09:17     SNP LEEFUNG<00623> - 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.                   
                                                                              
    SNP LEEFUNG HOLDINGS LIMITED                                              
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 623)                                                         
                                                                              
    VARIATION OF AN ONGOING CONNECTED TRANSACTION                             
                                                                              
    The Board refers to the announcement of the Company dated 6 January       
    2004 in relation to the Agreement and announce that a deed of variation   
    had been entered in relation thereto.                                     
                                                                              
    GENERAL                                                                   
                                                                              
    In this Announcement, unless the context otherwise requires,              
    capitalised terms used herein shall have the same meanings as those set   
    out in the Company's announcement dated 6th January 2004.                 
                                                                              
    The Board refers to the announcement of the Company dated 6th January     
    2004 in relation to the Agreement. Pursuant to the Agreement, the Group   
    has agreed from time to time to buy from and/or sell to the SNP Group     
    the Goods. The sale and purchase will constitute ongoing connected        
    transactions for the Company under the Listing Rules, but is not          
    subject to shareholders' approval requirements.                           
                                                                              
    TERMS OF THE AGREEMENT                                                    
                                                                              
    Under the Agreement, the Group has agreed to buy from and/or sell to      
    the SNP Group, the Goods in its ordinary course of business, subject to   
    a maximum amount of HK$20,000,000 per calendar year for a term of 3       
    years to 31 December 2005, on terms no less favourable to the Group       
    than those available to/from independent third parties.                   
                                                                              
    DEED OF VARIATION                                                         
                                                                              
    Prior to the acquisition by the Group in September 2004 of SNP Excel      
    (Hong Kong) Company Limited and SNP Excel (Thailand) Co., Ltd. (both      
    formerly subsidiaries of SNP Corporation), the Board had envisaged a      
    substantial amount of Goods to be bought and sold to and from these       
    companies. Following the completion of the acquisition of SNP Excel       
    (Hong Kong) Company Limited and SNP Excel (Thailand) Co., Ltd. by the     
    Company in September 2004, these companies became subsidiaries of the     
    Company. Accordingly, the necessity for the Group to buy and sell Goods   
    from SNP Corporation has decreased. As such, the Board has resolved to    
    reduce the Consideration as stated in the Agreement to HK$10,000,000      
    per calendar year. Accordingly, the Board has today executed a deed of    
    variation to this effect. All other terms of the Agreement shall remain   
    in effect.                                                                
                                                                              
    Following the execution of the Deed of Variation, the connected           
    transactions will continue to be subject to the reporting and             
    announcement requirements of connected transactions.                      
                                                                              
    By Order of the Board                                                     
    LO KIN CHEUNG                                                             
    Company Secretary                                                         
                                                                              
    Hong Kong, 2 February, 2005                                               
                                                                              
                                                                              
    As at the date of this announcement, the Board comprises two executive    
    Directors, being Mr. Yeo Chee Tong and Mr. Yang Sze Chen, Peter, one      
    non-executive Directors, being Mr. Tay Siew Choon, and four independent   
    non-executive Directors, being Mr. Cheng Wai Ming, Edmund, Mr. John       
    Robert Walter, Mr. Kyle Arnold Shaw, Jr. and Mr. Lai Ming, Joseph.