09:23     MOULIN INT'L<00389> - 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.                   
                                                                              
    MOULIN INTERNATIONAL HOLDINGS LIMITED                                     
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 389)                                                         
                                                                              
    VERY SUBSTANTIAL ACQUISITION                                              
    FURTHER DELAY IN DESPATCH OF CIRCULAR                                     
                                                                              
    The Company has applied to the Stock Exchange for a further extension     
    of time for the despatch of the Circular to a date falling on or          
    before February 8, 2005.                                                  
                                                                              
    Reference is made to the announcements (the "Announcements") of Moulin    
    International Holdings Limited (the "Company") dated December 6, 2004     
    and December 28, 2004. Capitalised terms used herein shall have the       
    same meanings as used in the Announcements.                               
                                                                              
    Under Rule 14.38 of the Listing Rules, the Company was originally         
    required to despatch the Circular in relation to the Agreement and the    
    related transactions set out in the Announcement dated                    
    December 6, 2004 to its shareholders on or before December 28, 2004.      
    The Stock Exchange has granted an extension of time for the Circular      
    to be despatched on or before January 28, 2005. During the extended       
    period, the Company and its reporting accountants had been working on     
    the preparation of the relevant financial information as required         
    under the Listing Rules for inclusion in the Circular, including the      
    financial information on the Company and its subsidiaries, ECCA           
    Group's accountants' report, the pro forma financial information of       
    the enlarged group and the discussion and analysis of the performance     
    of the enlarged group for the three preceding financial years. As the     
    Company requires additional time to finalise ECCA Group's accountants'    
    report, the pro forma financial information of the enlarged group and     
    information relating to the Company's indebtedness, the Company has       
    applied to the Stock Exchange for a further extension of time for the     
    Circular to be despatched on or before February 8, 2005.                  
                                                                              
            By Order of the Board                                             
            Ma Bo Kee                                                         
            Chairman                                                          
                                                                              
    Hong Kong, January 28, 2005                                               
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mr. Ma Bo Kee,                                                
    Mr. Ma Bo Fung, Mr. Ma Bo Lung, Mr. Ma Lit Kin, Cary, Mr. Ma Hon Kin,     
    Dennis, Mr. Tong Ka Wai, Dicky and Mr. Joseph A. Barrett, and the         
    independent non-executive directors of the Company are                    
    Mr. Ng Tai Chiu, David, Mr. Chan Wing Wah, Ivan and Mr. So Kwan Hon,      
    Danny.                                                                    
                                                                              
    * For identification purposes only