09:30     MAGICIAN IND<00526> - Announcement & Resumption (2)                 

    Mr. Chan, aged 41, has over 19 years of professional                      
    experience in the fields of real estate development,                      
    finance and investment. Mr. Chan is a fellow member of the                
    Institute of Financial Accountants of the U.K. and a full                 
    member of the National Institute of Accountants of                        
    Australia, Hong Kong Institute of Surveyors and Chartered                 
    Institute of Arbitrators of the U.K. Mr. Chan possesses                   
    a Bachelor of Science degree from Thames Polytechnic in                   
    the U.K. and a Master of Business Administration degree                   
    from Murdoch University in Australia. Mr. Chan is                         
    currently an Executive Director of Seapower Resources                     
    International Limited (stock code 269), the shares of                     
    which are listed on the Main Board of The Stock Exchange                  
    of Hong Kong Limited. Save as disclosed above, Mr. Chan                   
    did not hold any directorship in any public listed                        
    companies in the last three years.                                        
                                                                              
    Mr. Chan's length of service as Executive Director have                   
    not been determined and Mr. Chan will hold office only                    
    until next following annual general meeting of the Company                
    and will then be eligible for re-election at that meeting,                
    in accordance with the bye-laws of the Company. The Board                 
    has not yet determined the emolument of Mr. Chan as at the                
    date of this announcement.                                                
                                                                              
    Mr. Chan does not have any relationship with any directors,               
    senior management or substantial or controlling                           
    shareholder of the Company, nor does he hold any other                    
    position with the Company or any of its subsidiaries. As                  
    at the date of this announcement, Mr. Chan does not have                  
    any interests in the securities of the Company within the                 
    meaning of Part XV of the said Securities and Futures                     
    Ordinance ("SFO").                                                        
                                                                              
    2.   Removal of Deputy Chairman                                           
    The Board has resolved, in the Board meeting of 4 February                
    2005, to remove Mr. Will Hoon Wee Teng's position as the                  
    Deputy Chairman of the Company with immediate effect for                  
    the reason that he could not allocate enough time to take                 
    up that position in the Company, however, he still remains                
    as Non-executive Director of the Company.                                 
                                                                              
    Mr. Will Hoon Wee Teng, aged 41, is currently Executive                   
    Vice President and a director of Transpac Capital Pte Ltd,                
    a company principally engaged in private equity investment.               
    He is also a director of United Test and Assembly Center,                 
    which is listed on the Singapore Exchange Securities                      
    Trading. Save as aforesaid, Mr. Hoon did not hold any                     
    directorship in any public listed companies in the last                   
    three years.                                                              
                                                                              
    Mr. Hoon is a colleague of Mr. Wong Kwong Chi and Mr. Patrick             
    Zee, who also are Non-Executive Directors of the Company,                 
    in Transpac Capital Pte Ltd, which is the parent company                  
    of Transpac Nominees Pte Ltd, which in turn holds                         
    213,279,577 shares, representing 24.6% interest in the                    
    Company. Mr. Wong Kwong Chi is Executive Vice President                   
    and a director and Mr. Patrick Zee is an Investment Manager               
    in Transpac Capital Limited, which is a subsidiary of                     
    Transpac Capital Pte Ltd. Mr. Hoon's length of service has                
    not been determined and Mr. Hoon will hold office only                    
    until the next following annual general meeting of the                    
    Company and will then be eligible for re-election at that                 
    meeting, in accordance with the bye-laws of the Company.                  
    The Board has not determined the emolument of Mr. Hoon as                 
    at the date of this announcement.                                         
                                                                              
    Save as aforesaid, Mr. Hoon does not have any relationship                
    with any directors, senior management or substantial or                   
    controlling shareholder of the Company, nor does he hold                  
    any other position with the Company or any of its                         
    subsidiaries. As at the date of this announcement, Mr. Hoon               
    does not have any interests in the securities of the                      
    Company within the meaning of Part XV of the said SFO.