10:19     GOLIK HOLDINGS<01118> - Announcement (3)                            

    beneficially owned by Bridon HK. The Company will                         
    subscribe for 5,448,856 China Rope Shares                                 
    (representing 30% of the issued share capital of China                    
    Rope as enlarged by the China Rope Shares to be issued                    
    pursuant to the Subscription) for HK$5,448,856 and                        
    Bridon HK will subscribe for 12,703,998 China Rope                        
    Shares for HK$12,703,998 (representing approximately                      
    69.9% of the issued share capital of China Rope as                        
    enlarged by the China Rope Shares to be issued                            
    pursuant to the Subscription).                                            
                                                                              
    The subscription price for the China Rope Shares                          
    payable by the Company will be wholly funded by the                       
    proceeds from the Transfer. Apart from the payment                        
    of the subscription price for the China Rope Shares                       
    under the Subscription, the Subscription and                              
    Shareholders' Agreement does not provide for any                          
    other capital commitment on the part of the Company.                      
                                                                              
    The subscription price for the China Rope Shares is                       
    equivalent to the consideration payable by China Rope                     
    under the Equity Interest Transfer Agreement and the                      
    additional registered capital contribution to be made                     
    by China Rope under the Equity Joint Venture Contract,                    
    as more particularly described in the sub-paragraphs                      
    headed "The Equity Interest Transfer Agreement" and                       
    "The Equity Joint Venture Contract" below.                                
                                                                              
    Conditions precedent    :       Completion of the                         
    Subscription is conditional upon, among others:                           
                                                                              
    a)      Bridon HK in its absolute discretion being                        
    satisfied with the legal and financial due diligence                      
    on Tianjin Golik;                                                         
                                                                              
    b)      Bridon HK in its absolute discretion being                        
    satisfied that there has not been any material adverse                    
    change in the business, results of operation or                           
    liabilities (contingent or accrued) of the business                       
    of Tianjin Golik;                                                         
                                                                              
    c)      the signing of the Equity Interest Transfer                       
    Agreement, the Equity Joint Venture Contract and the                      
    restated and amended articles of association for                          
    Bridon Tianjin JV and other documents ancillary to                        
    the transactions contemplated under the Agreements;                       
    and                                                                       
                                                                              
                                                                              
    d)      the fulfillment of the conditions precedent of the                
    Equity Joint Venture Contract as set out in the                           
    sub-paragraph headed "Equity Joint Venture Contract                       
    - Conditions precedent" below.                                            
                                                                              
    If any of the conditions precedent is not fulfilled                       
    or waived within three months of the date of the Equity                   
    Joint Venture Contract, ie. by 20 April 2005 or such                      
    later date as the parties may agree in writing, the                       
    Subscription and Shareholders' Agreement will be                          
    lapsed.                                                                   
                                                                              
    Completion      :       Completion of the Subscription shall              
    take place three business days after the fulfillment                      
    or waiver of the conditions precedent set out above.                      
                                                                              
    Upon completion of the Subscription, the issued share                     
    capital of China Rope will comprise 18,162,854 China                      
    Rope Shares and will be held as to 12,713,998 China                       
    Rope Shares by Bridon HK and as to 5,448,856 China                        
    Rope Shares by Golik, representing 70% and 30% of the                     
    then issued share capital of China Rope,                                  
    respectively.