09:01     SHOUGANG GRAND<00730> - Announcement (2)                            

    If the GDC Shares have been lodged with a licensed                        
    securities dealer/custodian bank through CCASS, GDC                       
    Shareholders who wish to accept the Offers should instruct                
    their respective licensed securities dealer/custodian bank                
    to authorize HKSCC Nominees Limited to accept the Offers                  
    on their behalf on or before the deadline set out by HKSCC                
    Nominees Limited, in this case, Monday, 28 February 2005.                 
                                                                              
    Separately, the board of directors of GDC had noted the                   
    increase in the price of GDC Shares on 14 February 2005,                  
    and wishes to state that it is not aware of any reasons for               
    such increase in the price of GDC Shares, except for the                  
    matters as contained in this announcement and the                         
    undergoing major transaction of SCG which involves, among                 
    others, a voluntary conditional share exchange offer by DBS               
    Asia Capital Limited on behalf of a wholly owned subsidiary               
    of SCG to acquire all the issued GDC Shares as disclosed                  
    in the joint announcement of GDC and SCG dated 19 November                
    2004.                                                                     
                                                                              
    Reference is made to the joint announcement dated 19                      
    November 2004 (the "Joint Announcement") and the Offer                    
    Document dated 13 January 2005 (the "Offer Document").                    
    Terms defined in the Offer Document shall have the same                   
    meanings when used herein, unless otherwise stated.                       
                                                                              
    Acceptance level of the Offers                                            
    As at 4:00 p.m. on 14 February 2005, valid acceptances have               
    been received in respect of 461,833,761 GDC Shares                        
    (representing approximately 57.67% of the issued share                    
    capital of GDC as at date of this announcement) under the                 
    Offers. As at the date of the Joint Announcement, the                     
    Offeror and parties acting in concert with it did not own                 
    any shares and/or securities in GDC and they have not dealt               
    in GDC Shares and/or GDC securities throughout the period                 
    between the date of the Joint Announcement and the date of                
    this announcement. Accordingly, after taking into account                 
    the valid acceptances received under the Offers, the                      
    Offeror and parties acting in concert with it together own                
    461,833,761 GDC Shares, representing approximately 57.67%                 
    of the issued share capital of GDC as at the date of this                 
    announcement. Save as disclosed above, as at the date of                  
    this announcement, the Offeror and parties acting in                      
    concert with it do not own or control any GDC Shares, GDC                 
    Options, convertible securities, warrants, or other                       
    derivatives of GDC. Condition (d) of the Offers has                       
    therefore been fulfilled as at 14 February 2005.                          
                                                                              
    Upflow Holdings Limited and Mr. Anthony Francis Neoh, who                 
    together own 339,096,746 GDC Shares, 42.34% of all issued                 
    GDC Shares, have accepted the Offers pursuant to the                      
    irrevocable undertaking. Other directors of GDC holding in                
    aggregate 21,379,090 GDC Shares, 2.67% of all issued GDC                  
    Shares, and 14,300,000 GDC Options have accepted the Offers               
    in full.                                                                  
                                                                              
    All outstanding grantees under the FS Scheme (including Mr                
    Anthony Francis Neoh and Ms. Mak Lai Yu, Amelia) have also                
    accepted the Share Exchange Offer for an aggregate of                     
    40,193,002 GDC Shares, 5.02% of all issued GDC Shares,                    
    following the exercise of their respective option under the               
    FS Scheme. Accordingly, Upflow Holdings Limited and Mr.                   
    Anthony Francis Neoh have successfully procured more than                 
    50% of GDC Shareholders to accept the Offers.                             
                                                                              
    The Offers becoming unconditional in all respects                         
    As disclosed in the announcement of SCG dated 31 January                  
    2005, condition (a) of the Offers has been fulfilled on 31                
    January 2005. Conditions (b), (c), (d) and (e) of the Offers              
    have been fulfilled on 14 February 2005. Accordingly, the                 
    Offeror announces that the Offers are declared                            
    unconditional in all respects on 14 February 2005.