09:09     EZCOM HOLDINGS<00312> - 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.                                
                                                                              
    EZCOM HOLDINGS LIMITED                                                    
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    PROPOSED CAPITAL RESTRUCTURING AND OPEN OFFER                             
                                                                              
    Trading in shares of the Company was suspended at its request             
    at 9.30 a.m. on Friday, 17th January, 2003, pending an                    
    announcement in relation to price sensitive information. The              
    Company is proposing a capital restructuring and to make an               
    open offer of shares to its shareholders, amongst other                   
    things, which may involve a "whitewash waiver" application                
    under the Hong Kong Code on Takeovers and Mergers. Both                   
    proposals are subject, inter alia, to shareholder approval                
    and therefore may or may not proceed.                                     
                                                                              
    Trading in shares of the Company was suspended at the                     
    Company's request at 9.30 a.m. on Friday, 17th January, 2003,             
    pending an announcement in relation to price sensitive                    
    information.                                                              
                                                                              
    That announcement relates to, inter alia, a possible fund                 
    raising by the Company in the form of an issue of new shares.             
    It is at present intended that the Company will propose a                 
    capital restructuring and offer its shareholders the                      
    opportunity to subscribe new shares on a basis pro rata their             
    existing holdings of shares in the Company, and that the                  
    rights to take up new shares will not be transferable. This               
    may involve a "whitewash waiver" application under the Hong               
    Kong Code on Takeovers and Mergers further details of which               
    will be set out in the Company's next announcement on this                
    subject. Both proposals are subject, inter alia, to                       
    shareholder approval and therefore may or may not proceed.                
                                                                              
    The Company is in the process of finalizing arrangements and              
    a further announcement will be made as and when appropriate.              
                                                                              
    Trading in shares of the Company will remain suspended until              
    further notice.                                                           
                                                                              
    By order of the board of                                                  
    Ezcom Holdings Limited                                                    
    Kok Kin Hok                                                               
    Chairman                                                                  
                                                                              
    Hong Kong, 23rd January, 2003                                             
                                                                              
    The 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                 
    at after due and careful consideration and there are no other             
    facts not contained in this announcement the omission of                  
    which would make any statement in this announcement                       
    misleading.