09:55     PAK FAH YEOW<00239> - 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.                                                     
                                                                              
    PAK FAH YEOW INTERNATIONAL LIMITED                                        
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 239)                                                         
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
    ACQUISITION OF PROPERTY                                                   
                                                                              
    The Directors announce that on 4th March, 2005, the                       
    Purchaser, an indirect wholly-owned subsidiary of the                     
    Company, entered into the Agreement with the Vendor                       
    for the sale and purchase of the Property. The                            
    consideration for the acquisition of the Property is                      
    HK$39,156,400.                                                            
                                                                              
    The transaction contemplated under the Agreement                          
    constitutes a discloseable transaction of the Company                     
    under Chapter 14 of the Listing Rules.                                    
                                                                              
    A circular containing, inter alia, details of the                         
    Acquisition will be sent to the shareholders of the                       
    Company in accordance with the requirements under the                     
    Listing Rules as soon as practicable.                                     
                                                                              
    THE AGREEMENT                                                             
                                                                              
    Date   :   4th March 2005                                                 
                                                                              
    Parties                                                                   
                                                                              
    (1) Vendor   :   Hong Kong Jie Hing Trading Company                       
    Limited, which is selling the Property as a confirmor.                    
    To the best of the knowledge, information and belief                      
    of the Directors having made all reasonable enquiries,                    
    each of the Vendor and its ultimate beneficial owners                     
    is an Independent Third Party.                                            
                                                                              
    (2) Purchaser   :   Pak Fah Yeow Investment (Hong Kong)                   
    Co. Ltd., an indirect wholly-owned subsidiary of the                      
    Company.                                                                  
                                                                              
    The Vendor is selling the Property as confirmor and                       
    the Agreement is subject to the terms and conditions                      
    of (i) the formal agreement dated 29th December, 2004                     
    under which the Property was previously sold at                           
    HK$32,380,000; and (ii) the provisional agreement                         
    dated 9th December, 2004 under which the Property was                     
    previously sold at HK$36,053,440. To the best of the                      
    knowledge, information and belief of the Directors                        
    having made all reasonable enquiries, each of the                         
    respective parties to the aforementioned formal                           
    agreement and provisional agreement, and their                            
    respective ultimate beneficial owners, is an                              
    Independent Third Party.                                                  
                                                                              
    Property                                                                  
    A property situated at 11th Floor, The Sun's Group                        
    Centre, No. 200 Gloucester Road, Hong Kong with a total                   
    gross floor area of approximately 7,388 square feet.                      
    The Property is located in an office/commercial                           
    building. Upon completion, the Vendor shall deliver                       
    vacant possession of the Property to the Purchaser.                       
                                                                              
    The solicitors of the Vendor have informed that, as                       
    the Vendor has been selling the Property as a confirmor,                  
    it had no knowledge of the use of the Property in the                     
    past two years and that the Vendor has not derived                        
    any revenue or net profits attributable to the                            
    Property for the past two years.                                          
                                                                              
    Consideration                                                             
    The consideration of HK$39,156,400 was agreed after                       
    arm's length negotiations between the parties by                          
    reference to the transaction prices of similar                            
    properties in the same location as provided by the                        
    property agent of the Purchaser. No valuation of the                      
    Property has been done by the Purchaser.                                  
                                                                              
    Terms of Payment                                                          
    The consideration shall be paid in cash by the                            
    Purchaser in the following manner: