09:46     FORTUNA INT'L<00530>-Announcement & Resumption of Trading(3)        

    The Consideration was determined after arm's length                       
    negotiations between the Vendor and the Purchaser with                    
    reference to the fair market value of 100% equity interests               
    in the Target Company being HK$277.8 million as at 31st                   
    December 2004 as valued by Grant Sherman Appraisal Limited.               
    The valuation was prepared by Grant Sherman Appraisal                     
    Limited by using the discount cashflow method. Grant Sherman              
    Appraisal Limited is a professional valuer which is                       
    independent and not a connected person (as defined in the                 
    Listing Rules) of the Company.                                            
                                                                              
    The valuation was arrived after considering the following                 
    major factors and assumptions:                                            
                                                                              
    1.   there will be 50 standard guest-rooms in the Hotel                   
    available for rental;                                                     
                                                                              
    2.   income will be derived from food and beverage sale in                
    the restaurant and coffee shop, provision of recreational                 
    services such as sauna and entertainment shows and the rental             
    of retail shops,                                                          
                                                                              
    3.   there will be around 14 gaming tables at the gaming                  
    concourse and 6 gaming tables in the VIP room, and                        
                                                                              
    4.   the casino operator will receive 60% of the profit of                
    the casino while the remaining 40% of the profit of the casino            
    will be received by the Target Company (the profit sharing                
    percentage and mechanism are still under negotiation as at                
    the date of this announcement).                                           
                                                                              
    The Consideration represents a 40% discount to the valuation              
    of 30% interests in the Target Company being approximately                
    HK$83million. The discount is commercially agreed between                 
    the parties after arms' length negotiation to reflect the                 
    possible increase in number of hotel and casino nearby the                
    Ponte 16 area and thus increase the competition in the casino             
    and hotel business after the completion of the redevelopment              
    plan of Ponte 16 in 2007 and the possibility of further grants            
    of new gaming licence to new casino operators by the                      
    Government of Macau in the future.                                        
                                                                              
    The Directors consider that the terms of the Agreement                    
    (including the Consideration) are fair and reasonable and                 
    are in the interest of the Shareholders and the Company as                
    a whole.                                                                  
                                                                              
    The shareholding structure of the Company before and after                
    the issue of the Consideration Shares:                                    
                                                                              
    Existing shareholding                                                     
                                                                              
    %                                                                         
                                                                              
    Shareholding after the issuance of the Consideration Shares               
                                                                              
    % to enlarged issued share capital                                        
                                                                              
    Ample Glory Limited (note 1)   1,970,771,910   15.04                      
    1,970,771,910   14.00                                                     
    Prestbury Incorporated Limited ("Prestbury")   727,410,624                
    5.55   727,410,624   5.17                                                 
    Mr. Kwee Cahyadi Kumala ("Mr. Kwee") (note 2)   52,500,000                
    0.40   52,500,000   0.37                                                  
    Pan Asia Sat Media Ltd. (note 3)   665,568,000   5.08                     
    665,568,000   4.73                                                        
    Ms. Lam (note 4)   -   -   980,000,000   6.96                             
    Public   9,685,567,692   73.93   9,685,567,692   68.77                    
                                                                              
    Total   13,101,818,226   100   14,081,818,226   100                       
                                                                              
    Note:                                                                     
                                                                              
    1.   Ample Glory Limited is company wholly-owned by Mr. Kwok              
    Ying Leung ("Mr. Kwok"), therefore Mr. Kwok is deemed to be               
    interested in 1,970,771,910 Shares held by Ample Glory                    
    Limited pursuant to Part XV of the SFO. Ms. Cheung Lai Sheung,            
    Winnie ("Ms. Cheung") is the spouse of Mr. Kwok, therefore                
    Ms. Cheung is also deemed to be interested in the                         
    1,970,771,910 Shares held by Ample Glory Limited. Both Mr.                
    Kwok and Ms. Cheung do not hold any office in the Group and               
    they are not directors nor chief executive of the Company                 
    and/or any of its subsidiaries or any associates (as defined              
    in Rule 1.01 of the Listing Rules) of any of them.