ITC CORPORATION<0372> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility for the
contents of this announcement, makes no representation as to its accuracy
or completeness and expressly disclaims any liability whatsoever for any
loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.
ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited liability)
announcement
Announcement on the explanation of the increase in trading volume of the
shares of ITC Corporation Limited (the "Company").
This statement is made at the request of The Stock Exchange of Hong Kong
Limited.
The board of directors of the Company (the "Board") has noted the increase
in the trading volume of the shares of the Company today and wish to state
that save for the announcement made by the Company on 6th September, 1999
and the announcement published by Hanny Holdings Limited on 15th
September, 1999, it is not aware of any reasons for such increase.
However, it is the understanding of certain directors of the Company who
are also directors of Star East Information Technology Corp. ("Star East
Information"), a 47.8% beneficially owned associated company of the
Company, that Star East Information is discussing with certain
independent parties who have expressed interests in co-operation with
and investing in Star East Information. Negotiations with such parties
are in progress but no agreement as to the terms has been reached.
Investors and potential investors are advised to exercise extreme
caution in dealing in the securities of the Company. The Board wishes
to inform shareholders that these negotiations may or may not materialise.
Further announcement will be made by the Company to update shareholders
if there is any material development.
Save as disclosed above, the Board confirms that there are no
negotiations or agreements relating to intended acquisitions or
realisations which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable under
the general obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.
Made by the order of the Board of the Company the directors of which
individually and jointly accept responsibility for the accuracy of this
statement.
By Order of the Board
Rosanna Chau Mei Wah
Managing Director
Hong Kong, 15th September, 1999
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