/raid1/www/Hosts/bankrupt/TCRAP_Public/981202.MBX 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      

      Wednesday, December 2, 1998, Vol. 1, No. 198

                    Headlines


* C H I N A   &   H O N G   K O N G *

CLIMAX INTERNATIONAL: CCB probes Climax allegations
CONCORDIA PAPER: Concordia Paper put up for sale
GUANGDONG INTERNATIONAL: Gitic loans repayment hopes rise
INTERFORM CERAMICS: Rescuer faces claim over US$29m deal
JOYCE BOUTIQUE: Sells 20% stake to HdP

PALIBURG HOLDINGS: Paliburg takeover bid scrapped
UDL HOLDINGS: Judge gives chance to stricken arm of UDL


* I N D O N E S I A *

PT ASTRA: Results announcement


* J A P A N *

ASAHI MUTUAL: S&P puts Japan insurers on CreditWatch
CHUO TRUST: Planning merger to survive 'Big Bang'
DAI-ICHI MUTUAL: S&P puts Japan insurers on CreditWatch
DENSO CORP: To reorganize into group system from Jan
ITOCHU CORP: Results announcement

JDC CORP: To apply for protection from creditors
MARUBENI CORP: Results announcement
MEIJI LIFE: S&P puts Japan insurers on CreditWatch
MITSUBISHI MATERIALS: Results announcement
MITSUI MUTUAL: S&P puts Japan insurers on CreditWatch

NIPPON CREDIT BANK: Planning merger to survive 'Big Bang'
NISSHO IWAI: Results announcement
SUMITOMO CORP: Results announcement
SUMITOMO LIFE: S&P puts Japan insurers on CreditWatch
YASUDA MUTUAL: S&P puts Japan insurers on CreditWatch


* K O R E A *

KIJANG CO-OP: Firm is bankrupt
TONG II GROUP: Moon companies seek receivership


* M A L A Y S I A *

CHAROEN POKPHAND INTERTRADE (M): Voluntary winding-up
DYNA-CAPITAL SDN BHD: Voluntary winding-up
HICOM HOLDINGS: Still in talks on Proton stake
JURU URUSETIA SDN BHD: Winding-up petition
MALAYSIAN AIRLINE SYSTEM: Results announcement

RASHID HUSSAIN BHD: Results announcement
RICHVEST NOMINEES SDN BHD: Voluntary winding-up
SENANDUNG JUARA SDN BHD: Winding-up petition
TEKALA CORPORATION BHD: Results - 30/9/98
TIME ENGINEERING: Seeks warrant extension


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

MANILA PAPERS: Asks high court to stop asset auction


* S I N G A P O R E *

BOUSTEAD SINGAPORE: Results announcement
JACK CHIA-MPH: Results announcement
METRO HOLDINGS: Results announcement
SONICA: Winding-up petition withdrawn


* T H A I L A N D *

BANGKOK BANK PCL: Results announcement
BANGKOK METROPOLITAN BANK: Results announcement
DATAMAT PCL: Results announcement
DUSIT THANI: Confirms sale of stake in Royal Princess
EKACHART FINANCE: Results announcement

FIRST BANGKOK: Results announcement
JALAPRATHAN CEMENT: Strikes deal with local creditors
KCE ELECTRONICS: Results announcement
KULTHORN KIRBY PCL: Defaults in loan payments
PRUDENTIAL TS LIFE: Delisting announcement

S&P SYNDICATE PCL: Reduces equity in subsidiary company
SANSIRI PCL: Results announcement
STA GROUP (1993) PCL: Results announcement
THAI FARMERS BANK: Results announcement
THAI MILITARY BANK: Results announcement

THAI WIRE PRODUCTS: Results announcement
UNION ASIA FINANCE: Results announcement
UNIVEST LAND PCL: Results announcement


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

CLIMAX INTERNATIONAL: CCB probes Climax allegations
---------------------------------------------------
According to the South China Morning Post, stationery-maker
Climax International announced last night it had submitted
a formal complaint to the Commercial Crime Bureau over
irregularities in its balance sheet and the complaint was
accepted for further investigation.

The company previously announced it was seeking former
chairman Kenneth Fung Kin-yuen over the irregularities
which in August caused it to restate its 1997 year-end
financial statements. The irregularities include an
overvaluation of semi-finished products by $88.49 million,
$48.25 million in non-existent transactions and $31.2
million of questionable checks.


CONCORDIA PAPER: Concordia Paper put up for sale
------------------------------------------------
The joint receivers and managers of Concordia Paper Ltd.
have advertised in the Asian Wall Street Journal that the
company is for sale. Concordia Paper is Hong Kong's only
cardboard manufacturer that uses recycled paper. For
further information, please contact Mr. Alan Tang or Mr.
Galbriel Tam of KPMG at phone 2522-6022, fax 2845-2588.


GUANGDONG INTERNATIONAL: Gitic loans repayment hopes rise
---------------------------------------------------------
According to the Hong Kong Standard, a banker yesterday
said they have started preparing registration with Bank of
China (BOC) of their unregistered loans to Gitic following
advice by their lawyers who contacted BOC about loan
registration procedures. BOC is the trustee of the assets
and liabilities of Gitic. The banker said other creditor
banks were also making similar preparations.

Another banker disclosed yesterday that Chinese authorities
may provide indications of its position regarding
registered and unregistered loans to Gitic and other issues
related to Gitic in a meeting in Guangzhou tomorrow.


INTERFORM CERAMICS: Rescuer faces claim over US$29m deal
--------------------------------------------------------
According to the South China Morning Post, mainland China
Wealth Group, which has stepped in to rescue trouble
Interform Ceramics, is facing legal action over a US$29.4
million loan which was extended to it in February this year
and guaranteed by Guangdong International Trust &
Investment Corp HK (Holdings).

When the guarantor went into liquidation in October, the
amount was declared instantly repayable to Banca
Commerciale Italiana. The Italian Bank is also acting on
behalf of London Forfaiting Company, San Paolo-IMI,
Mediocredito Centrale, and Centrobanca. According to their
statement of claim, the loan was declared due by Oct 16.
Interest and costs are also being sought in the suit.

The Hong Kong Standard reported that Interform's share
price soared 50 per cent on announcement that China Wealth
Group has come to its rescue. The report said that China
Wealth will inject seven ceramics enterprises in addition
to $100 million and in return for a 75 per cent stake in
Interform Ceramics, and the $100 million will be used for
purchasing four-year bonds issued by the new company that
owns Interform Ceramics and the seven ceramics firms, with
5 per cent annual interest. The seven enterprises were
expected to gain profits of $350 million.


JOYCE BOUTIQUE: Sells 20% stake to HdP
--------------------------------------
The Financial Times reports Joyce Boutique Holdings, the
upmarket Hong Kong retailer, yesterday sold a 20 percent
stake to Holding di Partecipazioni Industiali, the Italian
fashion textile and publishing group, for HK$34.32m. Funds
raised will help lower Joyce's debt gearing ratio and boost
its working capital. Management control will remain with
the Ma family, which remains the single biggest
shareholder.

The Asian financial crisis forced Joyce to cut seven of its
overseas store; it subsequently axed 70 staff and relocated
its flagship Hong Kong store across the road to cheaper,
less prestigious, premises. The move saved an estimated
HK$12m a year in rents.

In February, it launched a rights issue to bolster its
balance sheet in a bid to lower hefty gearing.


PALIBURG HOLDINGS: Paliburg takeover bid scrapped
-------------------------------------------------
According to the South China Morning Post, Hang Lung
Development said last night that it had shelved plans to
acquire financially-troubled Paliburg Holdings.


UDL HOLDINGS: Judge gives chance to stricken arm of UDL
-------------------------------------------------------
According to the South China Morning Post, the court
yesterday refused to wind up a subsidiary of troubled
marine and civil engineering company UDL Holdings and
adjourned all UDL matters to Jan 11, 1999 when a petition
to wind up the company filed by the Hongkong and Shanghai
Banking Corp will be heard.

The temporary reprieve hinges on a restructuring plan
devised by the holding company, set to fight a winding-up
order in the new year. The judge cited support by creditors
for the parent in deferring a bid to wind up subsidiary UDL
Kenworth Engineering. She said there was chance of the
holding company being restructured.

UDL and Kenworth reported a joint $2.05 billion  
attributable loss in the year to March 31.


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

PT ASTRA: Results announcement
------------------------------
Singapore Business Times cites a Bloomberg report that PT
Astra International, Indonesia's largest carmaker, posted a
487.2 billion rupiah (S$107 million) loss in the first nine
months. This compares with profit of 326 billion rupiah in
the same period last year. Sales fell 22 per cent to 8.51
trillion rupiah.


=========
J A P A N  
=========

ASAHI MUTUAL: S&P puts Japan insurers on CreditWatch
----------------------------------------------------
Standard & Poor's Ratings Group said it put six Japanese
life insurers on CreditWatch for possible downgrade, citing
deteriorating asset quality brought on by high loan
exposure to the banking sector. The rating agency said the
insurers' exposure to banks came through subordinated term
loan which in some cases exceed the total asset of the
insurers. S&P said the uncertainty over insurers' asset
quality will persist until bank restructuring plans, aimed
at addressing their own high levels of problem loans, are
finalized. S&P said it will focus on the life insurers'
efforts to address their asset-quality problems and
supplement their capital resources.


CHUO TRUST: Planning merger to survive 'Big Bang'
-------------------------------------------------
Kyodo News reports Chuo Trust and Banking Co. and Nippon
Credit Bank (NCB) are considering a merger to survive
burgeoning competition among banks brought on by Japan's
"Big Bang" financial decontrol drive, sources close
to the banks said Tuesday. If a basic agreement on the
merger is reached, the two banks will jointly set
up a committee by the end of the year at the earliest to
specify terms of the merger, which would likely take place
next October, the sources said.

Last month, Chuo Trust took over parts of collapsed
Hokkaido Takushoku Bank's (Takugin) assets and liabilities
as well as all of Takugin's branches on the main Japanese
island of Honshu -- a move that increased Chuo Trust's
total branches to 111.

For all of fiscal 1998, Chuo Trust expects a net loss of 18
billion yen, despite an unconsolidated net business profit
of 40 billion yen.


DAI-ICHI MUTUAL: S&P puts Japan insurers on CreditWatch
-------------------------------------------------------
Standard & Poor's Ratings Group said it put six Japanese
life insurers on CreditWatch for possible downgrade, citing
deteriorating asset quality brought on by high loan
exposure to the banking sector. The rating agency said the
insurers' exposure to banks came through subordinated term
loan which in some cases exceed the total asset of the
insurers. S&P said the uncertainty over insurers' asset
quality will persist until bank restructuring plans, aimed
at addressing their own high levels of problem loans, are
finalized. S&P said it will focus on the life insurers'
efforts to address their asset-quality problems and
supplement their capital resources.


DENSO CORP: To reorganize into group system from Jan
----------------------------------------------------
Nikkei English News reports Denso Corp. plans to reorganize
into independently run divisions within a group system from
January 1999, company sources said. The leading autoparts
affiliate of Toyota Motor Corp. aims to prepare to meet the
demands of automakers for parts supply in modular forms.
Denso has been hit hard by the slumping domestic auto
market. It expects to post a 23% fall in pretax profit to
65 billion yen in the year through March 1999.


ITOCHU CORP: Results announcement
---------------------------------
Nikkei English News reports Itochu Corp. posted a 90% drop
in consolidated net profit, to 700 million yen, on
restructuring costs and losses incurred from its
investments in affiliates in Indonesia and elsewhere.


JDC CORP: To apply for protection from creditors
------------------------------------------------
Kyodo News reports JDC Corp., a financially troubled
midsize construction company, has decided to seek court
protection from creditors Tuesday afternoon, company
sources told Kyodo News Monday. The Tokyo-based company is
listed on the Tokyo Stock Exchange's First Section
and has been restructuring its operations.

With an estimated 400 billion yen in debt to be left
behind, this will be a major case of effective bankruptcy
in the construction industry following last year's collapse
of Tokai Kogyo Co., according to a private credit research
firm.

JDC has been laden with a large burden of debts and debt
guarantees since its failures in golf course projects in
the bubble economy period of the late 1980s.

In late September 1997, JDC announced a restructuring plan
under which it planned to reduce its debts by 47 billion
yen in the four years through March 2001. However, after
the plan was announced, the prospects of a recovery in the
Japanese economy were hindered further by the collapses of
major financial institutions, such as Hokkaido Takushoku
Bank and Yamaichi Securities Co. in November.

The company's stock price has been skidding, falling below
its par value of 50 yen in late September -- a symptom
observed in the collapses of major corporations in the past
year or so in Japan. This has increased concern about the
firm's business prospects, necessitating it to seek
protection by the Tokyo District Court from its creditors'
attempts to seize JDC assets to recover their loans to the
firm.


MARUBENI CORP: Results announcement
-----------------------------------
Nikkei English News reports Marubeni Corp.'s net profit
fell by just over half, to 7.2 billion yen, because of
losses at overseas group chemicals firms and pulp and paper
companies.


MEIJI LIFE: S&P puts Japan insurers on CreditWatch
--------------------------------------------------
Standard & Poor's Ratings Group said it put six Japanese
life insurers on CreditWatch for possible downgrade, citing
deteriorating asset quality brought on by high loan
exposure to the banking sector. The rating agency said the
insurers' exposure to banks came through subordinated term
loan which in some cases exceed the total asset of the
insurers. S&P said the uncertainty over insurers' asset
quality will persist until bank restructuring plans, aimed
at addressing their own high levels of problem loans, are
finalized. S&P said it will focus on the life insurers'
efforts to address their asset-quality problems and
supplement their capital resources.


MITSUBISHI MATERIALS: Results announcement
------------------------------------------
Nikkei English News reports Mitsubishi Materials Corp.  
posted 28.7 billion yen in consolidated net loss in the
fiscal first half ended September, company officials said
Friday. It blamed the nonferrous metal smelter's parent-
only 18 billion yen appraisal loss on stockholdings, as
well as sharp losses at domestic and overseas subsidiaries.
Consolidated pretax loss totaled 7.51 billion yen, although
the company marked pretax profit on a parent-only basis.
For the full year through March 1999, the Tokyo-based firm
expects to post group net loss of 20 billion yen on
continued poor performance at subsidiaries. However, it
will likely mark net profit on an unconsolidated basis on
profit generated from stock sales, the officials said.


MITSUI MUTUAL: S&P puts Japan insurers on CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Group said it put six Japanese
life insurers on CreditWatch for possible downgrade, citing
deteriorating asset quality brought on by high loan
exposure to the banking sector. The rating agency said the
insurers' exposure to banks came through subordinated term
loan which in some cases exceed the total asset of the
insurers. S&P said the uncertainty over insurers' asset
quality will persist until bank restructuring plans, aimed
at addressing their own high levels of problem loans, are
finalized. S&P said it will focus on the life insurers'
efforts to address their asset-quality problems and
supplement their capital resources.


NIPPON CREDIT BANK: Planning merger to survive 'Big Bang'
---------------------------------------------------------
Kyodo News reports Chuo Trust and Banking Co. and Nippon
Credit Bank (NCB) are considering a merger to survive
burgeoning competition among banks brought on by Japan's
"Big Bang" financial decontrol drive, sources close
to the banks said Tuesday. If a basic agreement on the
merger is reached, the two banks will jointly set
up a committee by the end of the year at the earliest to
specify terms of the merger, which would likely take place
next October, the sources said.

NCB, for its part, faces heavy downward pressure on its
capital-adequacy ratio due to bad loans, for which it has
to set aside annual profits to cover possible future loan
losses. The bank is expecting an unconsolidated net loss of
100 billion yen for fiscal 1998 ending next March 31, after
it funnels profits into loan-loss reserves to write off a
735 billion yen portion of its bad loans. NCB posted an
unconsolidated net business profit of 65.2 billion yen and
a net profit of 10.1 billion yen for the first half of the
fiscal year.


NISSHO IWAI: Results announcement
---------------------------------
Nikkei English News reports Nissho Iwai fell into a net
loss of 55.9 billion yen on its liquidation of a financial
unit. And Kanematsu suffered a net loss of 800 million yen
due to lower revenue and a higher interest burden.


SUMITOMO CORP: Results announcement
-----------------------------------
Nikkei English News reports Sumitomo finished the interim
period with a 58.6 billion yen net loss, due mainly to 76.1
billion yen in stock-valuation losses and 17.5 billion yen
paid to settle lawsuits stemming from its 1996 copper-
trading scandal.


SUMITOMO LIFE: S&P puts Japan insurers on CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Group said it put six Japanese
life insurers on CreditWatch for possible downgrade, citing
deteriorating asset quality brought on by high loan
exposure to the banking sector. The rating agency said the
insurers' exposure to banks came through subordinated term
loan which in some cases exceed the total asset of the
insurers. S&P said the uncertainty over insurers' asset
quality will persist until bank restructuring plans, aimed
at addressing their own high levels of problem loans, are
finalized. S&P said it will focus on the life insurers'
efforts to address their asset-quality problems and
supplement their capital resources.


YASUDA MUTUAL: S&P puts Japan insurers on CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Group said it put six Japanese
life insurers on CreditWatch for possible downgrade, citing
deteriorating asset quality brought on by high loan
exposure to the banking sector. The rating agency said the
insurers' exposure to banks came through subordinated term
loan which in some cases exceed the total asset of the
insurers. S&P said the uncertainty over insurers' asset
quality will persist until bank restructuring plans, aimed
at addressing their own high levels of problem loans, are
finalized. S&P said it will focus on the life insurers'
efforts to address their asset-quality problems and
supplement their capital resources.


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

KIJANG CO-OP: Firm is bankrupt
------------------------------
The Pusan District Court advertised in the Korean language
Maeil Kyungje that the Kijang Co-op went bankrupt. The co-
op's address is 273-3 Dongbu-ri, Kijang-eup, Pusan and the
representative is Mr. Nam Jae-shik.


TONG II GROUP: Moon companies seek receivership
-----------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, Tong II Group, controlled by the Unification
Church of the Reverend Sun Myung Moon, will apply this week
for receivership of its four subsidiaries - Tong II Heavy
Industries, Hankook Titanium, II Sung Construction and II
Shin Stone -- which account for 70 per cent of the group's
sales.

The group's finance division head Seo Pyung-kyoo said a
grace period granted by creditors on claims of 981.8
billion won against the four had expired. He said the
insolvency was inevitable. Tong II vice president told the
stock exchange the company was declared insolvent after it
failed to settle 234 million won of debts that matured on
Saturday. The exchange suspended Tong II Heavy shares from
trading on the news.

Tong II Group creditors put their claims on hold last July
to allow the companies to work out rescue plans, including
possible injection of funds by the Unification Church,
which was founded by Moon in 1954 and is often accused by
critics of being a cult.


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

CHAROEN POKPHAND INTERTRADE (M): Voluntary winding-up
-----------------------------------------------------
The members of Charoen Pokphand Intertrade (M) Sdn Bhd on
25/11/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
31/12/98.


DYNA-CAPITAL SDN BHD: Voluntary winding-up
------------------------------------------
The members of Dyna-Capital Sdn Bhd on 20/11/98 resolved to
wind-up the company voluntarily. Creditors are requested to
submit their claims before 30/12/98.


HICOM HOLDINGS: Still in talks on Proton stake
----------------------------------------------
Singapore Business Times reports Hicom Holdings chairman
Mohd Saleh Sulong said the company is still in talks with
Petroliam Nasional Bhd over the proposed sale of its stake
in Proton, Bernama reported. Separately, Hicom said it
proposes to extend the expiry date of its warrants by five
years to Dec 18, 2005. Hicom issued 257.97 million
detachable warrants and 950 million Malaysian ringgit
(S$413 million) bonds in March 1996.


JURU URUSETIA SDN BHD: Winding-up petition
------------------------------------------
The People's Insurance Company (M) Sdn Bhd on 22/10/98
petitioned for the winding-up of Juru Urusetia Sdn Bhd.
The petition is directed to be heard on 8/1/99.


MALAYSIAN AIRLINE SYSTEM: Results announcement
----------------------------------------------
Singapore Business Times reports Malaysian Airline System
(MAS) suffered an interim group pre-tax loss of 431.99
million Malaysian ringgit (S$188 million) and reported
foreign exchange translation losses that exceeded its
shareholders' funds. For the six months ended Sept 30,
spiralling fuel, cabin crew and spare parts costs took the
wind out of earnings as revenue stayed flat at RM3.4
billion. In the previous interim, the group made a pre-tax
gain of RM47.32 million. Yesterday, at an eagerly awaited
press briefing closed to the foreign media, MAS officials
gave few hints on how the group planned to deal with its
crippling RM11.8 billion debt.

With revenue flat and a heavy debt burden, the carrier said
it had obtained a bridging loan of RM200 million to finance
the purchase of its ninth Boeing 777-200.

The group, led by chairman Tajuddin Ramli, earlier had a
plan to revamp its debt by setting up a new company that
would buy its aircraft, but that proposal was shelved after
opposition from minority shareholders. Official news agency
Bernama quoted Mr Tajuddin as saying that the airline is
"preparing its strategy to pay back its debts", but gave
little details.

He said the company was still capable of getting funds from
abroad to finance its aircraft purchases. MAS planned to
meet its capital needs by selling aircraft and getting
funding from the US Exim Bank and UK-based credit agencies.


RASHID HUSSAIN BHD: Results announcement
----------------------------------------
Singapore Business Times reports Rashid Hussain Bhd (RHB)
yesterday reported one of the biggest corporate losses in
Malaysian history -- 1.56 billion ringgit (S$677.5 million)
at the pre-tax level -- which cleaned out shareholders'
coffers by a frightening 47 per cent. The results were
announced by the debt-ridden financial group alongside a
massive RM3.3 billion recapitalisation that would remove
chairman Abdul Rashid Hussain as the largest controlling
shareholder of the group. RHB said that for the year ended
June 30, losses to shareholders came to RM936 million,
which cut shareholders' funds by 47 per cent to RM1.12
billion.

Excluded was the RM1.4 billion in goodwill RHB paid for
Kwong Yik Bank. An analyst said that if this goodwill were
fully charged, it would have a negative net worth. In plain
terms: RHB is currently worthless, all of its existing
shareholders have lost their money and it needs to be
recapitalised.

Under its restructuring, Pahang government will inject
RM530 million in new assets into the company, which RHB
officials project will give it only RM60 million in
cashflow. RHB therefore needs to do more for its finances,
analysts said. As at June 30, 1997, the company's accounts
show debts of RM3.4 billion including short-term
liabilities of RM2 billion, and RM20 million in cash.

Its press briefing yesterday threw little light on its
current debt levels. RHB is in no position to meet its
interest on borrowings of RM380 million. It used to rely on
revenue from its 60.6 per cent-owned RHB Capital to meet
interest payments.

Yesterday RHB Capital and RHB Securities reported losses of
RM651 million and RM86.4 million respectively, while RHB
Equities suffered a whopping RM1.12 billion loss.


RICHVEST NOMINEES SDN BHD: Voluntary winding-up
-----------------------------------------------
The members of Richvest Nominees Sdn Bhd on 30/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 30/12/98.


SENANDUNG JUARA SDN BHD: Winding-up petition
--------------------------------------------
Perbandaran Pembangunan Bandar on 18/11/98 petitioned to
wind-up Senandung Juara Sdn Bhd. The petition is directed
to be heard on 8/1/99.


TEKALA CORPORATION BHD: Results - 30/9/98
-----------------------------------------
Tekala Corporation Bhd reported a post-tax loss of
RM13.194mil for the 6 months ended 30/9/98, compared to a
post-tax profit of RM7.718mil previously. EPS fell 271%
from 5.15sen to a loss per share of 8.8sen.


TIME ENGINEERING: Seeks warrant extension
-----------------------------------------
Singapore Business Times reports Time Engineering plans to
extend the exercise period for its warrants to 10 years, to
August 2006. The 249.9 million detachable warrants came
with its August 1996 issue of US$250 million (S$412
million) bonds and are due to expire in February 2001.


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

MANILA PAPERS: Asks high court to stop asset auction
----------------------------------------------------
A paper firm is asking the Supreme Court to prevent the
government from auctioning its assets to pay union
officers. In a three-page motion for reconsideration, the
Manila Paper Mills, Inc. (MPMI) petitioned the High  
Tribunal to enjoin the Quezon City sheriff from selling its
machines and materials pending the resolution of the case.

"The properties have been attached by the sheriff last
November 24 and would be scheduled for auction to satisfy
the award of the questioned decision," said Nesto Ricolcol,
MPMI counsel.

The company made the appeal after the High Court junked
last month its petition for review the for failing to
furnish it a clear copy of the ruling of the National Labor
Relations Commission (NLRC), which it asked the Supreme
Court to reverse.


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

BOUSTEAD SINGAPORE: Results announcement
----------------------------------------
Singapore Business Times reports higher tax provisions led
to a 92 per cent plunge in Boustead Singapore Ltd's net
earnings to $74,000 in the half year ended Sept 30. The
mainboard-listed industrial products group yesterday said
overseas subsidiaries' profits incurred higher tax rates
and certain expenses were not tax-deductible. Turnover for
its latest interim period rose 28 per cent to $59.81
million. And operating profit inched up 3 per cent to $3.11
million. Earnings per share plunged from 2.64 cents in the
previous half-year to 0.22 cents. Net tangible asset per
share fell to 86 cents from 90 cents.


JACK CHIA-MPH: Results announcement
-----------------------------------
Singapore Business Times reports Jack Chia-MPH yesterday
reported an 85 per cent plunge in net interim earnings to
$1.51 million for the six months ended Sept 30, hit by both
tough competition and the regional economic crisis.
Earnings per share fell to 0.6 cents on a fully diluted
basis. Net tangible asset backing fell to 76 cents from 110
cents. The group recorded an extraordinary gain of $4.15
million, mainly from the sale of subsidiary companies. This
boosted the bottom line to $5.66 million, which was still
32 per cent lower year on year. Sales dipped 2 per cent to
$351.5 million. The book publishing and property group
reported other income of $4.44 million, up 21 per cent.

Interest on borrowings rose 33 per cent to $5.7 million.
Short term debt -- repayable within 12 months -- jumped
about three times to $144.88 million at end-March.


METRO HOLDINGS: Results announcement
------------------------------------
Singapore Business Times reports Metro Holdings incurred an
interim loss of nearly $2 million for the six months to
Sept 30, 1998, due to losses from its retail and leisure
divisions as well as higher interest costs. This translates
into a loss per share of 1.88 cents, compared to an
earnings per share of 2.46 cents previously when it had
chalked up a net profit of $2.6 million. No interim
dividend was recommended.


SONICA: Winding-up petition withdrawn
-------------------------------------
The Sonica-Fu Yu Manufacturing saga has taken another
twist, with a petition to wind up Sonica withdrawn at the
eleventh hour last Friday, according to Singapore Business  
Times. BT understands that the main petitioning creditor, a
Taiwanese firm, pulled out at a High Court hearing on
Friday. The seven other petitioning creditors also withdrew
their petition.

Early last month computer monitor makers Sonica filed a
writ of summons in the High Court, alleging that plastic
injection moulders Fu Yu had failed to supply 87,500 units
of Sonica's Image Vision monitors according to an agreed
delivery schedule. Sonica claimed it lost about $8 million
in profit and filed a damages claim. In response, Fu Yu
alleged that Sonica failed to disclose that it was facing
claims and suits from other sources. Fu Yu also pointed to
the winding-up petition as being relevant and said it would
pursue a "major counterclaim" for breach of contract and
non-payment of goods delivered.

The latest move means Sonica is now free to pursue its
claim. Contacted yesterday, Sonica's managing director
Robert Tan said that "this means that we can press on with
our case against Fu Yu". Fu Yu has until Dec 5 to file a
response to Sonica's claims, while the court's hearing of
the case is scheduled for Dec 28.


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

BANGKOK BANK PCL: Results announcement
--------------------------------------
Bangkok Bank PCL reports reviewed quarterly financial
statements as a net loss of Bt9.98 billion for the period
ending September 30, 1998. This compares with a loss of
Bt26.37 billion for the corresponding 1997 period.


BANGKOK METROPOLITAN BANK: Results announcement
-----------------------------------------------
Bangkok Metropolitan Bank reports reviewed quarterly
financial statements as a net loss of Bt38.05 billion for
the period ending September 30, 1998. This compares with a
loss of Bt52.72 billion for the corresponding 1997 period.


DATAMAT PCL: Results announcement
---------------------------------
Datamat Public Company Limited has submitted its reviewed
quarterly financial statements as of September 30,1998.
Performance in the 1998 third quarter compared with the
1997 third quarter are found lost up to Baht 27.1 million.


DUSIT THANI: Confirms sale of stake in Royal Princess
-----------------------------------------------------
Dusit Thani PCL has responded to increasing speculation in
the media regarding a potential disposal of its shares in
Royal Princess Public Co., Ltd. Dusit Thani owns a 79.65%
interest in Royal Princess, whose issued and paid-up
capital is Baht 600 million.

The company has informed the SET that Park Plaza Kemayan
Limited, an Australian company, is conducting a due
diligence review in relation to the possible acquisition  
of the company's shares in Royal Princess and has made an
announcement to the Australian Stock Exchange regarding
this matter. Those inquiries may take some weeks to be
finalized. Furthermore, no agreement for the sale of such
shares has been reached by Dusit Thani Public Co., Ltd. and
Park Plaza Kemayan Limited. Dusit Thani will inform the SET
again regarding the status of these discussions on December
15, 1998.


EKACHART FINANCE: Results announcement
--------------------------------------
Ekachart Finance PCL reports quarterly financial statements
as a net loss of Bt618 million for the period ending
September 30, 1998. This compares with a loss of Bt1.79
billion for the corresponding 1997 period.


FIRST BANGKOK: Results announcement
-----------------------------------
First Bangkok City Bank PCL reports reviewed quarterly
financial statements as a net loss of Bt11.19 billion for
the period ending September 30, 1998. This compares with a
loss of Bt21.179 billion for the corresponding 1997 period.


JALAPRATHAN CEMENT: Strikes deal with local creditors
-----------------------------------------------------
The Asian Wall Street Journal reports that Jalaprathan
Cement PCL has reached an agreement with 22 of its local
creditors to restructure 3.8 billion baht of debt.  
According to the report, the creditors agreed to extend
maturity dates of baht denominated loans up from 4 years to
12 years.  

Additionally, Jalaprathan will receive a four year grace
period in which the company will not have to make either
principal or interest payments on 2.78 billion baht of
restructured debt. The formula calls for Jalaprathan to
begin paying interest at the beginning of 2004 at the
prevailing prime lending rate (referred to in Thailand as
the minimum lending rate) plus 1.25 percent. Beginning in
the year 2005, Jalaprathan will begin to pay back the
principle at a rate of 200 million baht per year.  

Other details of the agreement include the fact that
Jalaprathan will start making interest payments in 1999
under the same interest calculation scheme above on an
additional 578 million baht on which it has already
defaulted.  

Convertible debentures will be used to restructure an
additional 512.2 million baht of debt. A French cement
manufacturer, Climents Francais, will have the rights to
purchase the debentures, and if it so desires, it can
convert the debentures into shares giving it a 31 percent
stake in Jalaprathan.


KCE ELECTRONICS: Results announcement
-------------------------------------
KCE Electronics PCL reports third quarter results, showing
a net loss of Baht 971,460,835 compared to net loss of Baht
52,788,343 during the same period of 1997 or increase in
net loss of 1,740.29%. The company had 12.9% and 8.6%
increased in sales and revenue respectively but deducted
Baht 552,085,958 provision of doubtful debt and Baht
542,608,438 loss on decline in value investment as the
result of ceasing the operation of an affiliated company.
Consequently, the company had net loss as earlier
mentioned.


KULTHORN KIRBY PCL: Defaults in loan payments
---------------------------------------------
Kulthorn Kirby Public Company has given the SET details of
the defaults in repayment of loans for Kulthorn Kirby and
two subsidiaries. Total of the three companies defaulted in
repayment in long term loans (US currency) were Bt155
million, long term loans (Baht loan) were Bt4.5 million,
short term loans (US dollars) Bt869 million, short term
loans (Baht loan) Bt407 million. Accrued interest expense
was Bt96 million.


PRUDENTIAL TS LIFE: Delisting announcement
------------------------------------------
The Stock Exchange of Thailand has officially announced
that Prudential TS Life Assurance Public Company Limited
(PTSL) will be formally delisted from the SET on 1 December
1998 onwards. Under the Rules, Conditions and Procedures
Governing the Listing and Delisting of Securities (No.3),
PTSL's shares will be listed securities until 30 November
1998. The SET decision follows an earlier request from the
management of PTSL that the company be delisted. The SET
has decided the company has fulfilled its obligations under
its delisting regulations. Therefore, the Board of
Governors has approved PTSL's request under Section 171 (4)
of the Securities and Exchange Act B.E. 2535 (1992).


S&P SYNDICATE PCL: Reduces equity in subsidiary company
-------------------------------------------------------
S&P Syndicate Public Company Limited, as a consequence of
the Company's restructuring of its subsidiary network
implemented as of 1 April 1998 onwards has informed the SET
that Board of Directors passed a on 16 November 1998 to
reduce equity stakes in subsidiaries previously held by S&P
Syndicate PCL.

The restructuring was arranged through the purchase of
subsidiaries' assets and the transfer of operations and
production/selling activities from subsidiaries to S&P
Syndicate. Frozen prepared meals production was transferred
from S&P Kitchen Co., Ltd. to S&P Syndicate's central
kitchen operations, bakery production was transferred from
S&P Bakery Products Co., Ltd. to S&P Syndicate's bakery
production division, and dealings with supermarkets/outside
selling representatives for S&P Distribution & Sales Co.,
Ltd. was transferred to S&P Syndicate's selling division   
unoperated S&P Franchising Co., Ltd.

After these transfers the majority of operations of the
subsidiaries has ceased, with considerable registered
capital remaining. The Board thus passed a resolution for
the Company's subsidiaries to reduce their capital and
return investments to shareholders. The subsidiaries had
very little retained earnings remaining, due to the
announcements to pay dividends to S&P Syndicate Public Co.,
Ltd. during the years 1997-1998.


SANSIRI PCL: Results announcement
---------------------------------
Sansiri PCL reports reviewed quarterly financial statements
as a net loss of Bt610 million for the period ending
September 30, 1998. This compares with a loss of Bt1.44
billion for the corresponding 1997 period.


STA GROUP (1993) PCL: Results announcement
------------------------------------------
STA Group (1993) PCL reports reviewed quarterly financial
statements as a net loss of Bt5.81 billion for the period
ending September 30, 1998. This compares with a loss of
Bt6.71 billion for the corresponding 1997 period.


THAI FARMERS BANK: Results announcement
---------------------------------------
Thai Farmers Bank PCL reports reviewed quarterly financial
statements as a net loss of Bt18.88 billion for the period
ending September 30, 1998. This compares with a loss of
Bt22.79 billion for the corresponding 1997 period.


THAI MILITARY BANK: Results announcement
----------------------------------------
Thai Military Bank PCL reports reviewed quarterly financial
statements as a net loss of Bt1.37 billion for the period
ending September 30, 1998. This compares with a loss of
Bt6.11 billion for the corresponding 1997 period.


THAI WIRE PRODUCTS: Results announcement
----------------------------------------
Thai Wire Products PCL reports results for the period
ending September 30, 1998 as a net loss of Bt87.32 million.
Total revenues for 3rd quarter of 1998 were 200.00 million
baht and total expenditures were 287.32 million baht. The
total revenues for same period of previous year were 461.26
Million baht, the total expenditure was 398.89 million
baht, the net profit before extraordinary items was 62.37
million baht, the loss from Manage Float Exchange System
was 282.86 million baht and the net loss was 220.49 million
baht.

Even without the effect from the currency exchange loss,
this year's performance is blamed on a sharp decrease in
sales quantity, of more than 70%, due to the continuing
economic slowdown especially in the construction sector.
High interest expenses and provision for doubtful accounts
are also cited.


UNION ASIA FINANCE: Results announcement
----------------------------------------
Union Asian Finance PCL reports reviewed quarterly
financial statements as a net loss of Bt1.07 billion for
the period ending September 30, 1998. This compares with a
loss of Bt7.22 billion for the corresponding 1997 period.


UNIVEST LAND PCL: Results announcement
--------------------------------------
Univest Land PCL reports reviewed quarterly financial
statements as a net loss of Bt3.97 billion for the period
ending September 30, 1998. This compares with a loss of
Bt4.94 billion 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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