09:15     MIRABELL INT'L<01179> - Announcement (3)                            

    of the Listing Rules for so long as circumstances                         
    giving rise to such disclosure obligation continue                        
    to exist at the Company's interim period end or                           
    financial year end.                                                       
                                                                              
    REASONS FOR AND BENEFITS OF GIVING THE GUARANTEE                          
    The Company has an attributable equity interest of                        
    30% in Lai Wah. The Company has given the Guarantee                       
    to the Bank in proportion to its attributable equity                      
    interest in Lai Wah to enable Lai Wah to procure the                      
    Facility for the development of the Factory. The                          
    Factory, when constructed, will expand the production                     
    capacity of Lai Wah and the Company's investment in                       
    Best Quality is expected to benefit therefrom.                            
                                                                              
    The Directors believe that the terms of the Guarantee                     
    are fair and reasonable and in the interests of the                       
    shareholders of the Company as a whole.                                   
                                                                              
    INFORMATION ON LAI WAH                                                    
    Lai Wah is primarily engaged in trading of leather,                       
    wholesaling of footwear and investment holding. Lai                       
    Wah is wholly-owned by Best Quality, which is in turn                     
    owned by Ms. Tang Ming Wai, Mandy (through a company                      
    wholly-owned by Ms. Tang) as to 31%, the Company                          
    (through its subsidiary) as to 30% and four other                         
    persons, namely Madam Chung Wai Lan, Mr. Sheng Baijiao,                   
    Mr. Chu Tsz Ho and Mr. Lau Ngan Wan, (directly or                         
    through wholly-owned companies) as to the remaining                       
    39%. Ms. Tang is a daughter of a cousin of two of the                     
    Directors, Mr. Tang Wai Lam and Mr. Tang Keung Lam.                       
    To the best of the Directors' knowledge, information                      
    and belief having made all reasonable enquiry, the                        
    shareholders of Best Quality (other than the Company)                     
    are otherwise third parties independent of the                            
    Company and connected persons of the Company.                             
                                                                              
    GENERAL                                                                   
    The Group is principally engaged in retailing,                            
    wholesaling and manufacturing of footwear.                                
                                                                              
    A circular containing, among others, further details                      
    of the Guarantee will be dispatched to shareholders                       
    of the Company as soon as practicable.                                    
                                                                              
    As at the date of this announcement, the Directors                        
    are as follows:                                                           
                                                                              
    Executive Directors:    Independent non-executive                         
    Directors:                                                                
    Mr. Tang Wai Lam        Mr. Lee Kin Sang                                  
    Mr. Tang Keung Lam      Mr. Chan Ka Sing, Tommy                           
    Mr. Ng Man Kit, Lawrence        Mr. Ng Chun Chuen, David                  
    Mr. Chung Chun Wah                                                        
                                                                              
    Non-executive Director:                                                   
    Mr. Lee Kwan Hung                                                         
                                                                              
    DEFINITIONS                                                               
    "Bank"  The Hongkong and Shanghai Banking                                 
    Corporation Limited                                                       
                                                                              
    "Best Quality"  Best Quality Investments Limited, a                       
    company incorporated in Samoa                                             
                                                                              
    "Company"       Mirabell International Holdings Limited                   
                                                                              
    "Directors"     The directors of the Company                              
                                                                              
    "Facility"      the banking facility of HK$155,000,000                    
    provided by the Bank to Lai Wah