10:34     SIMSEN INT'L<00993> - Announcement (6)                              

    Subject to Completion taking place in accordance with the terms           
    and conditions of the Disposal Agreement, upon the exercise of            
    the conversion rights attached to the Goldsat Convertible Note            
    in full, the shareholding structure of Goldsat (as if after               
    completion of the Capital Reorganization) will be as follows:             
                                                                              
                            Approximate                                       
                            percentage of                                     
                            shareholding upon                                 
                            full conversion                                   
                            of the Goldsat                                    
                    Expected        Convertible Note                          
                    no. of issued   to the enlarged                           
    Expected        Approximate     Goldsat Shares  issued share              
    no. of issued   percentage      immediately after       capital of        
    Goldsat                                                                   
    Goldsat Shares   of the total   full conversion as enlarged               
    as at the date  Goldsat Shares  of the Goldsat  by the Goldsat            
    Shareholders     of Completion  then in issue   Convertible Note          
            Conversion Shares                                                 
                                                                              
    Existing holders of Goldsat Shares (note 2)     2,100,000       5.20%     
            2,100,000       4.21%                                             
                                                                              
    Belmont (note 3)        27,007,500      66.84%  27,007,500      54.09%    
                                                                              
    New investors (Note 4)  11,300,000      27.97%  11,300,000                
            22.63%                                                            
                                                                              
    Noteholder (note 5)     0       0.00%   9,525,000       19.08%            
                                                                              
    Total   40,407,500      100.00% 49,932,500      100.00%                   
                                                                              
                                                                              
    Notes:                                                                    
                                                                              
    1.      The above table assumes that there will not be any other          
    Goldsat Shares issued, repurchased or redeemed after Completion           
    and prior to the exercise in full of the conversion rights                
    attaching to the Goldsat Convertible Note.                                
                                                                              
    2.      The existing holders of Goldsat are Independent Third             
    Parties.                                                                  
                                                                              
    3.      Mr. Tan, the Deputy Managing Director, through his                
    wholly-owned company, Good Omen, owns approximately 28.04% of             
    the issued share capital of Belmont.                                      
                                                                              
    4.      The new investors (each subscribing at an issue price of not      
    less than CAD0.40 per consolidated Goldsat Share, as confirmed            
    by Goldsat) are Independent Third Parties.                                
                                                                              
    5.      Based on the initial conversion price of CAD0.40 per Goldsat      
    Conversion Share.                                                         
                                                                              
    The table below sets out the financial information of Goldsat             
    and such information is extracted from the website of the System          
    for Electronic Document Analysis and Retrieval (which was                 
    operated in Canada for public dissemination of Canadian                   
    securities information since 1997 by the Canadian Securities              
    Administrators and CDS Inc, a subsidiary of the Canadian                  
    Depository for Securities Limited):                                       
                                                                              
    Year ended      Year ended      Six months ended                          
    31 December 2002        31 December 2003        30 June 2004              
    (Audited)       (Audited)       (Unaudited)                               
                                                                              
    CAD million        HK$ million          CAD million             HK$       
    million