---

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, November 23, 1998, Vol. 1, No. 192

                    Headlines


* C H I N A   &   H O N G   K O N G *

ARTECH LIMITED: Winding-up order
CHINESE LAW INTERNATIONAL CONSULTANCY: Winding-up order
COMPANION BUILDING: Formulation of a new holding company
FULL COUNTRY DEVELOPMENT LIMITED: Winding-up order
GOLDEN BODY INDUSTRIAL LIMITED: Winding-up petition

GREATER BEIJING FIRST EXPWY: Moody's cuts rating on notes
HOPEWELL HOLDINGS: Results announcement
LAP HENG P.V.C. KITES: Winding-up order
LUSTRE FAME LIMITED: Winding-up order
MASS TRANSIT RAILWAY: Places US$60m note for 20 years

PAPER-MAKER LIMITED: Winding-up order
REVELL ENGINEERING LIMITED: Winding-up petition
THEME INTERNATIONAL: Results announcement
WAH TAI CONTRACTORS LIMITED: Notice to creditors


* I N D O N E S I A *

ASTRA INTERNATIONAL: To buy back US$70 mln worth of bonds
HM SAMPOERNA: Results announcement


* J A P A N *

AOKI CORP: AOKI asks for debt forgiveness
DAIWA BANK: Seeks government aid to capital base
NKK: Considers Japan Development Bank aid
RICOH: Results announcement
SANWA BANK: Fleet Financial may buy Sanwa unit

SANWA BANK: Reports $20 bln in bad loans under new rules
SANWA BANK: Seeks government aid to capital base
SEGA ENTERPRISES: Results announcement
TOSHIBA CORP: Results announcement


* K O R E A *

HANJU TRADE: Trade of Hanju Trade Company suspended
KUMKANG LEATHER: Trade of Kumkang Leather suspended
KUMKYUNG CO: Trade of Kumkyung suspended
SHINWON INDUSTRY: Starts liquidation process


* M A L A Y S I A *

COMPACT PRIZE SDN BHD: Winding-up petition
JENNICO ASSOCIATES SDN BHD: Winding-up petition
RHB CAPITAL BHD: Results announcement
STRATES SDN BHD: Winding-up petition


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

NORTH NEGROS: Nenaco strikes deal with creditors
PHILIPPINE AIRLINES: SEC extends deadline on rehab program


* S I N G A P O R E *

URACO HOLDINGS: Approval for preference shares


* T H A I L A N D *

ALPHATEC ELECTRONICS: Notice to creditors
DHANA SIAM FINANCE AND SECURITIES PCL: Results announcement
EASTERN STAR REAL ESTATE PCL: Results announcement
ELECTRICITY GENERATING: Plans to sell Ratchaburi complex
EMC PCL: Results announcement

FIRST CITY INVESTMENT: Results announcement
FOREMOST FRIESLAND: Notice of intention to delist shares
JASMINE INTERNATIONAL PCL: Results announcement
KRISDAMAHANAKORN PCL: Results announcement
ONE HOLDING PCL: Results announcement

SAMART TELCOMS PCL: Results announcement
SEMICONDUCTOR VENTURES: Summary of the rehabilitation plan
SIAM UNITED SERVICES PCL: Results announcement
UNION BANK OF BANGKOK: Results announcement
UNION MOSAIC INDUSTRY PCL: Results announcement


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

ARTECH LIMITED: Winding-up order
--------------------------------
A winding-up order notice is hereby given that Artech
Limited is undergoing a companies winding-up proceedings
(No 698 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on November 4, 1998. The date of presentation of
petition was September 29, 1998.    

CHINESE LAW INTERNATIONAL CONSULTANCY: Winding-up order
-------------------------------------------------------
A winding-up order notice is hereby given that Chinese Law
International Consultancy Center Limited is undergoing a
companies winding-up proceedings (No 705 of 1998) in the
High Court of the Hong Kong Special Administrative Region
court of first instance. The date of order is on November
4, 1998. The date of presentation of petition was October
5, 1998.    


COMPANION BUILDING: Formulation of a new holding company
--------------------------------------------------------
The directors of Companion Building Material (Holdings)
Limited are pleased to announce that all necessary
resolutions of the shareholders of the Company to approve
the reorganisation proposal of the Company and its
subsidiaries by means of a scheme of arrangement under
Section 166 of the Companies Ordinance were duly passed at
the court meeting and extraordinary general meeting of the
Company held today.

Upon the Proposal becoming effective the Company will
become an indirect wholly owned subsidiary of Companion
Building Material International Holdings Limited, a new
holding company incorporated in Bermuda; the Company's
shareholders will receive shares of HK$0.01 each in the
capital of Holdings in exchange for the shares of HK$0.20
each in the capital of the Company on a one for one basis;
and the listing of the Shares will be withdrawn and the
Holdings Shares will simultaneously be listed on The Stock
Exchange of Hong Kong Limited.

The Scheme is subject to final approval from the High Court
of Hong Kong at a hearing of a petition to sanction the
Scheme. It is expected that such hearing will be on 1st
December, 1998. Implementation of the Proposal is also
subject to, amongst other matters, the Listing Committee of
the Stock Exchange granting the listing of, and permission
to deal in, the Holdings Shares.


FULL COUNTRY DEVELOPMENT LIMITED: Winding-up order
--------------------------------------------------
A winding-up order notice is hereby given that Full Country
Development Limited is undergoing a companies winding-up
proceedings (No 703 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 4, 1998. The date of
presentation of petition was September 30, 1998.    


GOLDEN BODY INDUSTRIAL LIMITED: Winding-up petition
---------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Golden Body Industrial Limited by the High Court of Hong
Kong was, on the 23rd day of October, 1998, presented to
the said Court by Wong Mei Ling and the petition is heard
on 2nd day of December, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


GREATER BEIJING FIRST EXPWY: Moody's cuts rating on notes
---------------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investor Services Inc. has downgraded its ratings on $100
million senior notes (due 2004) and $188 million senior
notes (due 2007) issued by the Greater Bejing First
Expressway Ltd. from Ba1 to Ba2. Greater Bejing First
Expressway Ltd. is a wholly owned unit of Greater Region
Expressways Ltd. (GBRE).

GBRE's projects include adjoining sections of highway
located just outside Bejing, on the main Beijing-to-Shenzen
national truck highway. However, this ratings move was
attributed to a cut in revenues, concerns whether
management can achieve its targets for revenue growth, and
residual concerns surrounding a shareholder dispute with
GBRE. The recent drop in revenues was due to lower than
expected levels of traffic on project roads.  


HOPEWELL HOLDINGS: Results announcement
---------------------------------------
The Financial Times reports Hopewell Holdings, the Hong
Kong infrastructure and property group, has made provision
of HK$5.7 billion for the year to June 30. Provisions for
the full year were partially offset by a HK$2.67 billion
gain on the sale of the remaining 20 per cent stake in
Consolidated Electric Power Asia, the group's power arm.
But Hopewell nevertheless reported a loss of HK$2.81
billion for the year to June 30. This compared with a loss
of HK$1.69 billion for the previous year. Earnings per
share fell from HK$.064 to HK$0.39.

The biggest provision of HK$4.4 billion was against the
Tanjung Jati B power plant project in Indonesia where work
came to a halt two months ago as confidence in the country
evaporated and banks pulled in loans.


LAP HENG P.V.C. KITES: Winding-up order
---------------------------------------
A winding-up order notice is hereby given that Lap Heng
P.V.C. Kites Industrial Company Limited is undergoing a
companies winding-up proceedings (No 692 of 1998) in the
High Court of the Hong Kong Special Administrative Region
court of first instance. The date of order is on November
4, 1998. The date of presentation of petition was September
28, 1998.    


LUSTRE FAME LIMITED: Winding-up order
-------------------------------------
A winding-up order notice is hereby given that Lustre Fame
Limited is undergoing a companies winding-up proceedings
(No 642 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on November 4, 1998. The date of presentation of
petition was September 8, 1998.    


MASS TRANSIT RAILWAY: Places US$60m note for 20 years
-----------------------------------------------------
According to the SCMP, the Mass Transit Railway Corp (MTRC)
yesterday placed a US$60 million 20-year note to an unnamed
international investor through investment bank Morgan
Stanley Dean Witter, the longest tenure it has ever
achieved in its financings. The note, issued under the
MTRC's debt issuance programme, carries a coupon of 8.375
per cent per annum payable semi-annually, representing a
spread of approximately 300 basis points above US
treasuries.

The MTRC believed the tenure for the issue was also the
longest for a debt issued by a Hong Kong entity since the
onset of the Asian crisis.


PAPER-MAKER LIMITED: Winding-up order
-------------------------------------
A winding-up order notice is hereby given that Paper-maker
Limited is undergoing a companies winding-up proceedings
(No 614 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on November 4, 1998. The date of presentation of
petition was August 31, 1998.    


REVELL ENGINEERING LIMITED: Winding-up petition
-----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Revell Engineering Limited by the High Court of Hong
Kong was, on the 30th day of October, 1998, presented to
the said Court by Li Wai Leung and the petition is heard on
9th day of December, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


THEME INTERNATIONAL: Results announcement
-----------------------------------------
According to the SCMP, fashion retailer Theme International
Holdings plunged to an $806.62 million net loss for the
year to March, hit by a spending slump and two ill-fated  
investments. The loss, which followed a net profit of
$90.76 million last year, was far worse than the consensus
of $42.3 million by six analysts in the latest edition of
the Estimate Directory. The struggling company, a one-time
stock market darling, collapsed to a $528.94 million
operating loss from an $81.12 million profit previously.  
Turnover grew almost 20 per cent to $1.05 billion.


WAH TAI CONTRACTORS LIMITED: Notice to creditors
------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Wah Tai Contractors Limited (in creditors' voluntary
liquidation) will be held on 30th November, 1998 at 7/F.,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong for the purposed provided for in Section
255A,241,242,243,244 of the companies Ordinance.


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

ASTRA INTERNATIONAL: To buy back US$70 mln worth of bonds
---------------------------------------------------------
Asia Pulse reports PT Astra International announced that it
planned to buy back bonds with US$70 million obtained from
the divestment of its subsidiary PT Astra Microtonics
Technology (AMT). ASII vice-president Aminuddin said:
"Holders of commercial papers offering the lowest price
will be bought back with funds gained from AMT divestment."
A market analyst said that prices of bonds or short-term
commercial papers were tumbling and that now was the right
time for issuers to buy back bonds.


HM SAMPOERNA: Results announcement
----------------------------------
The Financial Times reports HM Sampoerna, the Indonesian
cigarette manufacturer, reported heavy foreign exchange
losses of Rp1,192bn, which resulted in a net loss of
Rp752.5bn compared with a net profit of Rp322.6bn in the
first nine months of 1997. But forex losses were Rp1,820bn
in the first half, when the rupiah was much lower than the
Rp10,700 per dollar used for the latest results. Its
rebound has continued and yesterday it stood at Rp7,600,
promising a further reduction in losses for the fourth
quarter. Strong demand for its cheaper brands helped lift
volume 5 per cent in the third quarter.

The Times says Sampoerna faces the challenge of $150 in
loans coming due next year. Analysts have been concerned
that the continued weak markets and tighter stock market
rules could hit its plans to go ahead with a general rights
issue.


=========
J A P A N  
=========

AOKI CORP: AOKI asks for debt forgiveness
-----------------------------------------
The Asian Wall Street Journal reports that the Aoki
Corporation, a mid-sized general contractor, has asked its
main banks (Asahi and the Industrial Bank of Japan) to
forgive 78 billion and 77.7 billion yen respectively. This
reportedly amounts to about 65 percent of Aoki's
outstanding loans.  

This request is part of a restructuring plan, and the loan
forgiveness is needed to help write off losses incurred
from the restructuring plan, including liquidation costs.  
The plan involves Aoki focusing on its core business of
domestic civil engineering and withdrawing from several
businesses, including overseas construction, golf-course
development, and the hotel business.  

The article reported that Aoki projects that for the
current fiscal year ending in March, the company will see
an unconsolidated pretax loss of 5.3 billion yen and a net
loss of 98 billion yen on sales of 200 billion yen.


DAIWA BANK: Seeks government aid to capital base
------------------------------------------------
Kyodo News reports Sanwa Bank and Daiwa Bank said
separately Thursday they will ask the government to funnel
600 billion yen and 300 billion yen, respectively, into
their depleted capital bases to prevent further drops in  
their capital-adequacy ratios. Under a bank-
recapitalization law cleared by the Diet on Oct. 16, the
two banks want to obtain public funds through government
purchases of new preferred shares to be issued shortly,
they said.

With the announcements, the two banks became the first
Japanese banks to specify the amount of public funds they
plan to seek.

Sanwa and Daiwa also said they will cut their respective
dividend payments for the entire 1998 fiscal year by 1.50
yen and 3.00 yen to 8.50 yen and 6.00 yen, respectively.
The planned dividend reductions are in line with a
government requirement for applicant banks to limit the
size of dividends in order to prevent capital resources
received from the government from flowing out and
undercutting their capital bases again.


NKK: Considers Japan Development Bank aid
-----------------------------------------
The Financial Times reports NKK, the troubled Japanese
steel maker, is considering asking the government-backed
Japan Development Bank for financial assistance. The move
follows the announcement last week that Nissan, the number
two car maker, may request a loan of up to Y100bn from the
same bank. NKK, part of the Fuyo group, said the loan was
"only one option." It had Y40bn in outstanding loans from
JDB in March 1998. In the first half, parent losses
totalled Y30.04bn, against profits of Y11.23bn.


RICOH: Results announcement
---------------------------
The Financial Times reports Ricoh, the leading Japanese
copy machine maker, reported consolidated pre-tax profits
fell 30.5 per cent, from Y32.26bn to Y22.41bn, largely
because of a weaker domestic market. Net profits slid 7.8
per cent to Y12.16bn.


SANWA BANK: Fleet Financial may buy Sanwa unit
----------------------------------------------
The Wall Street Journal reports Fleet Financial Group Inc.
is close to an agreement to acquire the U.S.-based
commercial-finance unit of Sanwa Bank Ltd. of Japan for
about $750 million, according to people familiar with the
matter. The acquisition would significantly bolster Fleet's
own commercial-finance unit, Fleet Capital Corp., adding
about $6.4 billion to the $9 billion in assets the unit has
under management. Chicago-based Sanwa Business Credit,
which provides equipment leasing and secured lending to
companies, also would allow Fleet Capital to expand beyond
the Northeast and better insulate the business against
regional economic downturns.

Tokyo-based Sanwa has been seeking a buyer for Sanwa
Business Credit for some time.

The sale will help Sanwa Bank raise cash to finance massive
write-downs of bad loans. Thursday the company announced it
would seek about $5 billion in public money to bolster
capital under Japan's banking-reform program.

The parent once hoped Sanwa Business Credit would fetch as
much as $1.2 billion, according to people familiar with the
negotiations. That price would have represented twice the
book value of the business, a rather steep premium.


SANWA BANK: Reports $20 bln in bad loans under new rules
--------------------------------------------------------
Asia Pulse reports Sanwa Bank said that under Japan's new
bad-loan standards, it had 2.44 trillion yen (US$20
billion) worth of such loans as of Sept. 30, roughly 1
trillion yen (US$8.3 billion) more than Sanwa would have
reported under current regulations based on U.S. accounting
standards. The new standards, set by the financial-
revitalization law implemented last month, cover not only
bank loans, but also the bank's whole line of credit,
including securities lent and debt guarantees. The bank
said it had 824.7 billion yen (US$6.8 billion) in loans to
bankrupt companies, 1.29 trillion yen (US$10.7 billion) in
high-risk loans and 319.1 billion yen (US$2.6 billion) in
loans needing monitoring.


SANWA BANK: Seeks government aid to capital base
------------------------------------------------
Kyodo News reports Sanwa Bank and Daiwa Bank said
separately Thursday they will ask the government to funnel
600 billion yen and 300 billion yen, respectively, into
their depleted capital bases to prevent further drops in  
their capital-adequacy ratios. Under a bank-
recapitalization law cleared by the Diet on Oct. 16, the
two banks want to obtain public funds through government
purchases of new preferred shares to be issued shortly,
they said.

With the announcements, the two banks became the first
Japanese banks to specify the amount of public funds they
plan to seek.

Sanwa and Daiwa also said they will cut their respective
dividend payments for the entire 1998 fiscal year by 1.50
yen and 3.00 yen to 8.50 yen and 6.00 yen, respectively.
The planned dividend reductions are in line with a
government requirement for applicant banks to limit the
size of dividends in order to prevent capital resources
received from the government from flowing out and
undercutting their capital bases again.


SEGA ENTERPRISES: Results announcement
--------------------------------------
The Financial Times reports Sega Enterprises revealed
first-half non-consolidated net profits down 76 per cent,
from Y5bn to Y1.2bn. It blamed the poor results on the
depressed local economy and the continuing economic crisis
in Asia. But the company announced an extra Y1 on its
interim dividend of Y15 to commemorate the launch next week
of Dreamcast, its new games console. Sega took a Y5.3bn
extraordinary loss in the period. This included Y3.7bn of
valuation losses on securities holdings and Y1.4bn paid out
in a lawsuit involving Dreamcast. Excluding exceptional,
parent pre-tax profits fell 47.3 per cent from Y12.1 bn to
Y6.4bn, while sales dropped 20.4 per cent from Y126.8bn to
Y100.9bn.


TOSHIBA CORP: Results announcement
----------------------------------
Asia Pulse reports Toshiba Corp. reported a consolidated
net loss of 23.6 billion yen (US$195.65 million) in the
fiscal first half ended September, against a profit of 9.5
billion yen (US$79 million) a year earlier. The first
interim red ink in 23 years reflected falling prices of  
semiconductors and LCDs. For the full year through March
1999, Toshiba aims to break even in its net balance on the
back of strong demand for PCs overseas. Full-year operating
profit is forecast to dip 15 per cent year on year to 70  
billion yen (US$583 million).


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

HANJU TRADE: Trade of Hanju Trade Company suspended
---------------------------------------------------
According to the Korean language Maeil Kyungje Business
Brief section, the trade of Hanju Trade Company has been
suspended.


KUMKANG LEATHER: Trade of Kumkang Leather suspended
---------------------------------------------------
According to the Korean language Maeil Kyungje Business
Brief section, the trade of Kumkang Leather Company has
been suspended.


KUMKYUNG CO: Trade of Kumkyung suspended
----------------------------------------
According to the Korean language Maeil Kyungje Business
Brief section, the trade of Kumkyung Company has been
suspended.


SHINWON INDUSTRY: Starts liquidation process
--------------------------------------------
According to the Korean language Maeil Kyungje Business
Brief section, the Shinwon Industry Company's liquidation
application has been approved by the Taechon District
Court.


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

COMPACT PRIZE SDN BHD: Winding-up petition
------------------------------------------
Cenpak (Malaysia) Sdn Bhd on 12/10/98 petitioned for the
winding-up of Compact Prize Sdn Bhd. The petition is
directed to be heard on 12/2/99


JENNICO ASSOCIATES SDN BHD: Winding-up petition
-----------------------------------------------
Bina Puri Sdn Bhd on 26/8/98 petitioned for the winding-up
of Jennico Associates Sdn Bhd. The petition is directed to
be heard on 29/1/99.


RHB CAPITAL BHD: Results announcement
-------------------------------------
Singapore Business Times cites a Bloomberg article that RHB
Capital Bhd, which controls RHB Bank, is expected to have
lost about 666 million Malaysian ringgit (S$285.7 million)
in the 18 months ended June 30, the first loss in its
history, and one of the nation's largest, analysts said.

RHB Capital, which controls one of Malaysia's biggest
securities companies, changed its year-end to June 30 from
Dec 31. In 1997, RHB Capital had a profit of RM758.4
million.


STRATES SDN BHD: Winding-up petition
------------------------------------
Comfort Air-Condition Refrigeration Engineering Sdn Bhd on
26/10/98 petitioned for the winding-up of Strates Sdn Bhd.
The petition is directed to be heard on 28/1/99.


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

NORTH NEGROS: Nenaco strikes deal with creditors
------------------------------------------------
BusinessWorld reports transport carrier North Negros
Navigation Co., Inc. (Nenaco) has entered into an agreement
with majority of its creditors to restructure its debt
payments.

Nenaco said it "has obtained approval, in principle, from
the majority of its bank lenders to restructure its
borrowings by reducing, consolidating, and converting its
short-term bank loans to a five-year term loan." Talks
started since September.

As part of its debt restructuring agreement, Nenaco said
dollar loans amounting to $18.1 million will be converted
into the Philippine currency as a safeguard just in case
the Philippine peso (PhP) weakens against the US dollar.
Nenaco added it has already converted $6.1 million of the
figure to peso-denominated loans "to eliminate the risk of
a further devaluation of the peso" and subsequently worsen
the firm's financial position. Another $9.1 million, Nenaco
said, were also converted "The company plans to convert its
last remaining $2.9-million loan into pesos before the end
of the year."

But over-all, Nenaco said it has reduced its total
obligations "through cash injections totaling PhP1.8
billion from its new parent company, Metro Pacific Corp."


PHILIPPINE AIRLINES: SEC extends deadline on rehab program
----------------------------------------------------------
BusinessWorld reports the Securities and Exchange
Commission (SEC) yesterday granted Philippine Airlines,
Inc. (PAL) an additional two-week leeway to submit its
rehabilitation plan. Effectively, this gives Cathay Airways
Ltd. the needed time to complete  its due diligence study
on the airline.

PAL was supposed to submit the rehabilitation plan on
Friday, November 20. In its decision, SEC said: "Owing to
the agreement in Principle between Cathay Airways Ltd. and
PAL" for the Hong Kong-based firm's buy-in into the
country's flag carrier, the deadline was extended up to
December 7. The new deadline coincides with the deadline
set by Cathay to wrap up its due diligence study on PAL.

This is the third time the SEC granted PAL's interim
rehabilitation receiver an extension on the deadline for
the plan's submission. The commission tasked the interim
body to oversee the preparation of PAL's rehabilitation
plan as well as run the day-to-day operations of the ailing
airliner.


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

URACO HOLDINGS: Approval for preference shares
----------------------------------------------
Singapore Business Times reports precision engineering
company Uraco Holdings has secured in-principle approval
from the stock exchange for its proposed issue of 9,500
redeemable convertible preference shares at $1,000 each.
Proceeds will be used mainly to repay existing loans.


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

ALPHATEC ELECTRONICS: Notice to creditors
-----------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, as
the Planner of Alphatec Electronics Public Company Limited,
has submitted the Company's reorganisation plan to the
official receiver, Legal Execution Department on November
5, 1998.

In this regard, the official receiver has called for the
meeting of creditors to consider the reorganisation plan
pursuant to Section 90/44 of the Bankruptcy Act B.E. 2483.  
The meeting is scheduled to be held at the meeting room,
9th floor of the Legal Execution Department, Bangkok
Noi-Taling Chan Road, Bang Khun Non Sub-district, Bangkok
Noi District, Bangkok, on December 1,1998 at 9.30 A.M.


DHANA SIAM FINANCE AND SECURITIES PCL: Results announcement
-----------------------------------------------------------
Dhana Siam Finance and Securities PCL reports reviewed
quarterly financial statements as a net loss of Bt9.73
billion for the period ending September 30, 1998. This
compares with a loss of Bt12.5 million for the
corresponding 1997 period.


EASTERN STAR REAL ESTATE PCL: Results announcement
--------------------------------------------------
Eastern Star Real Estate PCL reports reviewed quarterly
financial statements as a net loss of Bt289 million for the
period ending September 30, 1998. This compares with a loss
of Bt99.9 million for the corresponding 1997 period.


ELECTRICITY GENERATING: Plans to sell Ratchaburi complex
--------------------------------------------------------
The Financial Times reports state-owned Electircity
Genreating Authority of Thailand has approved plans to sell
the unfinished Ratchaburi power complex to help alleviate
the company's impending cash crunch. Egat also said
yesterday that it planned to issue another $300 million in
global bonds guaranteed by the World Bank -- similar to the
landmark issue last month also backed by the World Bank --
and borrow another $109 million from export credit agencies
as well as raise Bt10bn locally.


EMC PCL: Results announcement
-----------------------------
EMC PCL reports reviewed quarterly financial statements as
a net loss of Bt43.2 million for the period ending
September 30, 1998. This compares with a loss of Bt122
million for the corresponding 1997 period.


FIRST CITY INVESTMENT: Results announcement
-------------------------------------------
First City Investment reports reviewed quarterly financial
statements as a net loss of Bt871 million for the period
ending September 30, 1998. This compares to a loss of Bt311
million for the corresponding 1997 period.


FOREMOST FRIESLAND: Notice of intention to delist shares
--------------------------------------------------------
Foremost Friesland (Thailand) PCL has informed the SET that
its major shareholder, Friesland International B.V., has
informed the Board of Directors that they would like to
take the Company private. Friesland International believes
full ownership will let the Company focus fully on its
long-term development in Thailand.  A key part of its
strategy is to reinvest all profits necessary to strengthen
the foundations of its business. To do this, the Company
needs to have full flexibility on investments without
having to balance out the need to meet dividend
expectations. The Board of Directors has considered the
request and decided to proceed with the delisting of shares
of the Company.

Friesland International B.V. is the offeror and the major
shareholder of the Company, holding 7,604,800 shares or
57.61 percent. The major shareholder and its groups, which
consist of Kay Hian Private Ltd. and thirty cooperatives,
holds 9,832,100 shares or 74.49 percent. The offer price is
105 baht per share less 0.55 per cent commission and value
added tax. The net proceed is 104.42 baht per share.

The Board of Directors will call an Extraordinary
Shareholders Meeting Wednesday, December 23, 1998, to
consider approval of the resolution to delist the ordinary
shares of the Company from the Stock Exchange of Thailand.


JASMINE INTERNATIONAL PCL: Results announcement
-----------------------------------------------
Jasmine International PCL reports reviewed quarterly
financial statements as a net loss of Bt255 million for the
period ending September 30, 1998. This compares with a loss
of Bt608 million for the corresponding 1997 period.


KRISDAMAHANAKORN PCL: Results announcement
------------------------------------------
Krisdamahanakorn PCL reports reviewed quarterly financial
statements as a net loss of Bt607 million for the period
ending September 30, 1998. This compares with a loss of
Bt1.57 billion for the corresponding 1997 period.


ONE HOLDING PCL: Results announcement
-------------------------------------
One Holding PCL reports reviewed quarterly financial
statements as a net loss of Bt53.7 million for the period
ending September 30, 1998. This compares with a loss of
Bt1.63 billion for the corresponding 1997 period.


SAMART TELCOMS PCL: Results announcement
----------------------------------------
Samart Telcoms PCL reports reviewed quarterly financial
statements as a net loss of Bt20.8 million for the period
ending September 30, 1998. This compares with a loss of
Bt5.2 million for the corresponding 1997 period.


SEMICONDUCTOR VENTURES: Summary of the rehabilitation plan
----------------------------------------------------------
Semiconductor Ventures International Public Company Limited
Reports Asia Pacific Electronics Company Limited (APEC) has
taken a majority stake in SVI by holding a total of
15,101,756 shares representing 95.24% of SVI's issued
shares. APEC is a company in the group of H&Q (Thailand)
Limited founded by H&Q Asia Pacific Limited (H&QAP), a
reputable venture fund management company with long-term
investment for the Asia-Pacific region.

The Company has successfully completed its debt
restructuring having Loan Re-scheduling Agreement signed on
Dec. 17, 1997 and Loan Restructuring Agreement and Equity
Conversion Option Agreement signed on May 4, 1998. Its
short term debt both principal and interest accrued as of
Nov. 30, 1997 totaled Baht 239.84 million has been
rescheduled to 8-year term loan with 2 years grace period
and no interest cost. In addition, the Company entered into
Compromised Agreement and Settlement Agreements with 5
suppliers at the end of 1997 resulting to a debt reduction
in the amount of Baht 60,681,414.60 and a longer repayment
schedule.

For the first half of 1998, operating results showed sales
of the first six months reached Bath 360 million, a boost
of 70 % compared to the same period sales of last year
mainly due to the weakening of Thai Baht. As successfully
acquired by H&QAP, a US-based fund management company
focusing on long-term investment in high technology areas,
in conjunction with successful debt restructuring, the
Company was able to regain more confidence from its
customers. Meanwhile, the Company tightened the
administrative expense and increased the sales of the
medium and higher complexity assembly products provided the
better contribution margin. All of those aforementioned
factors contributed to the first operation profit (excluded
other income) of Bath 7 million.

According to the debt restructuring agreement and the
option agreement signed on May 4, 1998, the company is
obligated to increase its registered capital within
one year from the date of signing. It is also required to
reserve up to 10% of the paid up capital for the conversion
of debt to equity which can be exercised by the concerned
lenders. Therefore, the Company plans to increase capital
through the right offering within December 1998. the
registered shares and paid-up shares will be increased to
87,209,991 shares and 79,281,810 shares, respectively.
The proceeds from the capital increase will be used for
working capital requirement and business expansion.
Resulted from the planned capital increase and the success
in debt restructuring, the company will be able to improve
its capital structure from -11.38 debt equity ratio at the
end of 1997 to the ratio of 1.5 at the end of 1998.


SIAM UNITED SERVICES PCL: Results announcement
----------------------------------------------
Siam United Services PCL reports reviewed quarterly
financial statements as a net loss of Bt467 million for the
period ending September 30, 1998. This compares with a loss
of Bt315 million for the corresponding 1997 period.


UNION BANK OF BANGKOK: Results announcement
-------------------------------------------
Union Bank of Bangkok PCL reports reviewed quarterly
financial statements as a net loss of Bt846 million for the
period ending September 30, 1998. This compares with a
profit of Bt35.2 million for the corresponding 1997 period.


UNION MOSAIC INDUSTRY PCL: Results announcement              
-----------------------------------------------
                                                
Union Mosaic Industry PCL reports reviewed quarterly
financial statements as a net loss of Bt32.7 million for
the period ending September 30, 1998. This compares with a
loss of Bt28.4 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.  

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