10:35     SIMSEN INT'L<00993> - Announcement (8)                              

    value of this investment of approximately HK$13,557,000 as at             
    30 April 2004 (being the latest date to which the audited accounts        
    of the Group were drawn up) if the Disposal was completed on              
    30 April 2004.                                                            
                                                                              
    REASONS FOR THE DISPOSAL AND PROCEEDS FROM THE DISPOSAL                   
                                                                              
    The Directors believe that the Disposal represents a good                 
    opportunity for the Company to realize its investment at a                
    reasonable price and the net proceeds from the Disposal will              
    be retained as general working capital and general corporate              
    expenses of the Group. After the Disposal, the Group will not             
    engage in any mining business. Its remaining metal operation              
    will include metal trading and broking and some interests in              
    aluminium smelters in the PRC.                                            
                                                                              
    The consideration for the Disposal was arrived at after arm's             
    length negotiations between the relevant parties with reference           
    to the financial information of Alexis Resources set out above.           
    In the circumstances, the Directors (including the independent            
    non-executive Directors) consider that the Disposal is in the             
    interest of the Company and the terms of the Disposal are fair            
    and reasonable so far as the Shareholders are concerned.                  
    Subsequent to the Disposal, the Group would be able to divert             
    more resources to its principal business of financial services.           
                                                                              
    As stated in the interim report of the Company dated 17 January           
    2005, it is the policy of the Group to reduce exposure to the             
    volatile metal market and the metal operations. The Disposal              
    is one of the measures to implement the stated objective of the           
    Group. Looking forward, the Group will focus on providing full            
    fledge investment products (such as equity linked products,               
    foreign exchanges, bullions, derivatives and unit trusts) and             
    financial services (such as stock broking, margin financing,              
    futures trading, bullion trading and leveraged foreign exchange           
    trading) for existing or potential customers of the Group. The            
    Group also hopes to maximize the resulting synergic effect in             
    terms of cross selling, allocation of financial resources and             
    cost control.                                                             
                                                                              
    SGM                                                                       
                                                                              
    The SGM will be convened for the purpose of considering and if            
    thought fit approving, among other matters (if any), the Disposal         
    and all transactions contemplated by the Disposal Agreement.              
    In view of Mr. Tan's material interest in Good Omen, which, in            
    turn will have interest in the Purchaser, Mr. Tan and his                 
    associates will abstain from voting in respect of resolution              
    in connection with the Disposal at the SGM and voting at the              
    SGM will be taken by way of a poll. Mr. Tan and his associates            
    have an aggregate interest of approximately 0.64% in the issued           
    share capital of the Company as of the date hereof.                       
                                                                              
    An announcement will be made by the Company on the business day           
    immediately following the conclusion of the SGM to inform the             
    Shareholders and the public of the results of the SGM.                    
                                                                              
    GENERAL                                                                   
                                                                              
    The Group is principally engaged in the business of bullion,              
    futures and securities broking and trading, the provision of              
    margin and loan financing, shipment sales of metals and metal             
    scraps and holding of investment properties.                              
                                                                              
    A circular containing, among other things, (i) details of the             
    Disposal and all transactions contemplated under the Disposal             
    Agreement; (ii) the proforma financial