ICO Group Limited — M&A Activity 1999

Dec 7, 1999

Listed Company Information

JACKIN INT'L<0630> - 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. Jackin International Holdings Limited (Incorporated in Bermuda with limited liability) Recent increase in the price of shares * This announcement is made in connection with a recent increase in the price of the shares of the Company. * The Company has been notified by its controlling shareholder that it is in preliminary discussions with the Third Party on the possible sale of the shares in the Company. The sale of shares in the Company to the Third Party by Sun Union may or may not proceed. Investors should exercise caution when dealing in the securities of the Company. The directors of Jackin International Holdings Limited (the "Company") noted an increase in the price of the shares of the Company today and wish to state that they are not aware of any reasons for such increase save as disclosed below. The Company has received at 4:00 p.m. today a non-binding letter setting out certain basic terms on which a third party (the "Third Party") independent of the chief executive, directors and substantial shareholders of the Company and its subsidiaries (the "Group") is prepared to purchase all the securities of the Company currently in issue. The Third Party is a customer of the Group. The Company has been informed by its controlling shareholder, Sun Union Enterprises Limited ("Sun Union") that it has been in discussions with the Third Party regarding the possibility of the sale and purchase of shares in the Company held by Sun Union and its concert parties (as defined under the Hong Kong Code on Takeovers and Mergers). Sun Union currently holds 174,094,000 shares in the Company, representing about 47.7% of the issued share capital of the Company, and is beneficially owned by Ms. Helena Ho, Mr. Jacky Ho and Ms. Hermia Ho, all executive directors of the Company. However, discussions between Sun Union and the Third Party are at a preliminary stage. Other than a confidentiality agreement between Sun Union and the Third Party in relation to the exchange of information between them, they have not entered into any binding contract nor otherwise agreed the terms in relation to the disposal of any shares or other securities in the Company. The sale of shares in the Company to the Third Party by Sun Union may or may not proceed. Investors should exercise caution when dealing in the securities of the Company. Save as disclosed above, the directors of the Company confirm that there are no negotiations or agreements relating to intended acquisitions or realisation which are discloseable under paragraph 3 of the Listing Agreement, neither are the directors 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. Made by the order of the board of directors of the Company, the directors of which individually and jointly accept responsibility for the accuracy of the foregoing statement. By Order of the Board Jackin International Holdings Limited Ho Yin King, Helena Chairman Hong Kong, 6th December, 1999 All directors of the Company jointly and severally accept full responsibility for the accuracy of information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived as after due and careful consideration and there are no other facts nor contained in the announcement, the omission of which would make any statement in this announcement misleading.