court of Hong Kong was, on the 12th day of August, 1998, presented to the said Court by Hidomi Holdings Limited and the petition is heard on 16th of September, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. ========= J A P A N ========= HITACHI LTD: Results announcement --------------------------------- Toshiba Corp. and Hitachi Ltd., Japan's largest integrated electronics manufacturers, both plunged into the red on a parent company basis for the six months ended Sept 30. Last Friday, Fujitsu Ltd. said group pretax profit fell 68% from a year earlier for the same period, reflecting a global slump in the semiconductor industry, while NEC Corp. said the same day that it expects a 35-million yen consolidated pretax loss for the year ending next March 31. Those dismal results illustrate the extend to which economic malaise and what analysts consider still-bloated corporate structure have dragged down even many of Japan's strongest companies -- exporters that have been exposed to international competition for decades. Toshiba reported a parent pretax loss of 6.4 billion yen, compared with a pretax profit of 25.4 billion yen in the year-earlier period. Parent sales dropped 12% to 1.6 trillion yen in the period down from 1.825 trillion yen a year earlier. Hitachi reported a staggering 124.54 billion yen unconsolidated pretax loss in the period. Its sales fell 12% to 1.798 trillion yen from 2.054 trillion yen a year earlier. Consumer-electronics and semiconductor operations have been hard-hit by sharp industry-wide price declines and falling demand, while the power-equipment business has suffered thanks to Japan's recession and the Asian economic crisis. LONG TERM CREDIT BANK: Banker to head nationalised LTCB ------------------------------------------------------- According to the Hong Kong Standard, Kyodo News Agency said the Japanese government will appoint a senior banker, Sadami Takahashi, now president of Mitsubishi Research Institute, to head the nationalised Long Term Credit Bank. LTCB declined to comment on the report. Kyodo News says Takahashi was a former vice president of Mitsubishi Bank, which in April 1996 became the Bank of Tokyo-Mitsubishi through merger with the Bank of Tokyo. Last Friday, LTCB applied for putting itself under state control. Prime Minister Keizo Obuchi thereupon judged the Tokyo bank to have effectively collapsed and accordingly decided to nationalize it through forced purchase of its stocks in conformity with the recently enacted bank rehabilitation regime. TOSHIBA CORP: Results announcement ---------------------------------- Toshiba Corp. and Hitachi Ltd., Japan's largest integrated electronics manufacturers, both plunged into the red on a parent company basis for the six months ended Sept 30. Last Friday, Fujitsu Ltd. said group pretax profit fell 68% from a year earlier for the same period, reflecting a global slump in the semiconductor industry, while NEC Corp. said the same day that it expects a 35-million yen consolidated pretax loss for the year ending next March 31. Those dismal results illustrate the extend to which economic malaise and what analysts consider still-bloated corporate structure have dragged down even many of Japan's strongest companies -- exporters that have been exposed to international competition for decades. Toshiba reported a parent pretax loss of 6.4 billion yen, compared with a pretax profit of 25.4 billion yen in the year-earlier period. Parent sales dropped 12% to 1.6 trillion yen in the period down from 1.825 trillion yen a year earlier. Hitachi reported a staggering 124.54 billion yen unconsolidated pretax loss in the period. Its sales fell 12% to 1.798 trillion yen from 2.054 trillion yen a year earlier. Consumer-electronics and semiconductor operations have been hard-hit by sharp industry-wide price declines and falling demand, while the power-equipment business has suffered thanks to Japan's recession and the Asian economic crisis. TOYO DENKI SEIZO KK: Plans staff reductions ------------------------------------------- Toyo Denki Seizo KK said it plans to reduce group staff 20% to 1200 people by May 2000 via attrition and an early retirement plan. The company, which makes electrical equipment for rolling stock, announced this cost cutting step as it hasn't paid a dividend since May 1993. Toyo Denki Seizo also said it will liquidate two of its 12 units, and suspend operations at another. With such steps, the company hopes that by May 2000 parent pretax profit will be one billion yen on sales of 27 billion yen. In the year ended May it had a pretax loss of 2.7 billion yen on sales of 2938 billion yen. The company said annual fixed cost should drop to 8.5 billion yen by May 2000 from 13 billion yen this past May. ========= K O R E A ========= CHUNGCHONG BANK: Bank declared insolvent ---------------------------------------- The Taechon District Court advertised in the Korean language Maeil Kyungje that the Chungchong Bank went bankrupt. The bank's address is 176-1 Oryu-dong, Chung-gu, Taechon-shi. CHUNGGU HOUSING: Allowed court receivership ------------------------------------------- The Korean language Maeil Kyungje reports that the Chunggu Housing Company was granted court receivership by the Seoul District Court on Oct. 27, 1998. DONGGUK GROUP: Workout program finalized ---------------------------------------- According to the Korean language Maeil Kyungje the workout programs of three groups have been finalized. The three groups are Dongguk Group (Dongguk Trading Co., Dongguk Synthetic Fiber Co., and Dongguk Weaving Co.); the Peerless Group; and the Shinwon Group (Shinwon Co., Shinwon Distribution Co. and Shinwon JMC). In Korea, a 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 designed to reduce banks' non-performing loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiaries. Furthermore, there is a compulsory shake-up of the top management of "workout companies". HWANYOUNG STEEL: Trade suspended during capital reduction --------------------------------------------------------- According to the Korean language Maeil Kyungje's Business Brief Section, the Korea Stock Exchange suspended the trade of Hwanyoung Steel Co. from Oct. 28, 1998 until the new price can be settled for the company's stock. The company is going through a capital reduction. PEERLESS GROUP: Workout program finalized ----------------------------------------- According to the Korean language Maeil Kyungje the workout programs of three groups have been finalized. The three groups are Dongguk Group (Dongguk Trading Co., Dongguk Synthetic Fiber Co., and Dongguk Weaving Co.); the Peerless Group; and the Shinwon Group (Shinwon Co., Shinwon Distribution Co. and Shinwon JMC). In Korea, a 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 designed to reduce banks' non-performing loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiaries. Furthermore, there is a compulsory shake-up of the top management of "workout companies". SHINWON GROUP: Workout program finalized ---------------------------------------- According to the Korean language Maeil Kyungje the workout programs of three groups have been finalized. The three groups are Dongguk Group (Dongguk Trading Co., Dongguk Synthetic Fiber Co., and Dongguk Weaving Co.); the Peerless Group; and the Shinwon Group (Shinwon Co., Shinwon Distribution Co. and Shinwon JMC). In Korea, a 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 designed to reduce banks' non-performing loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiaries. Furthermore, there is a compulsory shake-up of the top management of "workout companies". =============== M A L A Y S I A =============== KEDAH CEMENT: Blue Circle to buy 65% stake ------------------------------------------ Singapore Business Times reports Blue Circle Industries plc, the UK's largest cement maker, has announced plans to buy a 65 per cent of Kedah Cement for 701 million Malaysian ringgit (S$300.4 million) and will assume Kedah's debts of roughly RM1 billion. Kedah's two largest shareholders, Hicom Holdings and Bolton, will get RM388 million and RM312 million in cash for their interests of 36.3 and 28.99 per cent respectively, before bowing out of the industry. Blue Circle will buy their stakes at RM2.60 per share, through its 58 per cent Malaysian subsidiary, Malayan Cement. In June, Blue Circle made two Philippine-based cement acquisitions. Swiss-based Holderbank Financier Glaruz AG, the world's biggest cement maker, which also bid for Kedah, recently made a Thai cement acquisition. Hicom, part of Malaysia's largest automotive group, is cash-strapped and has technically defaulted on some of its borrowings. The company has a net debt position of RM2.6 billion and it plans to use proceeds from the Kedah stake sale to pay bondholders. MIZAKI MANAGEMENT SERVICES SDN BHD: Winding-up petition ------------------------------------------------------- BBMB Kewangan Bhd on 25/2/98 petitioned for the winding-up of Mizaki Management Services Sdn Bhd. The petition is directed to be heard on 27/11/98. RENONG: Mahathir revives Renong bid ----------------------------------- According to the SCMP, Malaysia's Prime Minister Mahathir Mohamad said his government would rescue the country's largest construction group Renong, suggesting a 10.5 billion ringgit bailout plan may go ahead. The comment came after government officials said they had not signed off a plan to use taxpayers' money to replace Renong's debt with government bonds. The plan was controversial as it left unscathed Renong's chief Halim Saad, an ally of Dr Mahathir. SENG SENG CONSTRUCTION SDN BHD: Winding-up petition --------------------------------------------------- V-Pile System Sdn Bhd on 30/6/98 petitioned for the winding-up of Seng Seng Construction Sdn Bhd. The petition is directed to be heard on 25/11/98. SIME DARBY BHD: Focus on debt collection & stock reduction ---------------------------------------------------------- Conglomerate Sime Darby Bhd (listed on the KLSE) plans to reinforce its policy of cash conserving with more emphasis on debt collection and reducing inventory. "With growth forecast to be marginal at best, consolidation, merging and right-sizing will all be measures that the group will use to win the battle of business survival in the year ahead." Sime Darby incurred a RM70.7mil group pre-tax loss for the year ended 30/6/98, compared to a pre-tax profit of RM1.68billion previously. ================= S I N G A P O R E ================= CREATIVE TECHNOLOGY: Expecting sharply lower profits ---------------------------------------------------- Singapore Business Times report industry analysts are expecting a whopping 40-60 per cent fall in net income for Creative Technology in the quarter ended September compared to a year ago. But that will be "no major surprise", they say. Net income for the homegrown mainboard-listed counter should fall into the US$20 million (S$32.6 million) to US$30 million range, or 20-30 US cents on an earnings per share basis for its first fiscal quarter. David Toh of ING Barings said: "Selling and general operating expenses will increase very sharply for the quarter because of the additional costs incurred for the launch of Soundblaster Live!" Indications from Creative's management point to about 20 per cent of revenues, or about US$56 million. Last year, Creative posted net income which more than trebled from a year back to US$51.6 million for its September quarter excluding extraordinary gains, while revenues were up 1.3 per cent to US$287 million. Yesterday, the Creative stock closed at $18.80, down 30 cents, on 210,800 units traded. VAN DER HORST: Analysts puzzled by stock's rise ----------------------------------------------- Singapore Business Times says Indonesian-linked Van der Horst rose yesterday (Oct. 27) despite an announcement that the company was seeking an interim debt moratorium. Baffled dealers said the only explanation for the counter's firm showing was that it had been swept along with almost all other penny stocks when the market rallied strongly yesterday afternoon. Van der Horst on Monday announced it had appointed BNP Prime Peregrine to act as its adviser and to assist in developing a restructuring plan. It said the forced sale of shares of its executive chairman, Johannes Kotjo, had caused a technical breach of a financing agreement, hence the need for the interim debt moratorium. =============== T H A I L A N D =============== BANGKOK METROPOLITAN BANK PCL: Results announcement --------------------------------------------------- Bangkok Metropolitan Bank PCL reports unreviewed quarterly financial statements as a net loss of Bt36.6 billion for the period ending September 30, 1998. This compares to a profit of Bt10.9 million for the corresponding 1997 period. BANK OF AYUDHYA PCL: Results announcement ----------------------------------------- Bank of Ayudhya reports unreviewed quarterly financial statements as a net loss of Bt699 million for the period ending September 30, 1998. This compares to a profit of Bt1.05 billion for the corresponding 1997 period. BOOK CLUB FINANCE AND SECURITIES PCL: Results announcement ---------------------------------------------------------- Book Club Finance and Securities PCL reports unreviewed quarterly financial statements as a net loss of Bt169 million for the period ending September 30, 1998. This compares to a net loss of Bt22 million for the corresponding 1997 period. DHANA SIAM FINANCE AND SECURITIES PCL: Results announcement ----------------------------------------------------------- Dhana Siam Finance and Securities PCL reports unreviewed quarterly financial statements as a net loss of Bt9.53 billion for the period ending September 30, 1998. This compares to a loss of Bt9.2 million for the corresponding 1997 period. EKACHART FINANCE AND SECURITIES PCL: Results announcement --------------------------------------------------------- Ekachart Finance and Securities PCL reports unreviewed quarterly financial statements as a net loss of Bt620 million for the period ending September 30, 1998. This compares to a profit of Bt14.2 million for the corresponding 1997 period. FIRST BANGKOK CITY BANK: Results announcement --------------------------------------------- First Bangkok City Bank reports unreviewed quarterly financial statements as a net loss of Bt8.2 billion for the period ending September 30, 1998. This compares with a profit of Bt883 million for the corresponding 1997 period. FIRST CITY INVESTMENT: Results announcement ------------------------------------------- First City Investment reports unreviewed quarterly financial statements as a net loss of Bt871 million for the period ending September 30, 1998. This compares with a net loss of Bt311 million for the corresponding 1997 period. KRUNG THAI BANK: Results announcement ------------------------------------- Krung Thai Bank reports unreviewed quarterly financial statements as a net loss of Bt8.4 billion for the period ending September 30, 1998. This compares to a profit of Bt349 million for the corresponding 1997 period. NATIONAL FINANCE PCL: Results announcement ------------------------------------------ National Finance PCL reports unreviewed quarterly financial statement as a net loss of Bt1.34 million for the period ending September 30, 1998. THAI FARMERS BANK: Results announcement --------------------------------------- Thai Farmers Bank reports unreviewed quarterly financial statements as a net loss of Bt19 billion for the period ending September 30, 1998. THAI MILITARY BANK: Results announcement ---------------------------------------- Thai Military Bank reports unreviewed quarterly financial statements as a net loss of Bt1.37 billion for the period ending September 30, 1998. This compares to a profit of Bt900 million for the corresponding 1997 period. 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. ISSN: 1520-9482. 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 * * *