KING PACIFIC<0072> - 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.
KING PACIFIC INTERNATIONAL HOLDINGS LIMITED
(Incorporated with limited liability in Bermuda)
Further Delay of announcement of audited results
for the year ended 31st March, 1999
and despatch of 1999 annual report and accounts
Further to the announcement on 28th August, 1999, the board of
Directors (the "Board") of King Pacific International Holdings
Limited (the "Company") announces that the announcement of the
final results of the Company for the year ended 31st March, 1999
and despatch of 1999 annual report and accounts will be further
delayed for the reasons set out below.
The delay in publication of the final audited results of the
Company constituted a breach of paragraph 8(1) of the Listing
Agreement by the Company and that Stock Exchange reserves its
rights to take further actions against the Company as a result
of the breach.
Further to the announcement on 28th August, 1999, the Board
announces that due to delay in finalising the audited financial
statements for the year ended 31st March, 1999, a meeting of the
Board for approving the final results and publication of the final
results in the newspaper, which was rescheduled to be held on 28th
September, 1999, has been deferred. The reason for the deferral
is that the Company's auditors need additional time to take
further steps in order to complete the audit of a major jointly
controlled entity. The delay in publication of the final audited
results of the Company constituted a breach of paragraph 8(1) of
the Listing Agreement by the Company and that Stock Exchange
reserves its rights to take further actions against the Company
as a result of the breach.
Accordingly, the meeting of the Board is further deferred and it
is anticipated that such meeting will be held on 22nd October,
1999 and the annual report to the Company's shareholders will be
despatched on 28th October, 1999.
The directors have given their undertaking to the Stock Exchange
that they will not deal in the securities of the Company until
the final audited results of the Company for the year ended 31st
March, 1999 are published on Monday, 25th October, 1999.
In the meantime, the Company advises its shareholders and
investors to exercise caution when dealing in the Company's
shares.
By order of the Board
Cheng Chao Ming
Managing Director
Hong Kong, 27th September, 1999
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