09:30     GOLIK HOLDINGS<01118> - Announcement (2)                            

    purchase, the Property Interest A at a consideration                      
    of HK$8,200,000. The Property Interest A comprise two                     
    single storey buildings with a total gross floor area                     
    of approximately 25,666 sq ft. located at the                             
    remaining portion of Lot. No. 187 in D.D. 77 Ping Che                     
    Road, Ping Yeung New Village, Fanling, New                                
    Territories, Hong Kong. The property is currently                         
    leased to other subsidiaries of the Company as offices                    
    and warehouses with a monthly rental income of                            
    HK$40,000. Upon completion of the disposal of                             
    Property Interest A, the tenant of Vendor A will move                     
    to other premises within the Group. Property Interest                     
    A are freehold property.                                                  
                                                                              
    The audited net book value of Property Interest A as                      
    at 31 December 2003 was approximately HK$9.60 million.                    
                                                                              
    Consideration                                                             
                                                                              
    The consideration for the disposal of Property                            
    Interest A, being HK$8,200,000 shall be payable by                        
    Purchaser A to Vendor A as follows:                                       
                                                                              
    (i)     HK$300,000, was paid in cash on the signing of                    
    the Provisional Agreement A on 28 January 2005;                           
                                                                              
    (ii)    being HK$520,000, shall be payable in cash on                     
    the signing of the formal sale and purchase agreement                     
    on or before 28 February 2005; and                                        
                                                                              
    (iii)   the remaining portion being HK$7,380,000, shall                   
    be payable in cash on or before the completion of the                     
    disposal of Property Interest A on 31 May 2005.                           
                                                                              
    The value of the consideration was arrived at after                       
    arm's length negotiations with reference to the                           
    prevailing market value of the Property Interest A                        
    which was quoted by professional property agent. No                       
    property valuation report was performed for Property                      
    Interest A.                                                               
                                                                              
    (ii)    Property Interest B                                               
                                                                              
    Date:   28 January 2005                                                   
                                                                              
    Parties:                                                                  
                                                                              
    (a)     Vendor B:       Golik Properties Limited, a wholly                
    owned subsidiary of the Company                                           
                                                                              
    (b)     Purchaser B:    Unigreat Trading Limited or its                   
    nominees                                                                  
                                                                              
    A formal sale and purchase agreement is expected to                       
    be entered between the parties on or before 3 March                       
    2005. The major terms and conditions of the formal                        
    sale and purchase agreement will be the same as the                       
    Provisional Agreement B.                                                  
                                                                              
    Interest to be disposed                                                   
                                                                              
    On 28 January 2005, Vendor B, a wholly-owned                              
    subsidiary of the Company, entered into the                               
    Provisional Agreement B with Purchaser B pursuant to                      
    which Vendor B agreed to sell, and Purchaser B agreed                     
    to purchase, the Property Interest B at a                                 
    consideration of HK$9,067,090. The Property Interest                      
    B comprise three units of workshops with a total gross                    
    floor area of approximately 8,803 sq ft., located at                      
    Rooms 4-6, 1/F, Fashion Centre, Nos. 51-53 Wing Hong                      
    Street, Cheung Sha Wan, Kowloon, Hong Kong. The                           
    property is currently leased out for rental income                        
    for a term of three years from 1 August 2004 to 31                        
    July 2007 with monthly rental income of HK$45,000,                        
    the tenants of which are all third parties independent                    
    of the Company and its