09:41 SINGAMAS CONT<00716> - Announcement (3) interested in the Terminal Agreement other than their respective shareholdings in the Company and PILHK. PILHK, a company in which Messrs. Chang Yun Chung, Teo Siong Seng and Teo Tiou Seng, Directors and shareholders of Pacific International Lines (Private) Limited, have beneficial interests, is an associate of Pacific International Lines (Private) Limited, the controlling and substantial shareholder of the Company, as defined under the Listing Rules. Accordingly, PILHK is a connected person of the Company under the Listing Rules. The 2004 Agreement and the Terminal Agreement involve transactions, which occur on a recurring basis over a period of time; accordingly, the transactions constitute continuing connected transactions of the Company under the Listing Rules and will normally subject to the requirements of reporting, announcement and approval by the independent Shareholders as set out in Chapter 14A of the Listing Rules. It is estimated that the amount of STHK's transactions with PILHK, on annual basis, for the three years commencing from 1 January 2005 will exceed 1% threshold in Rule 14A.31(7) but will not exceed 2.5% for each of the Percentage Ratios in the threshold tests in Rule 14A.34 of the Listing Rules. Accordingly, pursuant to Rule 14A.34, the transactions are only subject to the reporting and announcement requirements set out in Rules 14A.45 to 14A.47 of the Listing Rules and are exempt from the independent Shareholders' approval requirements of Chapter 14A of the Listing Rules. Details of these transactions under the 2004 Agreement and the Terminal Agreement will be included in the Company's annual reports and accounts in accordance with the Listing Rules. GENERAL Singamas is an investment holding company incorporated in Hong Kong and the activities of the Group include manufacturing dry freight containers, collapsible flatrack containers, open top containers, bitutainers, refrigerated containers, other specialised containers and container parts; provision of logistic services, including operating container depots, container terminal, mid-stream and container logistics. DEFINITIONS "2004 Agreement" the terminal agreement dated 1 January 2004 made between STHK and PILHK and was expired on 31 December 2004 "Board" the board of Directors of Singamas "Company" or "Singamas" Singamas Container Holdings Limited, the shares of which are listed and traded on the Stock Exchange and the Singapore Exchange Limited "Director(s)" the director(s) of Singamas "Group" Singamas together with its subsidiaries "HK$" Hong Kong dollars, the lawful currency of the Hong Kong Special Administrative Region of the PRC "Hong Kong" Hong Kong Special Administrative Region, the PRC "Listing Rules" Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited "Mid-stream Services" mid-stream services being performed by STHK under the 2004 Agreement and the Terminal Agreement, including but not limited to container handling, repair, storage, tackle, transshipment and repositioning "Percentage Ratios" the percentage ratios, other than the profits ratio, under Rule 14.07 of the Listing Rules "PILHK" Pacific International Lines (HK) Limited, a company incorporated in Hong Kong and in which Messrs. Chang Yun Chung, Teo Siong Seng and Teo Tiou Seng, Directors and shareholders of Pacific International Lines (Private) Limited, have beneficial interests and therefore, an associate of Pacific International Lines (Private) Limited, the controlling and substantial shareholder of the Company, as defined under the Listing Rules "PRC" the People's Republic of China and for the purpose of this announcement, excluding Hong Kong, the Macau Special Administrative Region of the People's Republic of China and Taiwan "Shareholders" shareholders of the Company "STHK" Singamas Terminals (Hong Kong) Limited, a company incorporated