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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 5, 1999, Vol. 2, No. 216
Headlines
* C H I N A & H O N G K O N G *
CHINA.COM: Losses widen in third quarter
* J A P A N *
DAIICHI PHARMACEUTICAL CO.: To pay damages for price-fixing
EISAI CO.: To pay damages for price-fixing
TAKEDA CHEMICAL INDUSTRIES: To pay damages for price-fixing
* K O R E A *
DAEWOO GROUP: Loss sharing ratios, amounts calculated
DAEWOO GROUP: Auditors Downgrade Assets by W42 Tril.
DAEWOO GROUP: Some core units may go under receivership
* M A L A Y S I A *
CARLOVERS CARWASH LTD: Posts annual loss
* P H I L I P P I N E S *
FORTUNE TOBACCO: End to tax case seen as possibly near
MONDRAGON INT'L PHILIPPINES: Injunction dissolution sought
UNIWIDE GROUP: Has new suitor
* S I N G A P O R E *
FHTK HOLDINGS: Majority of rights issue proceeds for debts
* T H A I L A N D *
BANK OF ASIA: Restrucutre of 25B baht expected this year
PADAENG INDUSTRIES: Stock sale generates loss
SRI U-THONG CO.: Reaches restructure deal with creditors
THAI ASAHI GLASS: Doesn't count restructuring out
THAI OIL CO.: Approval of rehab plan looks likely
THAI PLASTIC AND CHEMICALS: Getting loan to pay creditors
==============================
C H I N A & H O N G K O N G
==============================
CHINA.COM: Losses widen in third quarter
----------------------------------------
Third-quarter year-on-year net losses for China.com have
widened to US$4.42 million from $1.71 million, as the Hong
Kong-based Internet company continued to expand its
operations in the Asia region.
The Nasdaq-listed company's loss in the period to September
30 came despite a surge in revenue to $5.2 million from
$945,000 a year earlier. Advertising revenue grew to $2.07
million from $162,000 the previous year. Revenue from e-
business solutions rose to $2.9 million from $760,000.
China.com said daily page views of its Web sites had
increased to 2.5 million, up from 1.3 million in July.
Despite the losses, "all our numbers exceed internal and
external projections", said Peter Yip, China.com chief
executive. China.com, which started trading on Nasdaq in
July, had reported losses of $2.2 million in the previous
quarter to June 30.
The company has said it would opt for fast growth over
profitability in the coming three years, funding expansion
plans with a $150 million war chest. China.com chief
operating officer Peter Hamilton said the company was
"growing strong revenue while at the same moment, managing
our costs. Our shareholders have said to go out and secure
a significant position in this industry."
China.com was looking at expanding through acquisitions in
the region, particularly in South Korea and Japan, Mr
Hamilton said. The company was also planning to start
aggressively seeking revenue streams outside its main
earning base in Asia, he said.
"We believe that there is substantial interest in doing
business in Asia. Companies are trying to reach these
people and sell their products and services in this area."
(South China Morning Post 04-Nov-1999)
=========
J A P A N
=========
DAIICHI PHARMACEUTICAL CO.: To pay damages for price-fixing
EISAI CO.: To pay damages for price-fixing
TAKEDA CHEMICAL INDUSTRIES: To pay damages for price-fixing
-----------------------------------------------------------
Seven vitamin makers, including three Japanese companies,
have signed an agreement to pay a combined 1.05 billion
dollars to settle a price-fixing civil lawsuit filed by
U.S. beverage makers, industry sources said Wednesday.
The three Japanese firms are Takeda Chemical Industries
Ltd., Eisai Co. and Daiichi Pharmaceutical Co. The four
others are Roche Holding of Switzerland, Hoechst AG and
BASF AG of Germany and Rhone-Poulenc SA of France. (Kyodo
News, NewsHound 04-Nov-1999)
=========
K O R E A
=========
DAEWOO GROUP: Loss sharing ratios, amounts calculated
-----------------------------------------------------
Financial institutions will have to shoulder about 31.2
trillion won of the debts incurred by 12 Daewoo companies
put under workout programs.
According to the report on Daewoo debt loss sharing by
financial institutions submitted to the economic policy
coordination meeting yesterday, domestic financial
institutions have extended a total of 57 trillion won in
loans, including holdings of Daewoo bonds, to the 12 Daewoo
companies which do not include Daewoo Capital and Diners
Club of Korea.
By financial segments, banks will have to shoulder 12.5
trillion won of the total 22 trillion won of their loans to
Daewoo, which accounts for 38.6 percent of the total 57
trillion won. An official of the Financial Supervisory
Commission said that, although substantial, the loss
incurred by the financial institutions will be smaller than
the figures suggest, as the burden will not be shouldered
en masse. They will also be able to expect profits if the
value of the loan-turned-equity stocks rises later, he
added.
Individual investors are to suffer combined losses worth
1.4 trillion won due to their ownership of Daewoo bonds
offered by investment trust companies despite a given
portion being guaranteed.
According to the Finance and Economy Ministry and the
Financial Supervisory Commission, investors will be
guaranteed a repayment of 50 to 95 percent of Daewoo bonds,
translating into an estimated combined loss of 4.6 trillion
won. Of the estimated losses, individual investors and
general corporations will bear 1.4 trillion won, a ministry
official said.
Three investment trusts, which operate funds and sell
bonds, will have to share 1.3 trillion won in losses, 21
other investment trusts will shoulder 400 billion won, and
32 brokerage houses selling beneficiary certificates are to
suffer losses of 1.5 trillion won.
The ratio of loss-sharing by investment trusts and
brokerage houses is set at 2:8, based on the figure the
sharing of earnings from the bonds. Korea Investment Trust
will be the largest sufferer with 892.4 billion won, Daehan
389.9 billion won and Hyundai 364.3 billion won in the
investment trust sector, while Daewoo Securities will be
the largest loser with 300.5 billion won, followed by
Samsung with 259 billion won and Hyundai with 228.4 billion
won in the brokerage houses sector. (Korea Times 04-Nov-
1999)
DAEWOO GROUP: Auditors Downgrade Assets by W42 Tril.
----------------------------------------------------
The results of interim asset evaluations of 12 Daewoo
subsidiaries undergoing workout programs revealed that
their real asset amount was W42 trillion less than the book
value of their assets.
As a result, it is estimated that creditor banks will have
to reschedule a total of W31.2 trillion in loans to the
firms. The government convened a meeting of economic
officials Thursday morning, with Finance Minister Kang
Bong-kyun, Financial Supervisory Commission chair Lee Hun-
jai, Senior Presidential Economic Advisor Lee Ki-ho and
Bank of Korea Governor Chun Chul-hwan all in attendance.
After the meeting, the government announced a
compreshensive government policy aimed at stabilizing the
nations financial markets, which have been reeling since
the Daewoo crisis broke out in July. Of the 12 Daewoo
subsidiaries placed under workouts, group holding company
Daewoo Corp. will be the only one placed under court
supervision if local and foreign creditor banks cannot come
to an agreement on how to deal with the unit's debts.
In a move to restore confidence in the nation's investment
trust firms, the government will inject a total of W3
trillion in public funds into Korea Investment Trust and
Daehan Investment Trust. An additional W2 trillion will
also go towards to ensuring that other large-scale
investment trust firms remain liquid in the face of a
possible rush to redeem beneficiary certificates.
The government also plans to permit the marketing of so-
called 'grey funds,' high-yield investment products in
which investors only have to pay a 10% tax on profits, less
than half the current 25% tax on interest income. The
announcement also included details of the asset evaluation
of the 12 Daewoo subsidiaries.
The assets of the firms dropped by W31 trillion from their
book value to amount to W61 trillion. Their debts shot up
by W9 trillion after the evaluation to W87 trillion,
exceeding assets by W26 trillion. Daewoo Corp. saw its
assets plummet by W14.5 trillion as a result of the
valuation, with all audited units, except Daewoo Heavy
Industries, seeing debts surpassing their assets. (Digital
ChosunIlbo 04-Nov-1999)
DAEWOO GROUP: Some core units may go under receivership
-------------------------------------------------------
It is now likely that some of Daewoo Group's core business
units will come under court receivership, resulting in
higher losses for both local and domestic creditors.
After being presented with a 75 percent loan loss ratio for
Daewoo Corp. by preliminary due diligence, foreign
creditors are saying there is no way they can agree to the
workout plan without sufficient review. Sufficient review
means a detailed examination of the reports during the next
few months, foreign bankers said.
"We can not just sign the papers and agree to the proposals
by domestic creditors. Foreign banks require sufficient
time to conduct reviews of numbers and terms of the workout
proposal," a foreign banker said.
Yet with the government's firm position on concluding the
workout plan within this month, it is fair to assume that
Daewoo's financing division will be placed under court
supervision shortly. Once court supervision comes into
effect, all company transactions will have to be approved
by the designated supervisor, marking the end of the
creditor-supervised restructuring process. Some foreign
creditors seem to have no objection to court supervision as
they feel they are isolated either way.
"We are still not properly included in the workout process
as we have no means of expressing our opinions.
Participants without veto rights in workout meetings do not
mean anything," said the foreign banker. "Some foreign
banks even argue that court supervision may be a better
option than the government-domestic creditor dominated
workout process. At least things will be more clear for us
once the company is supervised by legal authorities."
(Digital ChosunIlbo, Korea Times 04-Nov-1999)
===============
M A L A Y S I A
===============
CARLOVERS CARWASH LTD: Posts annual loss
----------------------------------------
Carlovers Carwash Ltd. which is 72% owned by Berjaya Group,
suffered an annual net loss of A$1.5mil compared with
previous year's loss of A$11.9mil.
In CarLovers' annual report released yesterday, managing
director Andrew Teh said that only "four or five" of the
group's 62 outlets remained unprofitable and he expected to
move back into the black in 2000. Sales decreased 4% to
A$15.2mil this year.
The report said a joint venture with Mobil Oil Australia,
where carwash and petrol outlet was combined, has proved to
be a big success in terms of weekly washes and
profitability. The report also included a qualification
from the company's auditor Grant Thornton, which indicated
CarLovers might not continue as a going concern without
financial support from Berjaya.
"There is significant uncertainty whether the company and
economic entity are able to continue as going concerns,"
Thornton said. (Star Online 04- Nov-1999)
=====================
P H I L I P P I N E S
=====================
FORTUNE TOBACCO: End to tax case seen as possibly near
------------------------------------------------------
The fate of businessman Lucio C. Tan as far as his 25.27-
billion Philippine peso (US$629.5 million at
PhP40.142=US$1) tax evasion case is now in the hands of
Solicitor General Ricardo P. Galvez.
And if recent cases handled by government lawyers against
Mr. Tan are to be used as bases, the Fortune Tobacco Corp.
chairman has a fair chance of getting the tax suit off his
back. In a telephone interview with BusinessWorld, Mr.
Galvez confirmed the Justice department has turned over
late last month the records of all nine counts of tax
evasion levelled against Mr. Tan, other Fortune Tobacco
officials and nine alleged dummy marketing firms. This
means his office will now determine whether to pursue the
year-old case in the Court of Appeals or the Supreme Court.
"We are not yet in a position to divulge our next move but
it's true that the case is now in our hands," said Mr.
Galvez.
The chief government lawyer was hesitant to reveal the
strategy of the Office of the Solicitor General (OSG),
stressing a team of counsels, led by Assistant Solicitor
General Mariano Martinez, has been working overtime to
study the possibility of an appeal. He admitted the OSG is
practically "torn between" the Justice department's
insistence to pursue the case all the way to the Supreme
Court and the Bureau of Internal Revenue's (BIR) demand to
dismiss the criminal suit.
The Solicitor General serves as official lawyer of both the
DoJ and the BIR. To recall, the DoJ wanted Mr. Tan and his
co-defendants to face trial to answer for their alleged
deficiency payment of income, ad valorem and value added
taxes from 1990 to 1992. The BIR, on the other hand, has
long moved for the dismissal of the case. BIR chief
Beethoven Rualo said there is not enough evidence to
convict the Fortune Tobacco officials of tax evasion.
Mr. Galvez said the OSG has already notified the Marikina
Regional Trial Court (RTC) of its plan to elevate the case
before the Court of Appeals.
"The notice is only precautionary. It does not mean that we
will indeed file a case at the Court of Appeals.
"If the team studying the case finds feasible the elevation
of the case before the appellate court, then at least the
notice of appeal has been filed. Otherwise, the appeal
could just as easily withdrawn," said Mr. Galvez.
Mr. Galvez said the OSG will reach its verdict on or before
Nov. 14, the last day for filing the motion for
reconsideration. "Our findings will likely be released by
next week," he said.
Mr. Galvez added the case should be filed at the Court of
Appeals, and not the Supreme Court, following the rules on
the hierarchy of courts. (Business World 04-Nov-1999)
MONDRAGON INT'L PHILIPPINES: Injunction dissolution sought
----------------------------------------------------------
The ousted newly-elected officers of Mondragon
International Philippines, Inc. (MIPI) are not giving up
the fight as they asked the Securities and Exchange
Commission (SEC) to dissolve an earlier injunction order.
In a motion submitted last Friday, the said officers argued
that the SEC order issued last October 20 prevented them
from exercising their rights and privileges as stockholders
of MIPI. The order prohibits the officers -- elected by
MIPI's creditor banks during the contested September 20
special stockholders meeting -- from assuming
responsibility over MIPI.
These newly elected officers include representatives from
creditor banks Asian Bank Corp., Far East Bank and Trust
Co. (FEBTC) and United Coconut Planters Bank. In their
motion, the said officers identified some of the rights
that have been prohibited, including the right to vote in
stockholders meeting, receive dividends, receive
distributions if MIPI liquidates during the effectivity of
the order, inspect MIPI books, get financial statements and
receive proportionate share of MIPI's assets in case it
dissolves. (Business World 04-Nov-1999)
UNIWIDE GROUP: Has new suitor
-----------------------------
Rizal Commercial Banking Corp. (RCBC) and holding firm
House of Investments (HI) -- both majority-controlled by
the Yuchengco family -- submitted a bid yesterday to
acquire Uniwide Sales Warehouse Club, Inc.
In a disclosure to the Securities and Exchange Commission
(SEC), RCBC and HI submitted a bid to acquire the retailing
division of the cash-strapped Uniwide Group. No additional
details were provided. BusinessWorld tried to contact
RCBC's top executives yesterday regarding the bid, but was
informed the bank's executives were participating in a
seminar of Yuchengco-controlled companies, and were
unavailable for comment.
Analysts told BusinessWorld the Yuchengco family is
probably behind the move to acquire the Uniwide retail
group, with RCBC acting as the financier for the deal. They
said it was highly unlikely the bank would move away from
its core competency to diversify into the retail business.
Banking industry sources have identified RCBC as one of the
banks which participated in the bidding held last Friday
for the majority stakes of A. Soriano Corp. and the Del
Rosario-owned Philippine Investment-Management Consultants,
Inc.
Uniwide is planning to sell its shares in its retail chain
as part of its restructuring plan to pay off an estimated
10.4-billion-peso (US$260 million at Php40.142:US$1) debt
to its creditors. The sale of the retail unit is expected
to generate at least PhP1 billion ($25 million) for the
firm, which has been hit by the collapse of real estate
prices following the 1997 financial crisis.
The SEC has allowed Uniwide a moratorium on its debt
payments until December 9. (Business World, Manila Times
04-Nov-1999)
=================
S I N G A P O R E
=================
FHTK HOLDINGS: Majority of rights issue proceeds for debts
----------------------------------------------------------
Fruit and vegetable distributor FHTK Holdings said that at
least half of the proceeds from its previously announced
rights issue will be used to repay bank borrowings.
FHTK announced in September that it will raise $43.5
million in net proceeds from its rights issue and yesterday
added that "at least" $22 million will go to repay bank
loans. Not more than $11.3 million will go to settle debts
to equipment suppliers and the construction costs of its
dehydrated garlic plant in Shandong, China. The remainder
will be used for working capital. (Business Times 04-Nov-
1999)
===============
T H A I L A N D
===============
BANK OF ASIA: Restrucutre of 25B baht expected this year
--------------------------------------------------------
The Bank of Asia says it is confident that it will reach
its target of restructuring loans totalling 25 billion baht
this year.
The bank has restructured loans worth 10 billion baht
between January and September, according to president
Chulakorn Singhakowin. Another batch totalling 15 billion
baht is awaiting final approval by the Corporate Debt
Restructuring Advisory Committee.
The bank's non-performing loans totalled 59 billion baht at
the end of June, equal to 47.93% of total loans. Mr
Chulakorn said that only 4% of the 10 billion baht in
restructured loans had turned bad again. Shareholders
yesterday approved a plan to raise registered capital by
19.188 billion baht to 31.61 billion.
The bank will issue 1.24 billion new shares in a rights
issue to existing shareholders at 10.50 baht each, with two
new shares offered for every three shares held. The
subscription period is set from November 15 to 19. ABN-Amro
Bank, which owns 75% of Bank of Asia, has pledged to take
up any shares not subscribed to by shareholders. Mr
Chulakorn said that after this month's recapitalisation,
there would be no need to raise capital again.
He said executives were studying whether to set up a new
asset management company to oversee bad loans, but the Bank
of Asia said it would not make a commitment to raising
loan-loss provisions to full coverage by the end of the
year, despite sufficient capital funds to do so.
"It will depend on our progress in restructuring loans,
which is changing day-by-day. I think if we commit
ourselves now, it will limit our flexibility," Mr Chulakorn
said.
The Bank of Thailand requires all financial institutions to
raise their loan provisions to 100% coverage by the end of
2000, at least 60% by the end of this year. Mr Chulakorn
said loan restructuring to date had been achieved without
need for the bank to accept significant cuts in principal.
But the Bank of Asia said a loss might be required to
resolve the remaining debt.
Shareholders yesterday raised some concerns about one
outstanding debt case being fought in court. The Bank of
Asia had filed charges against a borrower for changing the
registration of land plots originally pledged as collateral
against loans totalling 409 million baht. The borrower then
filed a counter-suit against the bank, alleging damages due
to the fraud charge. The borrower's case was dismissed by
the court. Mr Chulakorn said the case was now under appeal,
with a hearing scheduled for November 16. He said he did
not believe there would be any problems for the bank, given
the clear evidence.
The Bank of Asia posted losses of 2.59 billion baht for the
first nine months this year, compared with losses of 7.56
billion for the same period last year. In the third
quarter, the bank posted losses of 696.59 million baht,
compared with losses of 844.33 million last year. At the
end of September, the bank had assets of 155.86 billion
baht, loans of 116.05 billion and deposits of 126.24
billion.
Shares of Bank of Asia on the Stock Exchange of Thailand
yesterday closed at 19.25 baht, down 25 satang, on turnover
worth 116.62 million baht. (Bangkok Post 04-Nov-1999)
PADAENG INDUSTRIES: Stock sale generates loss
---------------------------------------------
Padaeng Industries Plc (PDI) has unloaded 11.38 million
shares worth Bt50.3 million in National Fertiliser Plc,
resulting in an immediate loss of Bt63.47 million.
PDI said in a filing to the Stock Exchange of Thailand that
the sale was because such securities investments are not
related to its core businesses. The company will reserve
this money for its working capital. Pinit Wongmasa,
managing director of the company, said that on Nov 1, PDI
sold 11.38 million shares in the market out of its total
holdings of 12.57 million shares, or 2.65 per cent stake,
in the fertiliser company. After the sale, PDI still holds
a 0.25 per cent stake in National Fertiliser. (The Nation
04-Nov-1999)
SRI U-THONG CO.: Reaches restructure deal with creditors
--------------------------------------------------------
SRI U-Thong Co Ltd, a construction company with state-owned
power utilities as major clients, has successfully
completed a Bt2 billion debt restructuring agreement with
10 financial institutions and seven trade creditors.
The agreement, which would be under the supervision of the
Bank of Thailand's Corporate Debt Restructuring Advisory
Committee (CDRAC), involves rescheduling the loan repayment
period by another 15 years at reduced interest rates, said
Viravat Cholvanich, the company's acting president. Under
the agreement, the company will pay the interest at 2 to 3
per cent per annum for the first five years and at the
Minimum Lending Rate (MLR) throughout the remaining period.
Sri U-Thong's largest creditor is Siam Commercial Bank.
Other financial institution creditors are Krung Thai Bank,
BankThai, Bangkok Bank, Radanasin Bank, Thai Farmers Bank,
Tisco Finance Plc, SG Asia Credit Plc and Sin Bua Luang
Capital Co Ltd. Trade creditors PAE (Thailand) Plc and
Charoong Thai Wire and Cable Plc. Tisco Finance Plc is
also financial adviser for the debt restructuring.
Viravat said following the debt restructuring, financial
institutions would be willing to extend new loans to Sri U-
Thong based on the merit of each project that the company
would propose. Sri U-Thong ran into financial problems
following a drop in electricity demand which caused power
companies to delay new projects.
To avoid future problems of this kind the company plans to
up its overseas revenue to 30 per cent from the current 20
per cent of total revenue. Viravat said his company had
entered markets businesses in Sri Lanka and Laos. The
company would expand business and construct power plants to
private developers under the so-called Small Power
Producers (SPPs) programme, in addition to current clients
-- state agencies that include the Electricity Authority of
Thailand (Egat), the Provincial Electricity Authority, and
the Metropolitan Electricity Authority.
With the restructured debt and its new business plan, the
company would return to profitability within the next three
to four years, Viravat said. EID Engineering
Infrastructure Development, a joint venture between PS
Energy Co Ltd and a number of local financial institutions,
has the largest shareholding in Sri U-Thong.
Sivaporn Darandaranda, a member of CDRAC's board, said the
deal would reduce Thailand's non-performing loans by Bt2
billion. The number of non-performing loans would
substantially decrease because of the ongoing success in
debt restructuring process, he said. As of September, non-
performing loans in the Thai financial system stood at
Bt2.7 trillion, or 47 per cent of all outstanding debt.
(The Nation 04-Nov-1999)
THAI ASAHI GLASS: Doesn't count restructuring out
-------------------------------------------------
Thai Asahi Glass Plc denied news reports published
yesterday that debt restructuring is not essential for the
firm due to its sound financial position. However, it has
planned to shortly reduce foreign currency debts with the
aim of avoiding foreign exchange volatility by increasing
its baht-denominated debts from 10 per cent to 30 per cent
of outstanding debts. (The Nation 04-Nov-1999)
THAI OIL CO.: Approval of rehab plan looks likely
-------------------------------------------------
All of Thaioil's international creditors appear ready to
vote in favour of a US$2.25-billion debt restructuring plan
for the country's largest oil refinery on November 12.
The crucial vote by the 125 creditors, to take place in
Bangkok, is one of the final steps in one of the largest
debt restructurings by a single company. Thaioil will hold
a preliminary briefing for creditors tomorrow in Bangkok on
the framework their representatives approved principle late
last month in Japan.
Representing the creditors will be members from 11 lending
banks which represent a total of 35% of all debt
outstanding. They are: Bank of Tokyo-Mitsubishi, Bangkok
Bank, Chase Manhattan Bank, DKB Bank, Dresdner Bank, IBJ,
Industrial Finance Corporation of Thailand, Sanwa Bank,
Sumitomo Bank, Thai Farmers Bank and Warburg Dillon Read.
The plan is intended to reduce Thaioil's total debt burden
by $865 million or 38.44%, to $1,385 million. So far,
there have been no indications that creditors would vote
against the plan, thus paving the way for the conclusion of
a final accord in January, according to industry sources.
Votes will be cast at the Bank of Thailand under the
auspices of its corporate debt restructuring advisory
committee.
The plan needs the support of creditors whose loans
represent at least 75% of the total debt. Following the
vote, the debt restructuring plan will be submitted to the
bankruptcy court for final approval. Approval means that
the partly state-owned oil refining company and its
subsidiaries will be able to make a fresh start on a
sounder financial footing.
A key to the creditors' acceptance is the government's
policy to support possible integration of Thaioil's
refining operation with the marketing business of the
Petroleum Authority of Thailand as part of the PTT's
privatisation. Sales of shares in the state-owned oil firm
are tentatively scheduled for the second half of next year.
Among the major elements of the debt restructuring is a
commitment by the PTT to inject $250 million in new equity
into Thaioil. The funds will consist of $101 million in
conversion of its existing trade debt to equity, plus $149
million in new cash for ordinary shares totalling 49.99% of
Thaioil. (Bangkok Post 04-Nov-1999)
THAI PLASTIC AND CHEMICALS: Getting loan to pay creditors
---------------------------------------------------------
Thai Plastic and Chemicals Plc's board of directors has
approved financial assistance estimated at US$1.67 million
but not exceeding Bt64 million to its joint-venture firm
TPC Oxy Co Ltd, to repay creditors. The loan has already
been made available to TPC Oxy Co Ltd from Nov 2. Besides,
the board approved a company loan of Bt40 million to Siam
Stabiliser and Chemicals Co Ltd. (The Nation 04-Nov-1999)
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Asia Pacific is a daily
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