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
Adjournment of Court Hearing to 7 April 2000
Further to the joint announcement dated 22 February 2000,
the respective boards of directors of UDL Holdings Limited
("UDL") and KEL Holdings Limited ("KEL"), a 75% subsidiary
of UDL, wish to announce that at the court hearing held on
25 February 2000 in respect of the originating summons to
convene a creditors' meeting regarding a proposed creditors'
scheme of arrangement with the High Court of the Hong Kong
Special Administrative Region (the "Scheme") by UDL Kenworth
Engineering Limited ("Kenworth"), a wholly-owned subsidiary
of KEL, the Judge has adjourned the proceedings to a further
hearing to be held on 7 April 2000. It should be noted that
terms of the Scheme have not yet been finalised and the Scheme
may or may not proceed.
The boards of UDL and KEL further confirm that no material
change have occurred since the last announcement dated 22
February 2000.
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, 25 February 2000
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