GDF Guangdong Dev.

    RNS Number : 5743F
  Guangdong Development Fund Ld
  10 October 2008
   
    Guangdong Development Fund Limited (the "Fund")
    Interim Management Statement for the Third Quarter Ended 30 September 2008


    This announcement replaces RNS No: 4677F to correct an error in the section of "Key highlights of the quarter ended 30 September 2008"
that the correct payable date of the interim dividend of US1.5 cents per ordinary share is 31 October 2008 NOT 28 October 2008 as previously
announced.


    Key highlights of the quarter ended 30 September 2008

    *     During the quarter, no investment income from financial assets at fair value was recorded through profit or loss.  

    *     As it is the policy of the Fund only to engage an independent valuer to perform a valuation of the financial assets at the year
end and at the half year end, no external valuation was carried out at this time. Consequently, no fair value gain or loss on financial
assets has been recorded during the quarter.

    *     The unaudited loss attributable to shareholders for this quarter amounted to US$0.1 million, and the unaudited profit attributable
for the nine months ended 30 September 2008 amounted to US$0.3 million.

    *     As at 30 September 2008, total net asset value was US$12.3 million (30 June 2008: US$12.4 million), or US$0.13 per ordinary share
(30 June 2008: US$0.13 per ordinary share).

    *     After due consideration of the estimated future cash flow of the Fund, the Board recommends the payment of an interim dividend of
US1.5 cents per ordinary share, amounting to US$1,453,500, payable on 31 October 2008 to shareholders. The record date and ex-dividend date
will be on 24 October 2008 and 22 October 2008, respectively. 

    *     After payment of the interim dividend, the net asset value per share will be decreased by US$0.015 per share.


    Material events and transactions

    No material events or transactions took place for the Fund during the quarter.

    The Fund did not dispose of any financial assets during this quarter. Regarding Guangdong Zhanhai Instrument & Meter Co. Ltd.
("Zhanhai"), the Fund has been actively liaising with the other foreign shareholders to try and ensure that the auction of Zhanhai will
proceed as soon as possible.  With regards to Xin Hui Xing Wei Building Material Co. Ltd, the Fund received the remaining consideration of
approximately US$31,000 on 30 September 2008.  


    Outlook

    The Board continues to make the greatest effort to realise the Fund's investments at the best prices reasonably obtainable in order to
maximise returns to shareholders of the Fund.  With regards to Yuehui Highways and Bridges Development Company Limited, Foshan Tongbao Co.,
Ltd., Gaoyao Gaolu Cement Company Limited and Guangdong Nan Fang (Holdings) Co. Ltd, there is nothing unusual to report for the quarter on
these projects.  


    For further information, please contact: 
    Guangdong Development Fund Limited
    Tel: (852) 2106 0888 
    Fax: (852) 2868 3082

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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