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 Bermuda (incorporated in Bermuda
with limited liability) 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 that at the hearing today, the Court made an order
dismissing the 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.
As previously announced on 2 February, 1999, 31 March, 1999, 22
April, 1999 and 20 May, 1999, the captioned winding-up petition is
filed by the Petitioners against Kenworth. At the hearing today,
the Court made an order dismissing the winding-up petition with the
consent of all parties concerned.
UDL and KEL are still negotiating a scheme of arrangement with
creditors.
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. The Boards of UDL and KEL further
confirm that no material change has occurred since the recently
announced information.
Meanwhile shareholders of UDL and KEL should exercise caution when
dealing in the shares of UDL and KEL.
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, 19 July, 1999
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