09:50     KARL THOMSON<00007> - 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.               
                                                                              
    KARL THOMSON HOLDINGS LIMITED                                             
    (Stock Code: 0007)                                                        
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    DELAY IN DESPATCH OF CIRCULAR                                             
                                                                              
    As additional time is required to finalise the contents,                  
    including the financial information of ATNT and the Group, and the        
    information contained in the letter from the Board of the Circular in     
    relation to the Acquisition, due to the recent holiday season, the        
    date for dispatch of the Circular will be postponed to on or before       
    18 January 2005.                                                          
                                                                              
    Shareholders should exercise caution when dealing in the                  
    Shares.                                                                   
                                                                              
                                                                              
    Reference is made to the announcement (`Announcement') of the             
    Company dated 13 December 2004 in relation to the Acquisition which       
    constitutes a very substantial acquisition and a connected                
    transaction of the Company under the Listing Rules. Unless the            
    context otherwise requires, terms used herein shall have the same         
    meanings as defined in the Announcement.                                  
                                                                              
    Pursuant to Rules 14.38 and 14A.49 of the Listing Rules, the Company      
    is required to dispatch a circular (`Circular') in relation to the        
    Acquisition within 21 days after the publication of the Announcement,     
    i.e. on or before 4 January 2005. As additional time is required to       
    prepare and collate information, including the financial information      
    of ATNT and the Group, and the information contained in the letter        
    from the Board for finalizing the Circular, due to the recent holiday     
    season, the Company has applied to the Stock Exchange for a waiver        
    from the strict compliance of the requirements of Rules 14.38 and         
    14A.49 of the Listing Rules and an extension of time to dispatch the      
    Circular to a date not later than 18 January 2005.                        
                                                                              
    Shareholders should exercise caution when dealing in the Shares.          
    As at the date of this announcement, the board of directors of the        
    Company comprises Messrs. Lam Kwok Hing and Nam Kwok Lun as executive     
    Directors; and Messrs. Chen Wei-Ming Eric, Ng Chi Kin David and Kwan      
    Wang Wai Alan as independent non-executive Directors.                     
                                                                              
                                   By Order of the board of                   
                                   Karl Thomson Holdings Limited              
                                   Lam Kwok Hing                              
                                   Chairman                                   
                                                                              
    Hong Kong, 4 January 2005                                                 
                                                                              
    * For identification purpose only