On behalf of the Board of Directors of the Company, we wish to make an announcement pertaining to the liquidation and dissolution of Kein Hing Industry Vietnam Co., Ltd (“KHIV”) as follows:
- KHIV which was incorporated on 8 June 2012 is a wholly-owned subsidiary of the Company.
- KHIV encountered difficulties to obtain orders from customers and thus, it is unable to continue with its manufacturing business. Therefore, the Company has decided to discontinue KHIV’s Export Processing Enterprises ("EPE") Project for sheet metal forming, precision machining, assembly of components and manufacture and fabrication of tools and dies and close the project on Land Lot No. IN1-7A and IN1-7*D at VSIP Hai Phong Township. Industrial and Service Park, Thuy Nguyen District, Dinh Vu – Cat Hai Economic Zone, Hai Phong City, Vietnam.
- The deadline to fulfill the liquidation and dissolution procedures is within six months from the date when this decision and notice of dissolution are sent to the relevant authorities in Vietnam.
- This decision to liquidate and dissolve KHIV shall take effect from the signing date of Board Resolution of KHIB.
- The liquidation and dissolution of KHIV will not have any effect on the share capital and shareholdings of the Company and will not have any material effect on the earnings, net assets and gearing of KHIB Group for the financial year ending 30 April 2021.
- None of the Directors, major shareholders of KHIB and/or persons connected to them have any interest, direct or indirect, in the liquidation and dissolution of KHIV.
This announcement is dated 28 July 2020.