NEWS RELEASE
October 29, 1999
Status Report on Companies' Delay in Releasing Results Announcement
(as of October 27, 1999)
The Listing Agreement requires an issuer to announce its preliminary results and interim results no later than five months after the financial year-end and three months after the interim period end respectively. Set out below is a list of companies that delay in releasing results and still cannot fulfill such requirements as of today. The reasons for these companies?delay in announcing their results (with the development since the previous report date underlined) are as follows: -
| No | Stock code | Company name | Period covered | Reasons for delay in Releasing results |
| 1. | 401 | AWT Holdings Co Ltd | Final results for the year ended 31st March, 1998 and the year ended 31st March, 1999 | The Company released on 6th March, 1999 the Group’s unaudited results for the year ended 31st March, 1998 and for the six months ended 30th September, 1998. The Company announced that the partial payment of the audit fee as announced on 30th December, 1998 cannot be made and hence the audit of the final results for the year ended 31st March, 1998 was delayed. The Company announced on 30th August, 1999 that the directors expect the audit of the Group’s 1998 results will be accomplished in late October, 1999. The Company also announced that, due to the delay in the audit of the Group’s 1998 results, release of the Group’s results for the year ended 31st March, 1999 is postponed. The directors are not currently able to ascertain the timing for the release of the Group’s 1999 results. The Company further announced on 13th September, 1999 that it recorded an unaudited loss of HK$77,429,000 for the year ended 31st March, 1999. |
| 2. | 464 | Best Wide Group Ltd | Final results for the year ended 31st March, 1999 | (see Remark) |
| 3. | 202 | Burlingame Int’l Co Ltd | Final results for the year ended 31st March, 1999 | The Company announced on 30th August, 1999 that, due to negotiations regarding settlement of amount due to the auditors, release of the Group’s results for the year ended 31st March, 1999 is postponed. The Company also announced that it recorded an unaudited loss of HK$944,555,000 for the year ended 31st March, 1999. The Company announced on 6th October, 1999 that, due to unforeseen slow efficiency in the verification of the Company’s assets situated in China, release of the Group’s 1999 results is further postponed to 8th November, 1999. |
| 4. | 1013 | Chun Tai Holdings Ltd | Final results for the year ended 31st March, 1999 | The Company announced on 30th August, 1999 that, due to the limited manpower which has been diverted to the negotiations with the bank creditors which have resulted in the signing of the standstill agreement, release of the Group’s results for the year ended 31st March, 1999 is postponed. The Company further announced on 18th September, 1999 that it recorded an unaudited loss of HK$308,169,000 for the year ended 31st March, 1999. The Company intends to publish the Group’s 1999 audited results around late November 1999. |
| 5. | 1051 | Chung Hwa Development Holdings Ltd | Final results for the year ended 31st March, 1999 | The Company announced on 19th August, 1999 that release of the Group’s results for the year ended 31st March, 1999 is postponed. The audit of the Group’s financial statements for the year ended 31st March, 1999 has yet to commence as the board of directors is unable to form an opinion whether the going concern principle can still apply in the preparation of such financial statements. The board is unable to confirm the date of the board meeting to approve and release of the Group’s 1999 results. The Company further announced on 30th August, 1999 that it recorded an unaudited loss of HK$428,854,496 for the year ended 31st March, 1999. |
| 6. | 505 | Gilbert Holdings Ltd | Final results for the year ended 31st March, 1999 | The Company announced on 1st September, 1999 that, due to the resignation of its auditors on 31st March, 1999, release of the Group’s results for the year ended 31st March, 1999 is postponed. The Company is trying its best to find an auditor and therefore is not yet able to give an estimation on when its 1999 results can be announced. The Company has suspended most of its operations and is now under a net liabilities position of about HK$1,451 million and outstanding bank borrowing of about HK$878 million as at 31st March, 1999. |
| 7. | 873 | GKC Holdings Ltd | Final results for the year ended 31st March, 1998 and the year ended 31st March, 1999, interim results for the six months ended 30th September, 1998 | (see Remark) |
| 8. | 1005 | Matrix Holdings Ltd | Final results for the year ended 31st December, 1998 and interim results for the six months ended 30th June, 1999 | (see Remark) |
9. |
243 | QPL International Holdings Ltd | Final results for the year ended 30th April, 1999 | The Company announced on 29th September, 1999 that, due to the Company’s auditors need further information to complete the audit, release of the results for the year ended 30th April, 1999 is postponed. It is anticipated that the Group’s 1999 annual report will be despatched on or before 31st October, 1999. The Company further announced on 30th September, 1999 that it recorded an unaudited loss of HK$3,286,701,000 for the year ended 30th April, 1999. |
| 10. | 456 | Rhine Holdings Ltd | Final results for the year ended 31st December, 1997 and the year ended 31st December, 1998; interim results for the six months ended 30th June, 1998 and the six months ended 30th June, 1999 | (see Remark) |
| 11. | 501 | RNA Holdings Ltd | Final results for the year ended 30th April, 1999 | The Company announced on 29th September, 1999 that, due to a principal associated company is unable to complete the audit of its final results, release of the results for the year ended 30th April, 1999 is postponed. The Company will announce the Group’s audited results for the year ended 30th April, 1999 as soon as practicable after the associated company finalise its final results. The Company further announced on 7th October, 1999 that it recorded an unaudited loss of HK$53,644,000 for the year ended 30th April, 1999. |
| 12. | 993 | Simsen International Corporation Ltd | Final results for the year ended 30th April, 1999 | The Company announced on 29th September, 1999 that, due to the delay as a result of the recent earthquakes in Taiwan in collecting documentation and confirmation on the Group’s investment project in Taiwan, release of the results for the year ended 30th April, 1999 is postponed. The Company will release the Group’s 1999 audited result as soon as possible once the audit is completed. The Company further announced on 7th October, 1999 that it recorded an unaudited loss of HK$270,931,000 for the year ended 30th April, 1999. |
| 13. | 1095 | Sinocan Holdings Ltd | Final results for the year ended 31st December, 1998 and interim results for the six months ended 30th June, 1999 | The Company announced on 11th June, 1999 that, due to the Company is now in negotiations with its auditors regarding the payment of the audit fee, release of the results for the year ended 31st December, 1998 is postponed. The Company announced on 27th September, 1999 that, due to the auditors of the Company will need additional time to complete their audit of the Group’s financial information, release of the Group’s 1998 results is further postponed to in or about November 1999. The Company also announced on 27th October, 1999 that, given that almost all the accounting staff of the Company has left the Company, release of the Group’s unaudited results for the six months ended 30th June, 1999 is postponed to in or about February 2000. |
| 14. | 395 | Siu-Fung Ceramics Holdings Ltd | Final results for the year ended 31st December, 1998 and interim results for the six months ended 30th June, 1999 | The Company announced on 10th June, 1999 that due to the Company’s current financial difficulties, release of the results for the year ended 31st December, 1998 is postponed. The Company further announced on 26th October, 1999 that, due to the audit work required for the Group’s 1998 annual results has only been commenced recently and has yet to be completed, release of the Group’s unaudited results for the six months ended 30th June, 1999 is postponed. It is expected that the Group’s audited 1998 annual results and unaudited 1999 interim results will be announced no later than 31st December, 1999. |
| 15. | 661 | Tem Fat Hing Fung (Holdings) Ltd | Final results for the year ended 30th April, 1999 | The Company announced on 29th September, 1999 that, due to a principal associated company is unable to complete the audit of its final results, release of the results for the year ended 30th April, 1999 is postponed. The Company will announce the Group’s audited results for the year ended 30th April, 1999 as soon as practicable after the associated company finalise its final results. The Company further announced on 7th October, 1999 that it recorded an unaudited loss of HK$797,852,000 for the year ended 30th April, 1999. |
| 16. | 620 | UDL Holdings Ltd | Final results for the year ended 31st March, 1999 | The Company announced on 18th August, 1999 that, due to the limited manpower and concentrated efforts to implement the scheme of arrangement, release of the Group’s results for the year ended 31st March, 1999 is postponed. The Company announced on 29th September, 1999 that it recorded an unaudited loss of HK$904,251,000 for the year ended 31st March, 1999. It is expected that the Group’s 1999 audited results will be published on or before 30th November, 1999. |
| 17. | 292 | Yaohan Hongkong Corporation | Final results for the year ended 31st March, 1998 and the year ended 31st March, 1999; interim results for the six months ended 30th September, 1997 and the six months ended 30th September, 1998 | (see Remark) |
| 18. | 700 | Yaohan Int’l Holdings Ltd | Final results for the year ended 31st March, 1998 and the year ended 31st March, 1999; interim results for the six months ended 30th September, 1998 | (see Remark) |
Remark: Please refer to the prolonged suspension status report.
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