In relation to the matter of Best Wide Group Limited
proceeding to the third stage of the delisting procedures
as stipulated under Practice Note 17 of
the Exchange Listing Rules
The Stock Exchange of Hong Kong announces that effective from the date of this announcement, Best Wide Group Limited (the "Company") will be put into the third stage of the delisting procedures in accordance with Practice Note 17 of the Exchange Listing Rules (the "Delisting Procedures").
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 October 25, 2000, being six months from the date of this announcement, the Exchange intends to cancel the listing of the Company.
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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 September 19, 1996. Since its suspension, the Company has not been able to implement a valid resumption proposal. 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.
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 October 25, 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