09:11     GOLD PEAK<00040> - Announcement & Resumption of Trading (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.                                                     
                                                                              
                                                                              
    Gold Peak Industries (Holdings) Limited                                   
    (Incorporated in Hong Kong under the Companies                            
    Ordinance)                                                                
    (Stock Code: 40)                                                          
                                                                              
    MAJOR AND CONNECTED TRANSACTION                                           
                                                                              
    On March 7, 2005, Tarway Two, an indirect wholly-owned                    
    subsidiary of CIHL entered into the Share Purchase                        
    Agreements with the Purchasers pursuant to which                          
    Tarway Two had agreed to sell to the Purchasers and                       
    the Purchasers had agreed to purchase from Tarway Two                     
    an aggregate 21% interest in Gerard Corporation for                       
    an aggregate cash consideration of A$25 million (or                       
    approximately HK$153.9 million).                                          
                                                                              
    As a result of the Disposal, Tarway Two's                                 
    shareholder's loan to Gerard Corporation will be                          
    reduced in proportion to the reduction of its                             
    shareholding interest in Gerard Corporation. Tarway                       
    Two's proportionate shareholder loan in the sum of                        
    A$22.1 million (or approximately HK$136.0 million)                        
    will be repaid by the Purchasers to Tarway Two                            
    according to the terms of the Loan Agreement. The                         
    aggregate amount to be received by Tarway Two from                        
    the Purchasers is therefore A$47.1 million (or                            
    approximately HK$289.9 million).                                          
                                                                              
    The Transaction constitutes a major and connected                         
    transaction for the Company under the Listing Rules                       
    and will be subject to the Independent Shareholders'                      
    approval by poll at the EGM. A circular containing,                       
    among other things, further details of the                                
    Transaction, the recommendation from the Independent                      
    Board Committee in relation to the Transaction, the                       
    opinion from an independent financial adviser and a                       
    notice of EGM, will be despatched to shareholders of                      
    the Company as soon as practicable.                                       
                                                                              
    Trading in the Shares was suspended with effect from                      
    9:30 a.m. on March 8, 2005 at the request of the Company                  
    pending release of this announcement. Application has                     
    been made to the Hong Kong Stock Exchange for                             
    resumption of trading in the Shares with effect from                      
    9:30 a.m. on March 10, 2005.                                              
                                                                              
    INTRODUCTION                                                              
    On March 7, 2005, Tarway Two, an indirect wholly-owned                    
    subsidiary of CIHL entered into the Share Purchase                        
    Agreements with the Purchasers pursuant to which                          
    Tarway Two had agreed to sell to the Purchasers and                       
    the Purchasers had agreed to purchase from Tarway Two                     
    an aggregate 21% interest in Gerard Corporation for                       
    an aggregate cash consideration of A$25 million (or                       
    approximately HK$153.9 million).                                          
                                                                              
    As a result of the Disposal, Tarway Two's                                 
    shareholder's loan to Gerard Corporation will be                          
    reduced in proportion to the reduction of its                             
    shareholding interest in Gerard Corporation. Tarway                       
    Two's proportionate shareholder loan in the sum of                        
    A$22.1 million (or approximately HK$136.0 million)                        
    will be repaid by the Purchasers to Tarway