10:16     KAMBOAT<00318> - Announcement & Resumption (12)                     

    Hong Kong                                                                 
                                                                              
    "SFC"   Securities and Futures Commission                                 
                                                                              
    "SGM"   the special general meeting of the Company to                     
    be held to consider and approve the Subscription, the                     
    Whitewash Waiver, the Capital Reorganisation, and                         
    such other matters as may be covered at such meeting                      
                                                                              
    "Share(s)"      share(s) of HK$0.25 each in the capital                   
    of the Company, or, where the context requires,                           
    share(s) of HK$0.001 each in the capital of the                           
    Company after the Capital Reorganisation                                  
                                                                              
    "Shareholder(s)"        the holder(s) of the Share(s)                     
                                                                              
    "Stock Exchange"        the Stock Exchange of Hong Kong                   
    Limited                                                                   
                                                                              
    "Subscribers"   Vongroup Holdings and Capital Beijing,                    
    and "Subscriber" shall mean any one of them                               
                                                                              
    "Subscription"  subscription of the Subscription                          
    Shares at a subscription price equal to HK$0.01 each                      
    on the terms and subject to the conditions under the                      
    Subscription Agreement                                                    
                                                                              
    "Subscription Shares"   5,400,000,000 new Shares of                       
    nominal value HK$0.001 each                                               
                                                                              
    "Subscription Agreement"        the Subscription Agreement                
    dated as of 28 February 2005 among the Company and                        
    the Subscribers in relation to the subscription of                        
    5,400 million shares of HK$0.001 nominal value each                       
    in the capital of the Company                                             
                                                                              
    "Takeovers Code"        The Hong Kong Code on Takeovers and               
    Mergers                                                                   
                                                                              
    "Vongroup Holdings"     Vongroup Holdings Limited, a                      
    company incorporated in the British Virgin Islands                        
                                                                              
    "Whitewash Waiver"      A waiver from the obligation to                   
    extend a mandatory general offer under the Takeovers                      
    Code pursuant to Note 1 on dispensations from Rule                        
    26 of the Takeovers Code to be sought from the                            
    Executive                                                                 
                                                                              
    By Order of the Board   By Order of the Board   By                        
    Order of the Board                                                        
    KAMBOAT GROUP   VONGROUP        CAPITAL BEIJING                           
    COMPANY LIMITED HOLDINGS LIMITED        HOLDINGS LIMITED                  
    Wong Chi Man    Vong Tat Ieong David    Zeng Shuying                      
    Chairman        Chairman        Chairman                                  
                                                                              
    Hong Kong, 21 March 2005                                                  
                                                                              
    As at the date of this announcement, the Company's                        
    Board comprises nine Directors. The executive                             
    directors are Mr. Wong Chi Man (Chairman and Managing                     
    Director), Mr. Wong See Sum, J.P. (Vice Chairman),                        
    Ms. Wong Lan Fun Roberta, Mr. Wong Chi Wing, Tenny,                       
    Ms. Ng Suk Bing, Mclanly, the Non-Executive Director                      
    is Mr. Tam Fook Yee, and the Independent Non-Executive                    
    Directors are Mr. Lee Man Youn Montareal, Mr. Chan                        
    Kam Fai, Robert and Mr. Cheung Man Yau, Timothy.                          
                                                                              
    The Company's Directors jointly and severally accept                      
    full responsibility for the accuracy of the                               
    information contained in this announcement (other                         
    than information relating to the Subscribers) and                         
    confirm, having made all reasonable enquiries, that