CR Construction Group Holdings Limited — M&A Activity 2000

Jun 30, 2000

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

MR. TSIM WING KONG

(the "Offeror") ("the Company")

UNCONDITIONAL MANDATORY CASH OFFER BY

VICKERS BALLAS HONG KONG LIMITED

and

TAI FOOK SECURITIES COMPANY LIMITED

ON BEHALF OF

MR. TSIM WING KONG

FOR ALL THE ISSUED SHARES AND OPTIONS IN KEL HOLDINGS LIMITED

(OTHER THAN THOSE SHARES AND OPTIONS ALREADY OWNED OR CONTROLLED BY MR. TSIM WING KONG

OR PARTIES ACTING IN CONCERT WITH HIM)

As at 4:00 p.m., 29 June 2000, being the latest time for acceptances of the Offers, a total acceptances in respect of 28,594 Shares, subject to verification, representing 0.00715% of the issued share capital of the Company, were received. Taking into account the Shares accepted under the Offers, the Offeror and parties acting in concert with him were interested in approximately 75.00715% of the issued share capital of the Company.

As the Offeror will not extend the period of the Offers, the Offers will close at 9:30 a.m., on 30 June 2000.

Reference is made to the joint announcement dated 2 May 2000 (the "Announcement") made by the Company and the Offeror in relation to the Offers. Unless the context otherwise requires, terms used herein shall have the same meanings as defined in the Announcement.

Result of acceptances and close of the Offers

As at 4:00 p.m., 29 June 2000, being the latest time for acceptances of the Offers, a total acceptances in respect of 28,594 Shares, subject to verification, representing 0.00715% of the issued share capital of the Company, were received.

As the Offeror will not extend the period of the Offers, the Offers will close at 9:30 a.m., on 30 June 2000.

Shareholding

Other than the Shares acquired pursuant to the Acquisition and the aforesaid acceptances, the Offeror and parties acting in concert with him have not otherwise acquired or dealt in any Shares during the period from 19 May 2000 (being the latest practicable date prior to the printing of the Offer document for the purpose of ascertaining certain information referred to in it) to 29 June 2000 (being the date of this announcement). Before the commencement of the Offers, the Offeror and parties acting in concert with him were interested in 300,000,000 Shares, representing 75% of the issued share capital of the Company. Taking into account the Shares accepted under the Offers, the Offeror and parties acting in concert with him were interested in 300,028,594 Shares, representing approximately 75.00715% of the issued share capital of the Company.

Remittances for the amounts due under the Offers in respect of valid acceptances received on or before the close of the Offers will be made by ordinary post within ten days following the day of receipt of such valid forms of acceptance and transfer, and in any event, not later than 10 July 2000.

By Order of the Board

MR. TSIM WING KONG KEL Holdings Limited

Leung Yat Tung

Chairman

Hong Kong, 29 June 2000

Mr. Tsim Wing Kong accepts full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of his knowledge, the opinions expressed by him in this announcement have been arrived at after due and careful consideration and there are no other material facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

The directors of KEL Holdings Limited jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, after 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 material facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

"Please also refer to the published version of this announcement in the Hong Kong i-mail"