Pacific Basin Shipping Limited — Capital/Financing Update 2006

Jan 25, 2006

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.

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RISING DEVELOPMENT HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability) (Stock Code: 1004)

DISCLOSEABLE TRANSACTION

ACQUISITION OF DEBT SECURITY

On 18 January 2006, Rising Development Holdings Limited has acquired of the Debt Security issued by BTA Finance Luxembourg S. A. through a securities agent at the consideration of US$1,833,000 (approximately HK$14,224,000).

The Acquisition constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules. A circular in connection with the Acquisition will be despatched to the shareholders of the Company as soon as practicable.

THE DEBT SECURITY

Trade Date : 18 January 2006 Parties : Issuer: BTA Finance Luxembourg S.A. The Company confirms that, to the best of the directors’ knowledge, information and belief having made all reasonable enquiry, the Issuer and the ultimate beneficial owner of the Issuer are third parties independent of the Company and connected persons of the Company. Purchaser: the Company Securities agent: a licensed broker, which is and whose beneficial owners are Independent Third Parties. Debt Security : US$1,833,000 of Bank TuranAlem 8.25% perpetual at the price of 100% (The Debt Security is listed in Luxembourg and traded over the counter) Consideration : The consideration for the Acquisition of the Debt Security, which was determined by the Issuer is payable in cash on 25 January 2006. The Acquisition of the Debt Security is currently expected to be funded by internal resources of the Group. The Debt Security is unsecured. Reference Share : The unit price of the Debt Security as at 18 January 2006 was 100.8% (The market price of the Debt Security as Price at 18 January 2006 was US$1,847,664). Ratings : Moody’s – Baa3 S&P – B- Issue Date : 18 January 2006

REASONS FOR THE ACQUISITION

With the Group’s continual pursuit of a prudent and diversified investment strategy, the Directors consider that the Acquisition provides a good investment opportunity for the Group to enlarge its investment portfolio with high quality assets, and believe that the Debt Security will generate a steady income stream. The interest will be distributed semi-annually on 25 January and 25 July every year.

The Directors also consider that the Acquisition will not cause any adverse impact on the working capital or gearing ratio of the Group. The Directors are therefore of the view that the Acquisition is in the best interests of the Company, which are fair and reasonable and in the best interests of the Company and its shareholders as a whole.

INFORMATION OF THE VENDOR

So far as the Directors (including independent non-executive Directors) are aware, BTA Finance Luxembourg S.A. is principally engaging in the provision of banking and financial services businesses.

GENERAL

The Group is principally engaging in investment, manufacturing and sale of fur garments and trading of fur skins.

The Acquisition constitutes a discloseable transaction of the Company under the Chapter 14 of the Listing Rules. A circular in connection with the Acquisition will be despatched to the shareholders of the Company as soon as practicable.

DEFINITIONS

DEFINITIONS
“Acquisition”	the acquisition of the Debt Security;
“Board”	The board of Directors;
“BTA Finance Luxembourg S.A.”	BTA Finance Luxembourg S.A. is principally engaging in the provision of banking and financial
	services businesses;
“Company”	Rising Development Holdings Limited, a company incorporated in Bermuda with limited liability
	whose shares are listed on the Stock Exchange;
“Consideration”	US$1,833,000 (approximately HK$14,224,000);
“Debt Security”	US$1,833,000 of Bank TuranAlem 8.25% perpetual at the price of 100% issued by BTA Finance
	Luxembourg S.A. and the annual coupon rate are 8.25% and perpetual;
“Directors”	the directors of the Company;
“Group”	the Company and its subsidiaries;
“Independent Third Party”	an independent third party not connected with any of the Directors, chief executives or substantial
	shareholders of the Company or any of its subsidiaries or their respective associates, as defined in the
	Listing Rules;
“Listing Rules”	the Rules Governing the Listing of Securities on the Stock Exchange;
“Stock Exchange”	The Stock Exchange of Hong Kong Limited.

For the purpose of this announcement, unless otherwise specified, conversions of US$ into HK$ dollars are based on the approximate exchange rates of US$1.00 to HK$7.76.

By Order of the Board Rising Development Holdings Limited Mui Chi Hung Director

Hong Kong SAR, 25 January 2006

As at the date of this announcement, the executive Directors are Mr. Ng Ngan Lung, Mr. Chong Hong Sang and Mr. Mui Chi Hung and the independent non-executive Directors are Ms. Ho Man Kay, Angela, Mr. Chan Wing Yuen, Hubert and Mr. Fan Sai Yee.

“Please also refer to the published version of this announcement in The Standard.”