GOLDEN POWER<0603> - 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.
HIKARI TSUSHIN, INC.
(Incorporated in Japan with limited liability)
GOLDEN POWER INTERNATIONAL
HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
ANNOUNCEMENT
Clarification on the decreases in the share price and the increases in the
trading volume of the shares ("Shares") in Golden Power International
Holdings Limited (the "Company") on 10th March, 2000 and certain matters
reported in certain press articles on 10th March, 2000.
This statement is made at the request of The Stock Exchange of Hong Kong
Limited.
The respective directors of Hikari Tsushin, Inc. and the Company (the
"Directors") have noted that the decreases in share price of the Company
and the increases in the trading volume of the Shares on 10th March, 2000
and certain articles in certain newspapers in Hong Kong for the rumour
relating to a senior officer of Hikari Tsushin, Inc.
The directors of Hikari Tsushin, Inc. wish to state that the rumour in
certain articles in certain newspapers in Hong Kong is not true and they
are not aware of any legal action pending or threatened against that
senior officer.
The Directors wish to inform shareholders that the subscriptions of new
shares of the Company by Hikari Tsushin, Inc. and Pacific Century
CyberWorks Limited and the subscription of convertible note of the Company
by Hikari Tsushin, Inc. (the "Subscriptions") have been completed on 10th
March, 2000. As from 10th March, 2000, the subscription monies are held
by Hikari Tsushin, Inc.'s lawyers to the order and for the benefit of the
Company and the same (together with interest accrued thereon) shall be
released to the Company upon instructions signed by any one director of
the Company to be nominated by Hikari Tsushin, Inc. upon posting of the
composite offer document. The composite offer document containing the
terms of the general offer, the advice of the independent board committee
of the board of directors of the Company and the advice of the independent
financial adviser is expected to be despatched on 13th March, 2000. The
Directors wish to state that they are not aware of any reasons for such
decreases in the price and increases in the trading volume save as herein
disclosed.
There are presently no negotiations or agreements relating to intended
acquisitions or realisations by the Company which are discloseable under
paragraph 3 of the Listing Agreement, neither the board of Directors aware
of any matter discloseable under the general obligation imposed by
paragraph 2 of the Listing Agreement, which is or may be of a price-
sensitive nature.
By Order of the board of
Hikari Tsushin, Inc.
Masahide Saito
Executive Managing Director
By Order of the board of
Golden Power International Holdings Limited
Chu King Tien
Director
Hong Kong 11th March, 2000
The directors of Hikari Tsushin, Inc. jointly and severally accept full
responsibility for the accuracy of the information contained in this
announcement (other than that relating to the Company) and confirm, having
made all reasonable enquiries, that to the best of their knowledge,
opinions expressed in this announcement have been arrived at after due and
careful consideration and there are no other facts not contained in this
announcement, the omission of which would make any statement in this
announcement misleading.
The directors of the Company jointly and severally accept full
responsibility for the accuracy of the information contained in this
announcement (other than that relating to Hikari Tsushin, Inc.) and
confirm, having made all reasonable enquiries, that to the best of their
knowledge, opinions expressed in this announcement have been arrived at
after due and careful consideration and there are no other facts not
contained in this announcement, the omission of which would make any
statement in this announcement misleading.
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