Horler Holdings Ltd. – ‘5’ for 9/11/96 re: Asia Fiber Holdings Ltd.

As of:  Wednesday, 2/19/97   ·   For:  9/11/96   ·   Accession #:  1019687-97-15   ·   File #:  1-08334

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Annual Statement of Changes in Beneficial Ownership of Securities by an Insider   —   Form 5   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 5           Annual Statement of Changes in Beneficial              2      8K 
                Ownership of Securities by an Insider                            

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     U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549        

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP   

FORM 5    

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,         
Section 17(a) of the Public Utility Holding Company Act of 1935 or Section      
30(f) of the Investment Company Act of 1940                                     

1.  Name and Address of Reporting Person                                        

Horler Holdings Limited                                                 
PO Box 71, Craigmuir Chambers                                           
Road Town, Tortola, British Virgin Islands                              

2.  Issuer Name and Ticker or Trading Symbol                                    

Regal International, Inc.                                               

3.  IRS or Social Security Number of Reporting Person (Voluntary)               

Not Applicable                                                          

4.  Statement for Month/Year)                                                   

February 1996 and September 1996                                        

6.  Relationship of Reporting person to issuer                                  

10% Owner                                                               

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially      
Owned                                                                           

not applicable                                                          

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially         
Owned (e.g., puts, calls, warrants, options, convertible securities)            

1.  Title of Derivative Security                                                

(A) - 9% Secured Convertible Promissory Note                            
(B) - 9% Secured Convertible Promissory Note                            
(C) - 9% Secured Convertible Promissory Note                            

2.  Conversion or Exercise Price of Derivative Security                         

(A) - 0.0302                                                            
(B) - 0.0302                                                            
(C) - 0.0302                                                            

3.  Transaction Date (Month/Day/Year)                                           

(A) - 02/19/96                                                          
(B) - 09/10/96                                                          
(C) - 09/11/96                                                          

4.  Transaction Code                                                            

(A) - J - The Note was issued by Regal International, Inc. in connection
with acquisition of Acewin Profits Limited.                                     
(B) - J - The Note was issued by Regal International, Inc. in connection
with acquisition of Westronix Limited.                                          
(C) - J - The Note was redeemed by Regal International, Inc. in         
connection with disposition of Acewin Profits Limited.                          

5.  Number of Derivative Securities Acquired (A) or Disposed of (D)             

(A) - (A) $13.5 million                                                 
(B) - (A) $30 million                                                   
(C) - (D) $13.5 million                                                 

6.  Date Exercisable and Expiration Date (Month/Day/Year)                       

Date Exercisable                                                        

(A) - 01/31/96                                                          
(B) - 09/10/96                                                          
(C) - 01/31/96                                                          

Expiration Date                                                         

(A) - 01/31/99                                                          
(B) - 09/10/99                                                          
(C) - 01/31/99                                                          

7.  Title and Amount of Underlying Securities                                   

Title                                                                   

(A) - Common Stock $0.01 par value                                      
(B) - Common Stock $0.01 par value                                      
(C) - Common Stock $0.01 par value                                      

Amount or Number of Shares                                              

(A) - 447,019,867                                                       
(B) - 993,377,483                                                       
(C) - 447,019,867                                                       

10.  Ownership of Derivative Security: Direct (D) or Indirect (I)               

(A) - D                                                                 
(B) - D                                                                 
(C) - D                                                                 

/s/ Mico Chung                        02/14/97                                  
------------------------              ---------                                 
Mico Chung                            Date                                      
Reporting Person