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 in Bermuda with limited liability)
ANNOUNCEMENT
The Board wishes to announce that the Cheung Directors have
requested the Company, among other things, to investigate the
events surrounding the Company's investment in the Wuhan Company.
The Board also refers to the Articles containing various statements
in relation to the Company's affairs. The Company is in the process
of consulting its legal advisers in relation to the Articles.
The Company has received a petition filed by legal counsel for the
Cheung Directors against inter alia, the Company and certain
directors of the Company (the ``Petition'') shortly prior to the
printing of this announcement. The Company is in the process of
consulting its legal advisers in relation to the Petition.
Given the seriousness of the above matters, a Board meeting has been
scheduled to be held at 4:00 p.m. on 29th February, 2000 to consider
the appropriate action to be taken by the Board in respect of the
above matters and whether an independent board committee should be
formed to investigate the events surrounding the Company's
investment in the Wuhan Company.
Further announcement will be made to update shareholders on the
result of the Board meeting.
REQUEST OF CERTAIN DIRECTORS
The directors of the Company (the ``Board'') refers to the
announcement of the Company dated 17th February, 2000 in relation
to, among other things, the Company's proposed sale of its interest
in Wuhan Ocean Essence Water Factory Company Limited (``Wuhan
Company'').
The Board wishes to state that two of the directors of the Company
namely Mr. Cheung Yiu Wing and Mr. Cheung Wing Keung, Sammel
(``Cheung Directors'') have requested through their legal counsel,
among other things, that the Company's audit committee should
investigate the events surrounding the Company's investment in the
Wuhan Company.
CLARIFICATION OF CERTAIN ARTICLES
The Board also refers to certain articles appearing in certain
magazine and newspapers published on 24th February, 2000, 25th
February, 2000 and 26th February, 2000 (``Articles'') containing
various statements in relation to the Company's affairs. The
Company is in the process of consulting its legal advisers in
relation to the Articles.
PETITION RECEIVED BY THE COMPANY AND CERTAIN DIRECTORS
The Company has received a petition filed by legal counsel for the
Cheung Directors (the ``Petition'') against inter alia, the Company,
Mr. Cheng Chao Ming, Jenson and other directors of the Company (Save
for the Cheung Directors and all independent non-executive
directors'') shortly prior to the printing of this announcement.
The Company is in the process of consulting its legal advisers in
relation to the Petition.
OTHER DISCLOSEABLE INFORMATION
A board meeting has been scheduled to be held at 4:00p.m. on 29th
February, 2000 to consider the appropriate action to be taken by
the Board in respect of the requests from the Cheung Directors,
the Articles, the Petition and whether an independent board
committee should be formed to investigate the events surrounding
the Company's investment in the Wuhan Company.
Further announcement will be made by the Company following the Board
meeting scheduled to be held on 29th February, 2000 to update
shareholders on the result of the Board meeting.
APPROVAL OF THIS ANNOUNCEMENT
The publication of this announcement has been approved by Mr. Cheng
Chao Ming, Jenson, Mr. Cheung Kung Tai, Mr. Zeng Xiang Zhi, Mr. Ching
Kwok Leung, Mr. Xiong Pingbo, Paul, Ms. Cheung Lik Ping, Mr. Chen
Vee Yong, Frederick and Mr. Hui Yat On, Kelvin. Each of the directors
of the Company who approved this announcement take responsibility
for the accuracy of this announcement. Mr. Cheung Yiu Wing, Mr.
Cheung Wing Keung, Samuel, Dr. Charles W.B. Cheung J.P., Mr. Steven
Kwan and Mr. Lee Sheung Wah, James were not contactable for the
approval of this announcement prior to the time of printing.
In the meantime, shareholders and potential investors should take
extreme caution when dealing in the securities of the Company.
Made by order of the Board
Xiong Pingbo, Paul
Director
Hong Kong, 26th February, 2000
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