Hang Lung Group Limited — M&A Activity 2004

Mar 5, 2004

Listed Company Information

PCCW<00008> - Announcement The Stock Exchange has received a message from PCCW Limited which is reproduced as follows:- "The Company confirms that it is considering a potential major transaction with Dong Fang Gas Holdings Limited ("DFG"). However, the discussion between the Company and DFG in relation to such potential transaction has not yet been finalised. The Company's management is always considering different means of maximising shareholder value. At present, the Company is in an advanced stage of discussion to transfer the Company's property portfolio to DFG, a company listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), in order to obtain an independent identity with its management focusing on property development. If the transaction proceeds, DFG will be able to provide investors with greater clarity on the business and financial position of the Company's property portfolio. The Company believes that this move, if and when it takes place, will be appreciated by the market. Full details of the transaction will be disclosed as and when the transaction is finalised. We also confirm that apart from the discussions described above, there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Company aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. At the request of the Company, trading of the shares of the Company on the Stock Exchange has been suspended with effect from 9:30 am on Friday, 5 March 2004, pending the release of an announcement in relation to a major transaction for the Company described above. By order of the Board Hubert Chak Company Secretary 5 March 2004"