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 the shareholders
and the public on the postponement of the court hearing date
of a winding-up petition presented by Mr. Yun Wing Hong together
with 83 other claimants (the "Petitioners") against UDL
Kenworth Engineering Limited ("Kenworth"), a wholly-owned
subsidiary of KEL, to 19 July, 1999.
As previously announced on 2 February, 1999, 31 March, 1999
and 22 April, 1999, the captioned winding-up petition is filed
by the Petitioners against Kenworth. As ordered by the Judge
on 18 May, 1999, the aforesaid hearing on 24 May, 1999 will
be vacated and be adjourned to 19 July, 1999.
As KEL is still negotiating 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
UDL Holdings Limited
Leung Yat Tung
Chairman
By Order of the Board
KEL Holdings Limited
Leung Yat Tung
Chairman
Hong Kong, 20 May, 1999
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