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 26 April, 1999. Subsequently, an
Order was made by the Judge today that the hearing of the
said petition on 26 April, 1999 be further adjourned to 24
May, 1999.
As previously announced on 2 February and 31 March, 1999,
the captioned winding-up petition is filed by the
Petitioners against Kenworth. At the hearing on 21 April,
1999, the Master ordered that the said petition be
adjourned to 26 April, 1999. Subsequently, an Order was
made by the Judge today that the hearing of the said
petition on 26 April, 1999 be further adjourned to 24 May,
1999.
As KEL is still undertaking a scheme of arrangement with
creditors, the Boards of UDL and KEL are of the view that
the said petition has no 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 By Order of the Board
UDL Holdings Limited KEL Holdings Limited
Leung Yat Tung Leung Yat Tung
Chairman Chairman
Hong Kong, 22 April, 1999
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