UDL HOLDINGS<0620> - 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)
ANNOUNCEMENT
SUMMARY
The board of directors (the "Board") of UDL Holdings Limited
(the "Company") would like to update the shareholders and the
public on the result of the court hearing on 14 May, 1999 in
respect of the winding-up petition presented by K.Y.H. Steel
Co. Limited ("KYH") against UDL Argos Engineering & Heavy
Industries Co. Limited ("UDL Argos"), a wholly-owned
subsidiary of the Company.
Further to the announcement dated 28 April, 1999, a winding-up
petition presented by KYH against UDL Argos was heard at the
High Court of The Hong Kong Special Administrative Region on
14 May, 1999. The Honourable Justice Le Pichon declined to make
a winding-up order in respect of UDL Argos today but ordered
that the petition be adjourned and restored for hearing on 5
July, 1999 at the same date as the adjourned hearing of the
Company's application for the implementation of a scheme of
arrangement under section 166 of the Companies Ordinance (Cap.
32).
The Company is still negotiating the scheme of arrangement with
creditors, therefore, the Board is of the view that the
aforesaid winding-up petition has no significant impact on the
financial position of the Company.
Save as disclosed herein, the Board of the Company is 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 the Company should exercise extreme
caution when dealing in the shares of the Company. Further
announcement will be made when there are any material
development regarding the above mentioned matter.
By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 14 May, 1999
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