09:59     PEOPLE'S FOOD<00708> - Announcement                                 

    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.               
                                                                              
    PEOPLE'S FOOD HOLDINGS LIMITED                                            
    *                                                                         
    (Incorporated in Bermuda with limited liability)                          
                                                                              
    (Stock Code: 708)                                                         
                                                                              
    PROPOSED CHANGE OF AUDITORS                                               
                                                                              
    The Company had received a notice of nomination of auditors on 18 March   
    2005 from Maleque Limited, a controlling shareholder of the Company.      
    Messrs. Grant Thornton, Certified Public Accountants, have been           
    nominated for appointment as auditors of the Company in place of          
    retiring auditors, Messrs. Ernst & Young. The appointment of Messrs.      
    Grant Thornton as auditors of the Company is subject to shareholders'     
    approval at the forthcoming Annual General Meeting.                       
                                                                              
    The board of directors (the ``Board'') of People's Food Holdings          
    Limited (the ``Company'') announces that the Company had, on 18 March     
    2005, received a notice of nomination of auditors given pursuant to       
    Section 89(3) of the Companies Act 1981 (as amended) of Bermuda from      
    Maleque Limited, a controlling shareholder of the Company holding         
    approximately 46.41% of the issued share capital of the Company.          
    Messrs. Grant Thornton, Certified Public Accountants, have been           
    nominated for appointment as auditors of the Company in place of the      
    retiring auditors, Messrs. Ernst & Young.                                 
                                                                              
    The Audit Committee of the Company has reviewed the matter and            
    recommended the nomination of Messrs. Grant Thornton as the auditors      
    of the Company for the financial year ending 31 December 2005 in          
    support of a good corporate governance practice of rotating auditors.     
    Messrs. Ernst & Young have been auditors of the Company for the last      
    4 financial years. With the change of auditors, the Company is also       
    able to realise costs savings in professional fees. The appointment       
    is subject to shareholders' approval at the forthcoming Annual            
    General Meeting on 28 April 2005. A separate announcement will be made    
    by the Company in respect of the proposed change of auditors after        
    the conclusion of the Annual General Meeting on 28 April 2005.            
                                                                              
    Both Messrs. Ernst & Young and the Board have confirmed that there        
    are no circumstances connected with the change of auditors that need      
    to be brought to the attention of the holders of securities of the        
    Company.                                                                  
                                                                              
    This announcement is made simultaneously in Hong Kong and in Singapore    
    on 30 March 2005.                                                         
                                                                              
    By order of the Board                                                     
    People's Food Holdings Limited                                            
    Ming Kam Sing                                                             
    Chairman                                                                  
                                                                              
    Hong Kong, 30 March, 2005                                                 
                                                                              
    * for identification purpose only                                         
                                                                              
    As at the date of this announcement, the board of directors of the        
    Company comprises of Mr. Ming Kam Sing, Mr. Zhou Lian Kui and Mr. Zhou    
    Lian Liang being the Executive Directors, and Mr. Chng Hee Kok, Mr.       
    Chan King Sang and Dr. Ow Chin Hock being the Independent                 
    Non-Executive Directors.