09:30     DICKSON CONCEPT<00113> - Announcement (2)                           

    The Purchaser currently holds about 86.84 per cent. of the issued         
    share capital of HKSE and the Vendor holds the remaining 13.16 per        
    cent..  As part of the reorganisation of its corporate structure in       
    Japan, the Vendor has decided to realise certain of its overseas          
    investments including that in HKSE.  HKSE will become a wholly-owned      
    subsidiary company of the Company upon Completion. The Board,             
    including the independent non-executive directors, believes that it       
    is in the best interests of the Company to acquire the Sale Shares        
    which will consolidate the Dickson Group's interest in the                
    profitable Hong Kong Seibu Group operations.  It is anticipated that      
    the Acquisition will further reinforce the Dickson Group's leading        
    position in the retail industry in Asia.                                  
                                                                              
    The Board, including the independent non-executive directors,             
    confirms that the terms and conditions of the Share Purchase              
    Agreement are on normal commercial terms which were negotiated at         
    arm's length and are fair and reasonable.                                 
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following expressions have the meanings         
    set out below unless the context requires otherwise: -                    
                                                                              
    "Acquisition"                    the acquisition by the Purchaser         
                                     of about 13.16 per cent. of              
                                     the issued share capital of              
                                     HKSE currently owned by the              
                                     Vendor                                   
                                                                              
    "Board"                          the board of directors of the            
                                     Company                                  
                                                                              
    "Company"                        Dickson Concepts (International)         
                                     Limited, a company                       
                                     incorporated in Bermuda with             
                                     limited liability, the shares            
                                     of which are listed on the               
                                     Stock Exchange                           
                                                                              
    "Completion"                     completion of the Share Purchase         
                                     Agreement                                
                                                                              
    "Dickson Group"                  the Company and its subsidiary           
                                     companies                                
                                                                              
    "HKSE"                           Hong Kong Seibu Enterprise               
                                     Company Limited, a company               
                                     incorporated in Hong Kong with           
                                     limited liability, which is              
                                     currently a 86.84 per cent.              
                                     owned subsidiary company of              
                                     the Company                              
                                                                              
    "Hong Kong Seibu Group"          HKSE and its subsidiary and              
                                     associated companies                     
                                                                              
    "Listing Rules"                  the Rules Governing the Listing          
                                     of Securities on the Stock               
                                     Exchange                                 
                                                                              
    "Purchaser"                      Raglan Resources Limited, a              
                                     company incorporated in the              
                                     British Virgin Islands with              
                                     limited liability, which is a            
                                     wholly-owned subsidiary                  
                                     company of the Company                   
                                                                              
    "Sale Shares"                    51,600,000 ordinary shares of            
                                     HK$1.00 each representing                
                                     about 13.16 per cent. of the             
                                     issued share capital of HKSE             
                                                                              
    "Share Purchase Agreement"       the share purchase agreement dated       
                                     31st October, 2003 entered               
                                     into between the Vendor and              
                                     the Purchaser relating to the            
                                     Acquisition                              
                                                                              
    "Stock Exchange"                 The Stock Exchange of Hong Kong          
                                     Limited                                  
                                                                              
    "Vendor"                         The Seibu Department Stores,             
                                     Limited, a company incorporated          
                                     in Japan with limited                    
                                     liability, which is a current            
                                     substantial shareholder of               
                                     HKSE and which holds the Sale            
                                     Shares