Vision Values Holdings Ltd. — M&A Activity 2000

Jan 24, 2000

Listed Company Information

WAH YIK HOLD<0862> - 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-Reaching Limited (Incorporated in the British Virgin Islands with limited liability) (the "Offeror") Wah Yik Holdings Company Limited (Incorporated in the Cayman Islands with limited liability) (the "Company") Closing of the unconditional cash offers by Somerley Limited on behalf of the Offeror for all the issued shares and outstanding warrants of the Company (other than those already owned by the Offeror or parties acting in concert with it) The Offers closed at 4:00 p.m. on Friday, 21st January, 2000. No acceptances have been received under the Offers. As at the close of the Offers, the Offeror and parties acting in concert with it were interested in 1.5 billion Shares and 300 million units of Warrants, representing 75% of the Company's issued share capital and outstanding Warrants respectively. Reference is made to the joint announcement of the Company and the Offeror dated 7th December, 1999, the offer document dated 28th December, 1999 and the offeree document dated 14th January, 2000. Terms used herein shall have the same meanings as those defined in the above documents unless the context otherwise defines. The directors of the Company and the Offeror are pleased to announce that the Offers closed at 4:00 p.m. on Friday, 21st January, 2000. No acceptances have been received under the Offers. As at the close of the Offers, the Offeror and parties acting in concert with them were interested in 1.5 billion Shares and 300 million units of Warrants, representing 75% of the Company's issued share capital and outstanding Warrants respectively. By Order of the Board of By Order of the Board of Far-Reaching Limited Wah Yik Holdings Company Limited Yam Tak Cheung Hui Mang Mang Sole director Chairman Hong Kong, 21st January, 2000 The sole director of the Offeror accepts full responsibility for the accuracy of information contained in this announcement in so far as it relates to the Offeror and confirms, having made all reasonable inquiries, that to the best of his knowledge and belief, opinions expressed in this announcement have been arrived at after due and careful consideration and that there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading. The directors of the Company jointly and severally accept full responsibility for the accuracy of information contained in this announcement in so far as it relates to the Company and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief, opinions expressed in this announcement have been arrived as after due and careful consideration and that there are no other facts not contained in this announcement, the omission of which would make any statements in this announcement misleading.