09:25     COSCO INTL HOLD<00517> - Announcement (2)                           

    Transactions                                                              
    Annual cap for year ended 31st December 2004 granted in the waiver        
    Total Amount Payable                                                      
                                                                              
    (HK$)                                                                     
    (HK$)                                                                     
                                                                              
    (i)   Technology usage fees    4,000,000    5,780,000                     
                                                                              
    (ii)   Purchase of raw materials   44,000,000      6,800,000              
                                                                              
    (iii)   Commissions            5,000,000        1,700,000                 
                                                                              
    Total:                                     14,280,000                     
                                                                              
    The Company is currently working on the proposed cap for the              
    Company's continuing connected transactions with Japan Kansai and         
    its subsidiaries for the year ending 31st December 2005 and will          
    make appropriate disclosures in compliance with the Listing Rules         
    as soon as practicable.                                                   
                                                                              
    The Group is principally engaged in ship trading and supplying            
    services, property investment and development, infrastructure             
    investment, and building construction and civil engineering.              
                                                                              
    Japan Kansai is principally engaged in paint business worldwide,          
    and the shares of which are listed on the Stock Exchange of Tokyo.        
                                                                              
    The Stock Exchange has stated that the waiver dated 18th February         
    2004 granted by the Stock Exchange to the Company has been revoked        
    in all respects with effect from the date hereof. The Company             
    intends to comply with all relevant Listing Rules in respect of           
    such continuing connected transactions as stated in the said              
    waiver.                                                                   
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following expressions have the meanings         
    set out below unless the context requires otherwise:                      
                                                                              
    ``Board''                                                                 
    the board of Directors of the Company                                     
                                                                              
    ``Company''                                                               
    COSCO International Holdings Limited, a company incorporated in           
    Bermuda with limited liability, the shares of which are listed on         
    the Stock Exchange                                                        
                                                                              
    ``Group''                                                                 
    the Company and its subsidiaries                                          
                                                                              
    ``HK$''                                                                   
    Hong Kong dollars, the lawful currency of Hong Kong                       
                                                                              
    ``Japan Kansai''                                                          
    Kansai Paint Co., Ltd. (\raster(60%,p)="c02"), a company                  
    registered in Osaka, Japan, beneficial owner of 35.29% equity             
    interest in each of Shanghai Kansai and Tianjin Kansai                    
                                                                              
    ``Kansai Companies''                                                      
    Shanghai COSCO Kansai Paint & Chemicals Co., Ltd.                         
    (\raster(60%,p)="c03") and Tianjin COSCO Kansai Paint & Chemicals         
    Co., Ltd. (\raster(60%,p)="c04"), both are sino-foreign equity            
    joint venture enterprises established under the laws of the               
    People's Republic of China which are also owned, among others, as         
    to 63.07% by the Company and 35.29% by Japan Kansai                       
                                                                              
    ``Listing Rules''                                                         
    The Rules Governing the Listing of Securities on the Stock Exchange       
                                                                              
    ``Stock Exchange''                                                        
    The Stock Exchange of Hong Kong Limited                                   
                                                                              
    By Order of the Board                                                     
    COSCO International Holdings Limited                                      
    LIU Hanbo                                                                 
    Managing Director                                                         
                                                                              
    Hong Kong, 24th February 2005                                             
                                                                              
    As at the date hereof, the Board comprises of fourteen directors          
    of which Mr. Wei Jiafu (Chairman), Mr. Liu Guoyuan (Vice-Chairman),       
    Mr. Li Jianhong, Mr. Zhou Liancheng, Mr. Liu Hanbo (Managing              
    Director), Mr. He Jiale, Mr. Guo Huawei, Mr. Chen Pisen, Mr. Meng         
    Qinghui, Mr. Zhao Kaiji and Mr. Lin Libing as executive directors         
    and Mr. Chan Cheong Foon, Andrew, Mr. Kwong Che Keung, Gordon and         
    Mr. Tsui Yiu Wa, Alec as independent non-executive directors.