08:59 PANVA GAS HOLD<08132> - Announcement 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. SINOLINK WORLDWIDE HOLDINGS LIMITED PANVA GAS HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1168) (Stock Code: 8132) Discloseable Transaction Major Transaction TRANSACTION IN RELATION TO THE ACQUISITION OF INTEREST IN CHANGCHUN GAS HOLDINGS LIMITED FURTHER DELAY IN DESPATCH OF CIRCULARS In order to better explain the Acquisition, the Stock Exchange requires Panva Gas to include in its circular the audited financial statements of Changchun Listed issued by the auditors of Changchun Listed (the "Auditors"). Those financial statements are prepared under PRC GAAP and are in Chinese. For this purpose, Sinolink and Panva Gas have applied to the Stock Exchange for a waiver (which may or may not be granted) from strict compliance with Rule 14.38 of the Listing Rules (in relation to Sinolink) and Rule 19.38 of the GEM Listing Rules (in relation to Panva Gas) respectively to postpone the despatch of the circulars of Sinolink and Panva Gas regarding the Acquisition (the "Circulars") to be on or before 21 March 2005 so that Panva Gas would have time to (i) seek consent from the Auditors to reproduce the said financial statements and (ii) arrange to translate such financial statements into English to be included in the circular. It is therefore expected that the above would be done by 21 March 2005. By order of the Board By order of the Board TANG Yui Man, Francis CHEN Wei Chief Executive Officer Managing Director Sinolink Worldwide Holdings Limited Panva Gas Holdings Limited Hong Kong, 1 March 2005 As at the date of this announcement, the Boards comprise of: SINOLINK WORLDWIDE PANVA GAS HOLDINGS LIMITED HOLDINGS LIMITED Executive Directors: Executive Directors: OU Yaping (Chairman) OU Yaping (Chairman) TANG Yui Man Francis (Chief Executive Officer) TANG Yui Man Francis (Vice Chairman) CHEN Wei CHEN Wei (Managing Director) LAW Sze Lai LI Fujun ZHANG Keyu Independent Non-executive Directors: SHEN Lian Jin LI Zhi Xiang XIN Luo Lin Non-executive Directors: Davin A. MACKENZIE FOK Kin-ning, Canning TO Chi Keung, Simon (alternate director to FOK Kin-ning, Canning) Independent Non-executive Directors: CHEUNG Hon Kit LI Xiao Ru GE Ming This announcement, for which the directors of Panva Gas Holdings Limited collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange for the purpose of giving information with regard to Panva Gas Holdings Limited. The directors of Panva Gas Holdings Limited, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief: (i) the information contained in this announcement is accurate and complete in all material respects and no misleading; (ii) there are no other matters the omission of which would make any statement in this announcement misleading; and (iii) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable. The above announcement is a summary only. For the full version of this announcement, please refer to the "Latest Company Announcements" page on the GEM website of http://www.hkgem.com.