G-Resources Group Limited — M&A Activity 1999

Aug 25, 1999

Listed Company Information

CHUNG HWA DEV<1051> - Announcement 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. CHUNG HWA DEVELOPMENT HOLDINGS LIMITED (incorporated in Bermuda with limited liability) ANNOUNCEMENT The Board of Directors of Chung Hwa Development Holdings Limited (the "Company") announces that, with reference to the Company's announcement dated 19th August, 1999, the Company approached Tian An China Investments Company Limited ("Tian An") regarding a possible financial restructuring exercise of the Company. Since our announcement dated 19th August, 1999 and at the request of Tian An, the Company arranged a private meeting for Tian An with the institutional creditors of the Company ("Creditors") on 23rd August 1999 during which Tian An and the Creditors had exchanged views on the possible financial restructuring exercise of the Company on a private and confidential/without prejudice/subject to contract basis. The Company has not discussed with Tian An on any terms or agreements relating to the details or matters of the financial restructuring exercise of the Company and the related financial restructuring exercise of the Company may or may not proceed. The Board of Directors of the Company announces that, with reference to the Company's announcement dated 19th August, 1999, the Company approached Tian An regarding a possible financial restructuring exercise of the Company. Since our announcement dated 19th August, 1999 and at the request of Tian An, the Company arranged a private meeting for Tian An with the Creditors on 23rd August 1999. During the meeting, Tian An and the Creditors had exchanged views on the possible financial restructuring exercise of the Company on a private and confidential/without prejudice/subject to contract basis. The Company was also present in the meeting as invited. The Company has not discussed with Tian An on any terms or agreements relating to the details or matters of the financial restructuring exercise of the Company. Unless and until Tian An has reached agreements with the Creditors on principle terms of the possible financial restructuring exercise of the Company, the Company will not proceed with Tian An on the said exercise and the related financial restructuring exercise of the Company may or may not proceed. The Company will make further announcement to the public of the progress of the financial restructuring exercise of the Company as and when appropriate. In the meantime, the Company advises its shareholders and investors to exercise extreme caution when dealing in the Company's shares. By Order of the Board CHUNG HWA DEVELOPMENT HOLDINGS LIMITED Cheung Yu Shum, Jenkin Deputy Chairman Hong Kong 24th August, 1999 The directors of the Company jointly and severally accept fully responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief, the opinions expressed in this announcement have been arrived at after due and careful consideration and that there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.