09:14     MIRABELL INT'L<01179> - Announcement (1)                            

    The Stock Exchange of Hong Kong Limited (the "Stock                       
    Exchange") 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.                                     
                                                                              
    MIRABELL INTERNATIONAL HOLDINGS LIMITED                                   
    (incorporated in the Cayman Islands with limited                          
    liability)                                                                
    (Stock Code: 1179)                                                        
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
    AND                                                                       
    DISCLOSURE PURSUANT TO RULES 13.13 AND 13.16 OF THE                       
    LISTING RULES                                                             
                                                                              
    On 18 February 2005, the Company entered into the                         
    Guarantee in favour of the Bank in relation to the                        
    Facility. Lai Wah is a wholly-owned subsidiary of Best                    
    Quality and the Company through its subsidiaries                          
    holds a 30% equity interest in Best Quality. Lai Wah                      
    is treated as an affiliated company of the Company.                       
    The Facility Letter was entered into between the Bank                     
    and Lai Wah for the provision of a banking facility                       
    of HK$155,000,000 by the Bank. Pursuant to the                            
    Guarantee, a corporate guarantee up to a maximum                          
    amount of HK$46,500,000 (plus interest thereon at the                     
    rate payable by Lai Wah and any costs of enforcement)                     
    was given to the Bank to secure 30% of the Facility                       
    (i.e. in proportion to the Company's attributable                         
    equity interest in Lai Wah). The amount of the                            
    Guarantee given for the Facility represented                              
    approximately 9.2% of the Total Assets and 4.9% of                        
    the Market Capitalisation. Accordingly, the                               
    provision of the Guarantee constitutes a discloseable                     
    transaction of the Company.                                               
                                                                              
    As the Percentage Ratio of the Guarantee exceeds 8%,                      
    the Company is also required to disclose details of                       
    the Guarantee pursuant to Rule 13.13 of the Listing                       
    Rules. In addition, as the Percentage Ratio of                            
    guarantees given for facilities granted to affiliated                     
    companies of the Company together in aggregate                            
    exceeds 8%, the Company is also required to disclose                      
    details of such guarantees pursuant to Rule 13.16 of                      
    the Listing Rules.                                                        
                                                                              
    A circular containing, among others, further details                      
    of the Guarantee will be dispatched to shareholders                       
    of the Company as soon as practicable.                                    
                                                                              
    THE GUARANTEE                                                             
    On 18 February 2005, the Company entered into the                         
    Guarantee in favour of the Bank in relation to the                        
    Facility. Lai Wah is a wholly-owned subsidiary of Best                    
    Quality. Ganesh Investments Limited holds a 30%                           
    equity interest in Best Quality. Ganesh Investments                       
    Limited is wholly owned by Mirabell Group Limited,                        
    a direct wholly-owned subsidiary of the Company. Lai                      
    Wah is treated as an affiliated company of the Company.                   
    The Facility Letter was entered into between the Bank                     
    and Lai Wah for the provision of a banking facility                       
    of HK$155,000,000 by the Bank. Pursuant to the                            
    Guarantee, a corporate guarantee up to a maximum                          
    amount of HK$46,500,000 (plus interest thereon at the                     
    rate payable by Lai Wah and any costs of enforcement)                     
    was given by the Company to the Bank to secure 30%                        
    of the Facility (i.e. in proportion to the Company's                      
    attributable equity interest in Lai Wah). In addition,                    
    the Facility is also secured by a corporate guarantee                     
    of HK$155,000,000 given by Best Quality (without