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 KEL Holdings Limited
(Incorporated in (Incorporated in
Bermuda with limited liability) 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 Ajax Pong Machinery Leasing Limited ("Ajax")
against UDL Kenworth Engineering Limited ("Kenworth"), a
wholly-owned subsidiary of KEL, to 5 July, 1999.
As previously announced on 23 October, 1998, 1 December, 1998,
7th January, 1999 and 18 January, 1999, the winding-up petition
presented by Ajax against Kenworth is in relation to an amount
of HK$317,465.93. At the hearing on 26 April, 1999, the
honourable Madam Justice Le Pichon ordered that the said
petition be adjourned with the next hearing on 5 July, 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, 26 April, 1999
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