KWONG HING INTL<1131> - 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.
KWONG HING INTERNATIONAL HOLDINGS (BERMUDA) LIMITED
(Incorporated in Bermuda with limited liability)
ANNOUNCEMENT
The directors of the Company have noted the recent volatility in
the price and trading volume of the shares of the Company.
Negotiations are in progress with an independent third party in
relation to an acquisition of a PRC internet content provider
company. The Company may or may not issue new shares of the Company
for the Acquisition.
In addition, there are preliminary negotiations relating to placing
of warrants of the Company to independent third parties, such
placement may or may not proceed.
Persons dealing in shares of the Company are reminded to exercise
due caution.
This statement is made at the request of The Stock Exchange of Hong
Kong Limited (the `Stock Exchange').
Negotiation of a PRC internet content provider company
Further to the announcement made by Kwong Hing International
Holdings (Bermuda) Limited (the `Company') on 21st June, 1999 and 6th
July, 1999, the board of directors of the Company would like to
clarify the following points:
- The Company may or may not issue new shares of the Company for the
Acquisition;
- The consideration and the issue price of the new shares has not yet
been determined;
- The terms of the consideration has not been determined and it is not
known whether the Company will issue new shares for the Acquisition;
- The target of the Acquisition is a PRC internet content provider
company;
- The Board also wishes to state that the negotiation is still at a
preliminary stage, and no due diligence exercise has yet been carried
out; and
- Subsequently to the Acquisition, if it were to materialise, there
would be no change in the control of the Company and the Company will
still continue its core textile business.
Possible placement of warrants
In addition, there are preliminary negotiation over the phone at
approximately 4:30 p.m. on 7th July, 1999 relating to placing of
warrants of the Company to independent third parties, who are
independent of and not connected with directors, chief executive,
substantial shareholders of the Company and its subsidiaries or any
associates of them (as defined under Rules governing the Listing of
Securities on the Stock Exchange). No terms have been concluded, the
size and the timing of the placing of warrants of the Company have
not yet been determined.
The directors of the Company have noted the recent volatility in the
price and trading volume of the shares of the Company and wish to
confirm that save as mentioned above, there are no negotiations or
agreements relating to intended acquisitions which are discloseable
under paragraph 3 of the Listing Agreement, neither is the board of
the Company is aware of any matter discloseable under their
respective general obligation imposed by paragraph 2 of the Listing
Agreement, which is or may be of a price-sensitive nature.
Further announcement will be made if either of the above is
materialized.
Persons dealing in shares of the Company are reminded to exercise
due caution.
Made by the order of the board of the Company, the directors of
which individually and jointly accept responsibility for the accuracy
of this statement.
By order of the Board of
Kwong Hing International
Holdings (Bermuda) Limited
Li Man Ching
Chairman
Hong Kong, 7th July, 1999
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