CAI Corp — Capital/Financing Update 2009

Apr 24, 2009

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information only and does not constitute an offer to shareholders or any other persons to acquire, purchase or subscribe for securities of the Company.

==> picture [306 x 86] intentionally omitted <==

(Incorporated in Hong Kong with limited liability)

(Stock Code: 51)

PROPOSED RIGHTS ISSUE OF 236,250,000 RIGHTS SHARES AT HK$3.99 EACH

ON THE BASIS OF ONE RIGHTS SHARE FOR EVERY TWO EXISTING SHARES HELD ON THE RECORD DATE

Underwriter of the Rights Issue The Wharf (Holdings) Limited

Reference is made to the Company’s prospectus issued in connection with the Rights Issue (the “ Prospectus ”), which was despatched to Shareholders on 24 April 2009, providing them with further details of the Rights Issue arrangements including, among others, the indicative timetable for the implementation of the Rights Issue. Unless otherwise stated, capitalised terms used herein shall bear the same meanings as defined in the Prospectus.

According to the indicative timetable, the Rights Shares will be dealt with in their nil-paid form from 28 April 2009 to 6 May 2009 (both days inclusive) while the commencement date of dealings in fully-paid Rights Shares will be 20 May 2009.

For the avoidance of possible doubts, the Directors would like to remind Shareholders and potential investors that fully-paid Right Shares shall not entitle the holders thereof to the final dividend of HK$0.15 per Share for the financial year ended 31 December 2008 declared by the Company on 10 March 2009, as the Rights Shares will not be issued until after the record date, being 14 May 2009, for determining entitlement to this final dividend.

Shareholders and potential investors should therefore exercise caution when dealing in the Shares and Rights Shares in their nil-paid form, and if they are in any doubt about their position, they are recommended to consult their professional advisers.

Reference is made to the Company’s Prospectus, which was despatched to Shareholders on 24 April 2009, providing them with further details of the Rights Issue arrangements including, among others, the indicative timetable for the implementation of the Rights Issue. Unless otherwise stated, capitalised terms used herein shall bear the same meanings as defined in the Prospectus.

1

Harbour Centre Development Limited - Announcement 24 April 2009

The indicative timetable for the implementation of the Rights Issue, which is reproduced from the section headed “Expected Timetable” in the Prospectus, is as follows: -

Event Date(Note 1)
Register of members re-opens………………………….…...….……………………. 24 April 2009
Despatch of the Rights Issue Document …………………………….......................... 24 April 2009
First day of dealings in nil-paid Rights Shares_(Note 2)_……...….………………… 28 April 2009
Latest time for splitting nil-paid Rights Shares_(Note 2)_………………...4:30 p.m. on 30 April 2009
Last day of dealings in nil-paid Rights Shares_(Note 2)_………………………………..... 6 May 2009
Latest time for acceptance of, and payment for,
the Rights Shares and application for
excess Rights Shares_(Notes 2,3 and 4)_………………..……..……………4:00 p.m. on 11 May 2009
Underwriting Agreement becomes unconditional…………….…..........5:00 p.m. on 14 May 2009
Record date for determining entitlement to the 2008 final dividend_(Notes 2 and 6)_……....14 May 2009
Register of members closes for determining entitlement
to the 2008 final dividend ………………………...................……..15 May 2009 to 20 May 2009
(both days inclusive)
Announcement of results of the Rights Issue to be published
in the respective websites of the Stock Exchange and the Company
on or before …………………………………………. …….... …………………. 18 May 2009
Refund cheques in respect of wholly or partially unsuccessful
applications for excess Rights Shares expected to be posted
on or before…………………………......................................................................... 18 May 2009
Certificates for the Rights Shares expected
to be despatched on or before…………………..……..…….…………………… 18 May 2009
Dealings in fully-paid Rights Shares commence_(Note 5)_.………………………….…. 20 May 2009
Annual General Meeting……………………………………..……..…3:30 p.m. on 20 May 2009
Posting of dividend warrants in respect of
the 2008 final dividend to Shareholders………………………………………….... 21 May 2009

Notes:

1. All times and dates in this Prospectus refer to Hong Kong local time and dates.

2. Fully-paid Right Shares shall not entitle the holders thereof to the final dividend of HK$0.15 per Share for the financial year ended 31 December 2008 declared by the Company on 10 March 2009, as the Rights Shares will not be issued until after the record date, being 14 May 2009, for determining entitlement to this final dividend.

2

Harbour Centre Development Limited - Announcement 24 April 2009

3. The latest time for acceptance of and payment for Rights Shares shall not take place at 4:00 p.m. on Monday, 11 May 2009 if there is a tropical cyclone warning signal number 8 or above, or a "black" rainstorm warning in force in Hong Kong at any local time between 12:00 noon and 4:00 p.m. on Monday, 11 May 2009. Instead the latest time for acceptance of and payment for the Rights Shares will be rescheduled to 4:00 p.m. on the following Business Day which does not have either of those warnings in force at any time between 12:00 noon and 4:00 p.m.

4. If the latest time for acceptance of and payment for the Rights Shares does not take place on Monday, 11 May 2009, the dates mentioned in this expected timetable may be affected. The Company will notify Shareholders by way of announcements on any change to the expected timetable as and when appropriate. Dealings in the fully paid Rights Shares will commence as soon as the relevant Shareholders receive the share certificates for the Rights Shares.

5. The timetable above is indicative only and is subject to change as agreed by the Company and the Underwriter pursuant to the Underwriting Agreement. The Company will notify Shareholders of any change to the expected timetable as and when appropriate.

6. The “Record date for determining entitlement to the 2008 final dividend” is on the basis of the record as at the close of business on that date.

According to the indicative timetable, the Rights Shares will be dealt with in their nil-paid form from 28 April 2009 to 6 May 2009 (both days inclusive) while the commencement date of dealings in fully-paid Rights Shares will be 20 May 2009.

For the avoidance of possible doubts, the Directors would like to remind Shareholders and potential investors that fully-paid Right Shares shall not entitle the holders thereof to the final dividend of HK$0.15 per Share for the financial year ended 31 December 2008 declared by the Company on 10 March 2009, as the Rights Shares will not be issued until after the record date, being 14 May 2009, for determining entitlement to this final dividend.

Shareholders and potential investors should therefore exercise caution when dealing in the Shares and Rights Shares in their nil-paid form, and if they are in any doubt about their position, they are recommended to consult their professional advisers.

As at the date of this announcement, the Board comprises Mr. Stephen T. H. Ng, Mr. T. Y. Ng, Mr. Paul Y. C. Tsui and Mr. Clement K. H. Wong, together with three independent non-executive Directors, namely, Mr. H. M. V. de Lacy Staunton, Mr. Michael T. P. Sze and Mr. Brian S. K. Tang.

By order of the Directors of HARBOUR CENTRE DEVELOPMENT LIMITED Wilson W. S. Chan Company Secretary

Hong Kong, 24 April 2009

All Directors jointly and severally accept full responsibility for the accuracy of information contained in this announcement and confirm, having made all reasonable inquiries, 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.

3

Harbour Centre Development Limited - Announcement 24 April 2009