09:35     WO KEE HONG<00720> - Announcement (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.                                                             
                                                                              
    WO KEE HONG (HOLDINGS) LIMITED                                            
    (Incorporated in Bermuda with limited liability)                          
    (Stock code: 720)                                                         
                                                                              
    MAJOR TRANSACTION                                                         
    PROPOSED SETTLEMENT OF AMOUNT DUE UNDER                                   
    LOAN AGREEMENT DATED 28 JUNE 2002                                         
                                                                              
    On 24 February 2005,                                                      
                                                                              
    -       MHI, WKHL, the Company, Stoneycroft and Ever Rising entered       
    into the Deed of Settlement in relation to the settlement of              
    the Debt due from WKHL to MHI under the Loan Agreement by payment         
    of an amount of US$6 million (equivalent to approximately HK$46.8         
    million) in two equal instalments of US$3 million (equivalent             
    to approximately HK$23.4 million) each payable on or before 15            
    and 18 March 2005 respectively;                                           
                                                                              
    -       MHI, Stoneycroft, WKHL and the Company entered into the Deed      
    of Amendment A in relation to the Deed of Charge A in respect             
    of Property A; and                                                        
                                                                              
    -       MHI, Ever Rising, WKHL and the Company entered into the Deed      
    of Amendment B in relation to the Deed of Charge B in respect             
    of Property B.                                                            
                                                                              
    Each of WKHL, Stoneycroft and Ever Rising is a wholly owned               
    subsidiary of the Company. To the best of the Directors'                  
    knowledge, information and belief, having made all reasonable             
    enquiry, MHI and its ultimate beneficial owners are Independent           
    Third Parties.                                                            
                                                                              
    The Settlement constitutes a major transaction for the Company            
    under the Listing Rules and shall be subject to the Shareholders'         
    approval. No Shareholder is required to abstain from voting on            
    the resolutions relating to the Settlement. The Controlling               
    Shareholders, which as at the date of this announcement are in            
    aggregate interested in approximately 57.89% of the issued share          
    capital of the Company have on 18 February 2005 issued a written          
    approval approving the Deed of Settlement and the Settlement              
    and the performance by the Company of its obligations thereunder.         
    The written approval from the Controlling Shareholders is                 
    accepted in place of holding a general meeting under Rule 14.44           
    of the Listing Rules and no general meeting will be convened              
    for the purpose of approving the Deed of Settlement and the               
    Settlement. A circular containing details of the Settlement,              
    including the Deed of Settlement and the Deed of Amendment, will          
    be dispatched to Shareholders within 21 days after the date of            
    this announcement.                                                        
                                                                              
    INTRODUCTION                                                              
                                                                              
    Reference is made to the announcements made by the Company dated          
    30 November 2001, 27 March 2002, 31 May 2002 and 2 July 2002              
    respectively and the circular dated 18 July 2002 issued by the            
    Company.                                                                  
                                                                              
    It is stated in the Announcements and the circular dated 18 July          
    2002 issued by the Company that, among other things, on 28 June           
    2002, MHI as the lender, WKHL as the borrower and the Company             
    as the guarantor have entered into the Loan Agreement in relation         
    to a loan for the amount of US$17,039,689.38 (equivalent to               
    approximately HK$133.0 million) for a term of fifteen years with          
    the principal