NEWS RELEASE
September 19, 1999
| The Exchange announces that effective from the date of this announcement, GKC Holdings Limited will be put into the third stage of the Delisting Procedures in accordance with Practice Note 17 of the Exchange Listing Rules.
Pursuant to the Delisting Procedures, the Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not put forward a valid resumption proposal by March 16, 2000, being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company. |
The Exchange announces that effective from the date of this announcement, the Company will be put into the third stage of the Delisting Procedures in accordance with Practice Note 17 of the Exchange Listing Rules. Practice Note 17 formalises the procedures to be adopted in dealing with long suspended companies.
Dealing in the shares of the Company has been suspended since July 3, 1998. Since its suspension, the Company has not submitted any valid resumption proposals. A valid resumption proposal means a proposal that, if it were implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to warrant the continued listing of the listed company's securities on the Exchange.
In view of the absence of resumption proposals since German Kitchen (China) Limited, the major operating subsidiary of the Company, was put into liquidation on October 20, 1998 and the Company's continued failure to meet the requirements as stipulated under Paragraph 38 of the Listing Agreement, the Company does not have sufficient assets or operations to warrant its listing of shares on the Exchange. Accordingly, the Company will now proceed to the third stage of the Delisting Procedures. The Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by March 16, 2000, the Exchange intends to cancel the listing of the Company.
The Exchange will make a further announcement in due course if the delisting takes place.
Corporate Communications Department
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