09:14     ORIENTAL UNION<01182> - Announcement & Resumption (1)               

    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.                   
                                                                              
                                                                              
    Oriental Union Holdings Limited                                           
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    PLACING OF NEW SHARES                                                     
                                                                              
                                                                              
    The Company and the Placing Agent entered into a placing agreement on 26  
    November 2002 for the placing of up to 300,000,000 Placing Shares at a    
    placing price of HK$0.10 per Placing Share to not less than six           
    independent individual or institutional investors on a best effort        
    basis.                                                                    
                                                                              
    The Placing Shares represent approximately 19.72 per cent. of the         
    existing issued share capital of the Company and approximately 16.47 per  
    cent. of the issued share capital of the Company as enlarged by the       
    Placing Shares.                                                           
                                                                              
    The Placing Price represents (i) a discount of approximately 21.88 per    
    cent. to the closing price of HK$0.128 per Share as quoted on the Stock   
    Exchange on 26 November 2002, being the date of the Placing Agreement;    
    and (ii) a discount of approximately 55.95 per cent. to the audited       
    consolidated net assets value of the Group of approximately HK$0.227 per  
     Share as at 31 March 2002 (on the basis of 1,521,541,315 Shares in       
    issue as at 31 March 2002).                                               
                                                                              
    The net proceeds to be raised from the Placing in the amount of up to     
    approximately HK$29 million will be used for the making of future         
    investment if appropriate opportunity arises. In the event that no        
    appropriate investment opportunity is identified by the Group, the net    
    proceeds will be retained by the Group for general working capital        
    purpose.                                                                  
                                                                              
    At the request of the Company, trading in the securities of the Company   
    was suspended with effect from 9:30 a.m. on 27 November 2002 pending the  
     publication of this announcement. Application has been made to the       
    Stock Exchange for resumption of trading in the securities of the         
    Company with effect from 9:30 a.m. on 28 November 2002.                   
                                                                              
    THE PLACING                                                               
                                                                              
    The Placing Agreement dated 26 November 2002                              
                                                                              
    Issuer                                                                    
                                                                              
    Oriental Union Holdings Limited, a company incorporated in Bermuda with   
    limited liabilities, the securities of which are listed on the Stock      
    Exchange                                                                  
                                                                              
    Placing Agent                                                             
                                                                              
    Sanfull Securities Limited, a securities dealer registered under the      
    Securities Ordinance (Chapter 333 of Laws of Hong Kong), as an agent for  
     the Company to procure placees on a best effort basis                    
                                                                              
    Placees                                                                   
                                                                              
    Not less than six independent individual or institutional investors       
                                                                              
    Independence of the Placing Agent and placees                             
                                                                              
    The Placing Agent is, and the placees and their respective beneficial     
    owners will be, independent of and not connected with the Company,        
    directors, chief executive, substantial shareholders of the Company or    
    any of its subsidiaries or any of their respective associates (as         
    defined in the Listing Rules).                                            
                                                                              
    Number of Placing Shares                                                  
                                                                              
    Up to 300,000,000 new Shares, representing approximately 19.72 per cent.  
    of the existing issued share capital of the Company and approximately     
    16.47 per cent. of the issued share capital of the Company as enlarged    
    by the Placing Shares, are to be placed by the Placing Agent on a best    
    effort basis.                                                             
                                                                              
    Placing Price                                                             
                                                                              
    HK$0.10 per Placing Share