Harbour Centre Development Limited — M&A Activity 1999

Dec 9, 1999

Listed Company Information

FE CONSORT INTL<0035> - 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. FAR EAST CONSORTIUM INTERNATIONAL LIMITED (Incorporated in the Cayman Islands with limited liability) Rescue proposal for Chi Cheung Investment Company, Limited The Company has entered into a heads of agreement with Chi Cheung Investment Company, Limited regarding a rescue and debt restructuring proposal of Chi Cheung. The Proposal may or may not proceed. The Directors of Far East Consortium International Limited (the "Company") announce that it has entered into a heads of agreement with Chi Cheung Investment Company, Limited ("Chi Cheung") regarding a rescue and debt restructuring proposal of Chi Cheung (the "Proposal"). The Proposal currently envisages the injection of HK$30 million cash consideration and the Company's interest in a toll-road project in the People's Republic of China and other assets (with estimated value of not less than HK$200 million) into Chi Cheung, resulting in the Company obtaining a controlling interest in Chi Cheung. The Proposal is not expected to constitute a notifiable transaction pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). However, the Stock Exchange has indicated that the Proposal may constitute a spin-off of the toll-road project by the Company and/or a new application for listing of Chi Cheung. Investors should note that the Proposal is conditional on, among other things, approvals of the shareholders and creditors of Chi Cheung and the Stock Exchange and may or may not proceed. A further announcement will be made by the Company in connection with the Proposal as and when appropriate. Investors should exercise caution when dealing in the Company's securities. By Order of the Board FAR EAST CONSORTIUM INTERNATIONAL LIMITED Michael Chi Ning O'Young Managing Director Hong Kong, 8th December, 1999