09:18 SINOLINK HOLD<01168> - 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. SINOLINK WORLDWIDE HOLDINGS LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 1168) Discloseable Transaction PANVA GAS HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8132) 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. Reference is made to the joint announcement of Sinolink and Panva Gas dated 27 August 2004 in relation to an acquisition of interest in Changchun Gas Holdings (the "Joint Announcement") and the joint announcements of Sinolink and Panva Gas dated 20 September 2004, 13 October 2004, 29 November 2004, 30 December 2004 and 25 January 2005 in relation to the delay in despatch of the Circulars. Capitalised terms used herein shall have the same meaning as ascribed thereto in the Joint Announcement. In order to better explain the Acquisition, the Stock Exchange requires Panva Gas to include in the circular to its shareholders the audited financial statements of Changchun Listed. Those financial statements are prepared under PRC GAAP and are in Chinese that have already been published and issued to the shareholders of Changchun Listed. However, to include such accounts in the circular, Panva Gas must seek consent from both Changchun Listed and the Auditors to reproduce the audited financial statements which will then be translated. Panva Gas has already obtained consent from Changchun Listed in respect of the audited financial statements. It is currently seeking the consent from the Auditors. It is expects that it will be able to obtain such consent by the end of this week. It will also proceed to arrange for the translation of such accounts. For this purpose, Panva Gas have requested a postponement for the dispatch of its circular on or before 21 March 2005 so that Panva Gas would have time to (i) seek consent from the Auditors and (ii) arrange to translate such financial statements into English to be included in the circular. In such circumstances, Sinolink and Panva Gas announce that they 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) so as to postpone the despatch of the Circulars to be on or before 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 HOLDINGS LIMITED PANVA GAS 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)