10:17     GOLIK HOLDINGS<01118> - Announcement (1)                            

    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.                                                     
                                                                              
    GOLIK HOLDINGS LIMITED                                                    
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 1118)                                                        
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    SALE OF EQUITY INTEREST IN A JOINT VENTURE                                
    IN THE PEOPLE'S REPUBLIC OF CHINA                                         
    AND                                                                       
    FORMATION OF A JOINT VENTURE                                              
                                                                              
    On 21 January 2005,                                                       
                                                                              
    (1)     the Company enters into the Subscription and                      
    Shareholders' Agreement with Bridon HK and China Rope                     
    in relation to the subscription of 5,448,856 China                        
    Rope Shares by the Company and 12,703,998 China Rope                      
    Shares by Bridon HK for a consideration of                                
    HK$5,448,856 and HK$12,703,998, respectively;                             
                                                                              
    (2)     CMTH enters into the Equity Interest Transfer                     
    Agreement with China Rope in relation to the transfer                     
    of its 51% equity interest in Tianjin Golik for a                         
    consideration of US$1,328,571 (equivalent to                              
    approximately HK$10.36 million); and                                      
                                                                              
    (3)     China Rope and Party A enter into the Equity                      
    Joint Venture Contract in relation to the Bridon                          
    Tianjin JV.                                                               
                                                                              
    To the best of the Directors' knowledge, information                      
    and belief having made all reasonable enquiry, Bridon                     
    HK and its ultimate beneficial owners are Independent                     
    Third Parties. Party A currently holds 49% of the                         
    equity interest of Tianjin Golik, a subsidiary of the                     
    Company and is accordingly a connected person of the                      
    Company. As at the date of signing of the Equity Joint                    
    Venture Contract, China Rope is wholly beneficially                       
    owned by Bridon HK.                                                       
                                                                              
    The Subscription and the Transfer constitute                              
    discloseable transactions for the Company under                           
    Chapter 14 of the Listing Rules. A circular containing                    
    details of the Subscription, the Transfer and the                         
    Agreements will be dispatched to shareholders of the                      
    Company within 21 days from the date of this                              
    announcement.                                                             
                                                                              
    THE AGREEMENTS                                                            
    On 21 January 2005,                                                       
                                                                              
    (1)     the Company enters into the Subscription and                      
    Shareholders' Agreement with Bridon HK and China Rope                     
    in relation to the subscription of 5,448,856 China                        
    Rope Shares by the Company and 12,703,998 China Rope                      
    Shares by Bridon HK for a consideration of                                
    HK$5,448,856 and HK$12,703,998 respectively;                              
                                                                              
    (2)     CMTH enters into the Equity Interest Transfer                     
    Agreement with China Rope in relation to the transfer                     
    of its 51% equity interest in Tianjin Golik; and                          
                                                                              
    (3)     China Rope and Party A enter into the Equity                      
    Joint Venture Contract in relation to the Bridon                          
    Tianjin JV.