Silkwave Inc — Delisting Announcement 2005

Nov 28, 2005

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South China Holdings Limited

(Incorporated in the C aym an Islands w ith lim ited liability) (Stock C ode: 265)

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South China Industries Limited

(Incorporated in the C aym an Islands w ith lim ited liability) (Stock C ode: 413)

OVERSEAS REGULATORY ANNOUNCEMENT

(This overseas regulatory announcement was issued pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited)

Wah Shing International Holdings Limited (“Wah Shing”) is a 67.27% owned subsidiary of South China Industries Limited (‘SCI”) as at 25 November 2005. The shares of Wah Shing are currently listed on Singapore Exchange Securities Trading Limited (“SGX-ST”). South China Holdings Limited holds 74.79% of the issued share capital of SCI as at 25 November 2005.

Wah Shing published an announcement to the public in Singapore on 25 November 2005 in relation to the appointment of independent financial adviser. On 25 November 2005, Wah Shing appointed Asian Corporate Advisors Pte Ltd as the independent financial adviser to advise its independent directors for the purpose of making a recommendation to shareholders of Wah Shing in respect of a proposed privatization of Wah Shing by way of the voluntary delisting from the Official List of the SGX-ST pursuant to Rule 1306 of the SGX-ST Listing Manual as announced on 15 November 2005.

Hong Kong, 25 November 2005

Remarks: The announcement of Wah Shing is accessible at SGX-ST’s website: http://www.sgx.com.sg.

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