09:57     KINGBOARD CHEM<00148> & E&E INT'L<00033> - Joint Ann. (2)           

    Bermuda legal advisers to Kingboard that conducting                       
    a search of the Cause Book of the Court is all that                       
    was necessary to ascertain the absence of any                             
    application to the Court by Dissentient Shareholders.                     
                                                                              
    The Compulsory Acquisition was completed on Saturday,                     
    12 February 2005 when all the Shares held by                              
    Dissentient Shareholders were transferred to the Hong                     
    Kong Offeror. The cheques for the amount of the                           
    consideration (less any Hong Kong ad valorem stamp                        
    duty payable by the Dissentient Shareholders) due to                      
    Dissentient Shareholders in respect of the Shares                         
    acquired by the Hong Kong Offeror pursuant to the                         
    Compulsory Acquisition were sent by post to                               
    Dissentient Shareholders at their own risk at their                       
    respective addresses which appear in the register of                      
    members of Elec & Eltek or, in the case of joint holders,                 
    at the address appearing in the register of members                       
    of Elec & Eltek of the joint holder whose name stands                     
    first in the register of members of Elec & Eltek unless                   
    the Dissentient Shareholders had indicated otherwise                      
    in their respective forms of request enclosed with                        
    the Compulsory Acquisition Notice.                                        
                                                                              
    As a result of the completion of the Compulsory                           
    Acquisition, members of the Kingboard Group became                        
    the beneficial owners of the entire issued share                          
    capital of Elec & Eltek and Elec & Eltek became an                        
    indirect wholly-owned subsidiary of Kingboard.                            
                                                                              
    WITHDRAWAL OF LISTING                                                     
                                                                              
    The Shares have been suspended from trading on the                        
    Stock Exchange with effect from 9:30 a.m. on Friday,                      
    7 January 2005 and will continue to be suspended until                    
    the voluntary withdrawal of the listing of the Shares                     
    on the Stock Exchange. Application has been made by                       
    Elec & Eltek to the Stock Exchange for the voluntary                      
    withdrawal of the listing of the Shares on the Stock                      
    Exchange with effect from 4:00 p.m. on Friday, 18                         
    March 2005.                                                               
                                                                              
    By order of the board of directors of   By order of                       
    the board of directors of                                                 
    Kingboard Chemical Holdings Limited     Elec & Eltek                      
    International Holdings Limited                                            
    Cheung Kwok Wing        Cheung Kwok Wing                                  
    Chairman        Chairman                                                  
                                                                              
    Hong Kong, 14 March 2005                                                  
                                                                              
    As at the date of this announcement, the board of                         
    directors of Kingboard consists of Messrs. Cheung                         
    Kwok Wing, Chan Wing Kwan, Lam Ka Po, Cheung Kwong                        
    Kwan, Cheung Kwok Wa, Cheung Kwok Ping, Cheung Kwok                       
    Keung, Chang Wing Yiu and Mok Cham Hung, Chadwick,                        
    being the executive directors of Kingboard, Mr. Lum                       
    Gum Wun, being a non-executive director of Kingboard                      
    and Messrs. Tsao Kwang Yung, Peter, Cheng Ming Fun,                       
    Paul and Tse Kam Hung, being the independent                              
    non-executive directors of Kingboard.                                     
                                                                              
    As at the date of this announcement, the board of                         
    directors of Elec & Eltek consists of Messrs. Canice                      
    Chung Tai Keung, Cheung Kwok Wa and Mok Cham Hung,                        
    Chadwick, being the executive directors of Elec &                         
    Eltek, Messrs. Peter Lee Yip Wah, Cheung Kwok Wing,                       
    Chan Wing Kwan and Chang Wing Yiu, being non-executive                    
    directors of Elec & Eltek and Messrs. Eugene Lee,                         
    Kenneth Shim Hing Choi and Keith Tay Ah Kee, being                        
    the independent non-executive directors of Elec &                         
    Eltek.