09:24     MEDTECH GROUP<01031> - 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.                                                     
                                                                              
    This announcement is for information purposes only                        
    and does not constitute an invitation or offer to                         
    acquire purchase or subscribe for any securities.                         
                                                                              
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    MEDTECH GROUP COMPANY LIMITED                                             
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 1031)                                                        
                                                                              
    SIGNING OF THE FORMAL SALE AND PURCHASE AGREEMENT -                       
    THE PROPOSED ACQUISITION OF                                               
    GRANDVIEW HOTEL                                                           
    (VERY SUBSTANTIAL ACQUISITION)                                            
                                                                              
    Financial adviser to Medtech Group Company Limited                        
                                                                              
    KINGSTON CORPORATE FINANCE LIMITED                                        
                                                                              
    Signing of Formal Sale and Purchase Agreement for the                     
    proposed acquisition of Grandview Hotel                                   
                                                                              
    Further to the announcement of the Company dated 14                       
    December 2004 regarding, among other things, the                          
    Provisional Sale and Purchase Agreement for the                           
    Acquisition, the Board is pleased to announce that                        
    on 8 March 2005, Futuremind, a wholly-owned                               
    subsidiary of the Company, and the Vendor entered into                    
    the Formal Sale and Purchase Agreement, which is based                    
    on the principal terms of the Provisional Sale and                        
    Purchase Agreement as set out in the Announcement and                     
    the Circular where the assets under the Acquisition                       
    will include Grandview Hotel and all the fixed assets                     
    therein as set out in the Provisional Sale and                            
    Purchase Agreement and the Consideration remains                          
    unchanged at HK$500,000,000.                                              
                                                                              
    Completion of the Acquisition, subject to                                 
    Shareholders' approval at the special general meeting                     
    of the Company on 10 March 2005, is expected to take                      
    place on or before 31 March 2005.                                         
                                                                              
    Reference is made to the announcement of the Company                      
    dated 14 December 2004 (the "Announcement") and the                       
    circular of the Company dated 22 February 2005 (the                       
    "Circular") regarding the Acquisition. Unless                             
    otherwise defined hereunder, terms used herein shall                      
    have the same meanings as in the Announcement and the                     
    Circular.                                                                 
                                                                              
    SIGNING OF FORMAL SALE AND PURCHASE AGREEMENT FOR THE                     
    PROPOSED ACQUISITION OF GRANDVIEW HOTEL                                   
    The Board is pleased to announce that on 8 March 2005,                    
    Futuremind, a wholly-owned subsidiary of the Company,                     
    and the Vendor entered into the Formal Sale and                           
    Purchase Agreement which is based on the principal                        
    terms of the Provisional Sale and Purchase Agreement                      
    as set out in the Announcement and the Circular where                     
    the assets under the Acquisition will include                             
    Grandview Hotel and all the fixed assets therein as                       
    set out in the Provisional Sale and Purchase Agreement                    
    and the Consideration remains unchanged at                                
    HK$500,000,000.                                                           
                                                                              
    The Formal Sale and Purchase Agreement                                    
    Date:   8 March 2005