SINGAPORE'S UIC TO BUY INTO TECK HOCK COFFEE FIRM

  Singapore's United Industrial Corp Ltd
  (UIC) has agreed in principle to inject 16 mln dlrs in
  convertible loan stock into &lt;Teck Hock and Co (Pte) Ltd>, a
  creditor bank official said.
      UIC is likely to take a controlling stake in the troubled
  international coffee trading firm, but plans are not finalised
  and negotiations will continue for another two weeks, he said.
      Teck Hock's nine creditor banks have agreed to extend the
  company's loan repayment period for 10 years although a
  percentage of the new capital injection will be used to pay off
  part of the debt.
      Teck Hock owes more than 100 mln Singapore dlrs and since
  last December the banks have been allowing the company to
  postpone loan repayments while they try to find an investor.
      The nine banks are Oversea-Chinese Banking Corp Ltd, United
  Overseas Bank Ltd, Banque Paribas, Bangkok Bank Ltd, Citibank
  N.A., Standard Chartered Bank Ltd, Algemene Bank Nederland NV,
  Banque Nationale de Paris and Chase Manhattan Bank NA.
  

