09:26 PIONEER GLOBAL<00224> -Announcement&Resumption of Trading(1) The Stock Exchange of Hong Kong Limited 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. PIONEER GLOBAL GROUP LIMITED (Incorporated in Bermuda with limited liability) (Stock Code : 00224) MAJOR TRANSACTION: ACQUISITION OF PROPERTY AT CITY GARDEN PODIUM & DISCLOSEABLE TRANSACTION: ACQUISITION OF PROPERTY AT GREAT EAGLE CENTRE Major Transaction On 2 & 3 February 2005, Supreme Success Limited, a wholly owned subsidiary of the Company entered into provisional agreements to acquire various retail property units on the 1st floor, ground floor and the basement floor of the podium of City Garden ("Property A", "Property B" & "Property C") from three different independent third parties involving a total consideration of HK$106,636,000 in cash. Service fee of HK$11,105,000 was payable to Asia Asset Limited as project consultant assisting Supreme Success Limited in the property acquisition pursuant to an agreement dated 2 February 2005. The acquisition of Property A, Property B and Property C shall enable the Group to own a total gross floor area of 63,840 sq. ft. retail space, including all units on the basement floor, of the podium of blocks 1, 2 & 3, City Garden. The aforesaid transactions on an aggregate basis contemplated constitutes a major transaction of the Company under Chapter 14.06(3) of the Listing Rules and subject to approval from shareholders. However, no shareholders meeting will be convened as written approval has been obtained from a closely allied group of shareholders who together hold more than 50% in nominal value of the securities giving the right to attend and vote at general meeting to approve the transaction and such shareholders and their respective associates have no interest in the provisional agreements and transactions which is different from other shareholders of the Company. No other shareholders and their associates have any interest in the transactions which is different from other shareholders of the Company. A circular relating to these transactions will be dispatched to the shareholders as soon as practicable and within 21 days from the date of this announcement. Discloseable Transaction On 4 February 2005, Anpona Investments Limited, a wholly owned subsidiary of the Group, entered into an agreement to acquire office units on the 18th floor of Great Eagle Centre ("Property D") from Vendor D, another independent third party at a consideration of HK$34,000,000 in cash. The transaction contemplated under the agreement constitutes a discloseable transaction of the Company under Chapter 14.06(2) of the Listing Rules. A circular in connection with the acquisition of the property will be dispatched to the shareholders of the Company as soon as practicable and within 21 days from the day of publication of this announcement. At the request of the Company, trading of shares of the Company on the Stock Exchange was suspended with effect from 9:30 a.m. on 4 February 2005 pending the issue of this announcement. Application has been made to the Stock Exchange for the resumption of trading of the shares of the Company with effect from 9:30 a.m. on 21 February 2005. MAJOR TRANSACTION ACQUISITION OF PROPERTY AT CITY GARDEN PODIUM Supreme Success Limited, a wholly owned subsidiary of the Company, entered into three (3) provisional agreements to purchase various retail property units on the 1st floor, ground floor and the basement floor of the podium of City Garden ("Property A", "Property B", and "Property C") and a service agreement ("Agreement") to arrange for the acquisition. PROPERTY A Date of the provisional agreement: 2 February 2005 Vendor: Extra Success International Ltd, a company incorporated in British Virgin Islands with limited liability and beneficially owned by Mr. Zhong Dachang, is an independent third party not connected with any directors, chief executives or substantial shareholders of the Company