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)

SPECIAL GENERAL MEETING

Summary

At the Special General Meeting ("SGM") held on 24 March 2000, the 
shareholders passed the Special Resolution and Ordinary Resolutions as 
stipulated in the Notice of SGM contained in the Restructuring Circular 
dated 1 March 2000.

Further to the announcement dated 29 February 2000, the Board of Directors 
(the "Board") of UDL Holdings Limited (the "Company") would like to advise 
that at the SGM held on 24 March 2000, the shareholders of the Company 
passed the following Special Resolution and Ordinary Resolutions:

1.      Special Resolution No. 1 in respect of capital reduction 
        of the share capital of the Company.

2.      Ordinary Resolution No. 2 in respect of the Disposal of 
        Scheme assets, Share consolidation of 20 shares into 1 share, 
        the new issue, the rights issue of 5 right shares for every 
        consolidated share, approving underwriting undertaking 
        arrangement and acquisition of UDL Marine Assets (Hong Kong) 
        Limited and UDL Marine Assets (Singapore) Pte. Limited.

3.      Ordinary Resolution No. 3 in respect of the granting of 
        general mandate to the Directors to purchase shares not 
        exceeding 10% of share capital of the Company.

4.      Ordinary Resolution No. 4 in respect of the granting of 
        general mandate to the Directors to allot, issue and deal 
        with additional shares not exceeding 20% of the share capital 
        of the Company.

5.      Ordinary Resolution No. 5 in respect of the extension 
        of general mandate given to Directors as per Ordinary 
        Resolution No. 4 and Ordinary Resolution No. 3.

The Board would also like to advise that the Court hearing to sanction the 
Creditors Scheme was scheduled on 30 and 31 March 2000. The prospectus for 
the rights issue is scheduled to be sent out to shareholders as soon as 
possible following sanction of the Scheme.

By Order of the Board
UDL Holdings Limited
Leung Yat Tung
Chairman

Hong Kong, 25 March 2000