UDL HOLDINGS<0620>&KEL HOLDINGS<0681> - Joint 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.
UDL Holdings Limited
(Incorporated in Bermuda with limited liability)
KEL Holdings Limited
(Incorporated in Bermuda with limited liability)
JOINT ANNOUNCEMENT
SUMMARY
The respective board of directors (the ``Board'') of UDL Holdings
Limited (``UDL'') and the Board of KEL Holdings Limited (``KEL''),
a 75% subsidiary of UDL, would like to update on the postponement
of the court hearing date of a winding-up petition presented by Yun
Wing Hong together with 83 other claimants (the ``Petitioners'')
against UDL Kenworth Engineering Limited (``Kenworth''), a
wholly-owned subsidiary of KEL, to 21 April, 1999.
As previously announced on 2 February, 1999, the captioned winding-up
petition is filed by the Petitioners against Kenworth. At the
hearing on 31 March, 1999, the Master ordered that the said petition
be adjourned to 21 April, 1999.
As KEL will undertake a scheme of arrangement with creditors, the
Boards of UDL and KEL are of the view that the said petition has no
adverse impact on UDL and KEL. The Boards of UDL and KEL further
confirm that no material change has occurred since the recently
announced information.
Save as disclosed herein, the Boards of UDL and KEL are not aware
of any other matter discloseable under the general obligation imposed
by paragraph 2 of the Listing Agreement, which is or may be of a
price-sensitive nature.
Meanwhile shareholders of UDL and KEL should exercise caution when
dealing in the shares of UDL and KEL. Further announcement will be
made when there is any material development regarding the above
matter.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
By Order of the Board
KEL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 31 March, 1999
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