Harbour Centre Development Limited — M&A Activity 1999

Oct 29, 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) ANNOUNCEMENT The board of directors (the "Directors") of Far East Consortium International Limited (the "Company") announces that it has submitted a proposal (the "Proposal") to Chi Cheung Investment Company, Limited ("Chi Cheung") expressing interest in acquiring a controlling stake of Chi Cheung. The Directors of the Company announces that it has submitted a proposal to Chi Cheung on 26th October, 1999 expressing interest in acquiring a controlling stake of Chi Cheung by injecting certain assets and new funds. The Proposal is still at a preliminary stage and no legally binding agreement has been entered into between the parties. As advised by Chi Cheung, the Proposal has been approved by their board of directors and is being considered by the major creditors of Chi Cheung. Once the major creditors of Chi Cheung has given in principle approval to the Proposal, the Company will negotiate a legally binding agreement with Chi Cheung. The Proposal will be subject to the fulfillment of the relevant Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. A further announcement will be made by the Company in connection with the Proposal as and when necessary. Investors and shareholders of the Company should note that the Proposal may or may not proceed and they are reminded to exercise caution when dealing in the securities of the Company. By Order of the Board Michael Chi Ning O'Young Managing Director Hong Kong, 28th October, 1999