10:52     CHEVALIER INT'L<00025> - Announcement (5)                           

    "NordiTube"   NordiTube Technologies AB, a public                         
    company incorporated under the laws of Sweden, an                         
    indirect non wholly-owned subsidiary of the Company                       
                                                                              
    "NordiTube Shares"   shares of nominal value of                           
    SEK0.5 each in the issued share capital of NordiTube                      
                                                                              
    "PPR"   Preussag Pipe Rehabilitation Hong Kong                            
    Limited, a private company incorporated in Hong Kong                      
    with limited liability, an indirect non wholly-owned                      
    subsidiary of the Company                                                 
                                                                              
    "PPR Agreement"   the sale and purchase agreement                         
    dated 11th March, 2005 for the purchase by Chevalier                      
    Pipe of 27.5% equity interest in PPR and the                              
    outstanding shareholders' loan of HK$1 million from                       
    the Vendors                                                               
                                                                              
    "PPR Shares"   shares of HK$1.0 each in the issued                        
    share capital of PPR                                                      
                                                                              
    "Prosper Well"   Prosper Well Developments Limited,                       
    a company incorporated in the British Virgin Islands                      
    with limited liability, is wholly owned by Mr. Kao                        
    Gordon Kan                                                                
                                                                              
    "rabmer"   rabmer Holding GmbH, a company                                 
    incorporated under the Law of Austria                                     
                                                                              
    "Vendors"   together, Prosper Well and Mr. Kao Gordon                     
    Kan                                                                       
                                                                              
    "%"   per cent.                                                           
                                                                              
    "HK$"   Hong Kong dollar, lawful currency of Hong Kong                    
                                                                              
    "SEK"   Swedish Krona, the lawful currency of Sweden                      
                                                                              
    By Order of the Board                                                     
    Chevalier International Holdings Limited                                  
    Chow Yei Ching                                                            
    Chairman and Managing Director                                            
                                                                              
    Hong Kong, 24th March, 2005                                               
                                                                              
    As at the date of this announcement, the Board                            
    comprises ten Directors, where Dr. Chow Yei Ching,                        
    Messrs. Kuok Hoi Sang, Fung Pak Kwan, Tam Kwok Wing,                      
    Kan Ka Hon, Chow Vee Tsung, Oscar and Ho Chung Leung                      
    are executive Directors, and Mr. Wong Wang Fat, Andrew,                   
    Dr. Chow Ming Kuen, Joseph and Mr. Li Kwok Heem, John                     
    are independent non-executive Directors.                                  
                                                                              
    For the purpose of this announcement, amounts                             
    denominated in Swedish Krona have been translated into                    
    Hong Kong dollars at the rate of SEK1.0 = HK$1.13.