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 in relation to a possible disposal of certain
technology and internet-related assets held by ITC Corporation
Limited (the `Company') and the explanation of the recent increases
in the price and trading volume of the shares of the Company.
Shareholders and potential investors are advised to exercise extreme
caution when dealing in the securities of 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
recent increases in the price and trading volume of the shares of the
Company.
Further to the announcements issued by the Company through teletext
on 27th October, 1999 and 28th October, 1999, the Board wishes to
state that the Company is in the process of negotiation with two
listed companies not connected with the directors, chief executives
or substantial shareholders of the Company or any of its subsidiaries
or associates of any of them in connection with the possible disposal
of certain technology and internet-related assets held by the Company
which may or may not include its interest in Star East Information
Technology Corp. Such negotiation may or may not materialise and the
intended disposal may or may not constitute a notifiable transaction.
Although negotiations are in progress, no agreement has been reached
nor terms have been finalised, and the intended disposal may or may
not proceed. Further announcement will be made by the Company to
update shareholders if there is any material development. In the
meantime, shareholders and potential investors are advised to
exercise extreme caution when dealing in the securities of the
Company.
Save and except the aforesaid, 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. The Board
also wishes to state that none of its directors has dealt in the
shares of the Company from 21st October, 1999 to 28th October, 1999,
both dates inclusive.
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
Wong Lai Kin, Elsa
Company Secretary
Hong Kong, 28th October, 1999
|