09:17     SHUI ON CONS<00983> - 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.                   
                                                                              
                                                                              
    SHUI ON CONSTRUCTION AND MARTERIALS LIMITED                               
    (Incorporated in Bermuda with limited liability)                          
    Stock Code: 983                                                           
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    ESTABLISHMENT OF A JOINT VENTURE, ACQUISITION OF FIXED ASSETS AND         
    CONTINUING CONNECTED TRANSACTIONS                                         
                                                                              
    Delay in despatch of circular                                             
                                                                              
                                                                              
    Further to the announcement dated 22 December 2004, the Company is in     
    the process of arranging for the opinion of the independent financial     
    advisor to be included in the circular to be despatched to its            
    shareholders. The Company has applied to the Stock Exchange for and was   
    granted an extension of time for despatch of the circular until 2         
    February 2005 and will despatch the same as soon as possible.             
                                                                              
    Reference is made to the announcement dated 22 December 2004 (the         
    "Previous Announcement") of the Company. Terms defined in the Previous    
    Announcement shall, unless otherwise defined herein, bear the same        
    meanings as in this announcement.                                         
                                                                              
    A circular containing, inter alia, information of the Joint Venture       
    Company, the Framework Agreement, the Lease and the opinion of the        
    independent financial advisor in relation to the 10-year lease term is    
    required to be despatched to the Shareholders on or before 12 January     
    2005 under Rule 14.38 of the Listing Rules. As extra time is required     
    for the Company to arrange for the opinion of the independent financial   
    advisor to be included in the circular, the Company has applied to the    
    Stock Exchange for and was granted an extension of time for despatch of   
    the circular under Rule 14.38 of the Listing Rules until 2 February       
    2005.                                                                     
                                                                              
    By Order of the Board                                                     
    Shui On Construction and Materials Limited                                
    Janice Tam                                                                
    Company Secretary                                                         
                                                                              
    Hong Kong, 11 January 2005                                                
                                                                              
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mr. Vincent Lo Hong Sui, Mr. Wilfred Wong Ying Wai, Mr.       
    Lawrence Choi Yuk Keung, Mr. Frankie Wong Yuet Leung, Mr. Raymond Wong    
    Fook Lam and Mrs. Vivien Lowe Hoh Wai Wan; the non-executive directors    
    are Mr. Louis Wong Hak Wood and Professor Michael John Enright; and the   
    independent non-executive directors are Mr. Anthony Griffiths, Mr.        
    Marvin Cheung Kin Tung and Mr. Moses Cheng Mo Chi.