09:35     E2-CAPITAL<00378> - 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.                                                     
                                                                              
    E2-CAPITAL (HOLDINGS) LIMITED                                             
    *                                                                         
    (incorporated in Bermuda with limited liability)                          
    (Stock code: 378)                                                         
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    On 20 August 2004, the Directors announced that                           
    Goodwill, a wholly-owned subsidiary of the Company,                       
    disposed of 16,352,324 ordinary shares of S$0.02 each                     
    in the capital of Westcomb to Bigfield at a                               
    consideration of S$7,031,499.32 (equivalent to                            
    approximately HK$33,399,622).                                             
                                                                              
    The Directors are pleased to announce that on 27                          
    January 2005, Goodwill disposed of the Sale Shares,                       
    being all the remaining shares held by Goodwill in                        
    Westcomb, through its broker via the Singapore                            
    Exchange Securities Trading Limited to an independent                     
    third party at a consideration of S$7,031,499.75                          
    (equivalent to approximately HK$33,399,624). The                          
    Sale Shares represent approximately 10.92% of the                         
    existing issued share capital of Westcomb.                                
    Immediately following the disposal of the Sale Shares,                    
    Goodwill will cease to hold any shares in Westcomb.                       
                                                                              
    The 1st Disposal and the 2nd Disposal, when aggregated,                   
    constitute a discloseable transaction for the Company                     
    under the Listing Rules. A circular in relation to                        
    the disposal of the Sale Shares will be despatched                        
    to the Shareholders as soon as practicable.                               
                                                                              
    THE 2ND DISPOSAL                                                          
    Assets to be disposed of                                                  
    On 27 January 2005, Goodwill disposed of the Sale                         
    Shares through its broker via the Singapore Exchange                      
    Securities Trading Limited to an independent third                        
    party.                                                                    
                                                                              
    The Sale Shares represent all the shares held by                          
    Goodwill in Westcomb, being approximately 10.92% of                       
    the existing issued share capital of Westcomb. The                        
    net profits and the net asset values of Westcomb for                      
    the two financial years ended 31 December 2003 and                        
    for the six months ended 30 June 2004 were as follows:                    
                                                                              
    Net profit before               Net profit after                          
    taxation, minority              taxation, minority                        
     interest and            interest and                                     
    Financial period ended  extraordinary items                               
            extraordinary items             Net asset value                   
                                                                              
    For the six months ended        S$6,031,891                               
            S$4,318,695             S$19,501,847                              
    30 June 2004    (equivalent to          (equivalent to                    
            (equivalent to                                                    
    approximately           approximately           approximately             
    HK$28,651,482)          HK$20,513,801)                                    
            HK$92,633,773)                                                    
                                                                              
    For the year ended      S$6,201,658             S$4,518,475               
            S$9,486,405                                                       
    31 December 2003        (equivalent to          (equivalent