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FORM 10-KSB/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[x] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the fiscal year ended December 31, 1998.
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file number: 1-8334
ASIA RESOURCES HOLDINGS, LTD.
(Exact name of Registrant as specified in its charter)
Delaware 75-1071589
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(State or other jurisdiction of (I.R.S. Employer
incorporation of organization Identification No.)
52/F Bank of China Tower
1 Garden Road
Hong Kong
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (852) 2514-0300
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
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Common Stock, $.01 par value
Check whether the Registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or
for such shorter period that the Registrant was required to file such report)
and (2) has been subject to such filing requirements for the past 90 days.
yes [x] no [ ]
Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of Registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. [x]
Revenues for the year ended December 31, 1998 were $6,548,000. The aggregate
market value of the common stock of the Registrant held by non-affiliates of the
Registrant on April 9, 1999 was $814,173. The aggregate market value was
computed by reference to the average bid and asked prices for the Common Stock
on April 9, 1999. Solely for the purposes of this response, executive officers
and directors are considered the affiliates of the Company at that date.
As of April 9, 1999, 597,132 common shares were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
None
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The following sections of Form 10-KSB-A have been amended:
PART I.
ITEM 1 - DESCRIPTION OF BUSINESS
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BUSINESS DEVELOPMENT
C. Background of Recent Transactions
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On February 19, 1996, The Registrant acquired all the issued and outstanding
shares of Capital Stock of Acewin Profits Limited, a British Virgin Islands
corporation ("Acewin"), from China Strategic Holdings Limited, a Hong Kong
company ("CSH") listed on The Stock Exchange of Hong Kong Limited. Acewin's sole
asset is all the issued and outstanding shares of China Machine (Holdings)
Limited, a Hong Kong company ("CMHL"). CMHL's sole asset is a 55% joint venture
equity interest in Wuxi CSI Vibration Isolator Co., Ltd , a Sino-foreign joint
venture incorporated in the People's Republic of China ("China") and established
in September 1993.
ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION
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Liquidity and Capital Resources
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For the year ended December 31, 1998, net cash used in operating activities and
investing activities were approximately Rmb57.4 million and Rmb4.1 million
respectively. Net cash provided by financing activities amounted to Rmb59.4
million, resulting in a net decrease in cash and cash equivalents of
approximately Rmb2.1 million for the year ended December 31, 1998.
Hongshou Toll Road guaranteed bank borrowings of a related company of CSH, in
the amounts of Rmb 56 million and Rmb 93 million as of December 31, 1997 and
December 31, 1998, respectively.
CSH undertook to provide continuing financial support to the Company to the
extent of CSH's proportionate interest until December 31, 1999.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereto duly authorized.
ASIA RESOURCES HOLDINGS LIMITED
By: /s/Chung Cho Yee, Mico Date: April 21, 1999
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Chung Cho Yee, Mico
President
By: /s/ Lien Kait Long Date: April 21, 1999
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Lien Kait Long
Chief Financial Officer
Pursuant to the Securities Exchange Act of 1934, this report has been signed by
the following persons on behalf of the Registrant and in the capacities and on
the dates indicated.
By: /s/ Oei Hong Leong Date: April 21, 1999
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Oei Hong Leong
Chairman of the Board of Directors
By: /s/Chung Cho Yee, Mico Date: April 21, 1999
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Chung Cho Yee, Mico
Director
By: /s/ Ma Wai Man, Catherine Date: April 21, 1999
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Ma Wai Man, Catherine
Director
By: /s/ Richard N. Gray Date: April 21, 1999
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Richard N Gray
Director
By: /s/ Lien Kait Long Date: April 21, 1999
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Lien Kait Long
Director
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