10:16     SE ASIA PPT<00252> - Announcement (4)                               

    GENERAL                                                                   
    The directors, including the independent non-executive                    
    directors, of SAP who respectively have participated in the               
    consideration and approval of the Agreements and the                      
    Transactions are of the opinion that the Agreements and also              
    the terms therein are on normal commercial terms, are fair and            
    reasonable, and are in the respective commercial interests of             
    the SAP Group and in the interests of the shareholders of SAP             
    as a whole, and that the Agreements were entered into after               
    due negotiations between Nan Sing and Mr. Kam and between Nan             
    Sing and Full Safe on an arm's length basis with reference to             
    the prevailing market conditions.                                         
                                                                              
    As at the date of this announcement, the board of directors of            
    the Company comprises: (1) Executive directors: Mr. Chua Nai              
    Tuen, Mr. Chua Nai King and Mr. Se Ying Kin; (2) Non-executive            
    directors: Mr. Siy Yap, Mr. Jimmy Siy Tiong, Mr. Luis Chua, Mr.           
    Rene Siy Chua, Mr. Tsai Han Yung and Mr. Chan Man Hon, Eric;              
    and (3) Independent non-executive directors: Mr. James L. Kwok,           
    Mr. Lee Man Ban and Mr. Wong Shek Keung.                                  
                                                                              
    REPORTING AND DISCLOSURE REQUIREMENTS                                     
    Since Sonliet, an associate of a SAP's executive director, Mr.            
    Chua Nai Tuen who is the director and shareholder of Sonliet,             
    owns 20% of the total issued capital of Full Safe, the                    
    Transactions constitute a connected transaction for SAP under             
    the Listing Rules.                                                        
                                                                              
    All percentage ratios (as defined under paragraph 14.07 of the            
    Listing Rules) are less than 25% and the aggregate                        
    consideration of the Transactions is less than HK$10,000,000,             
    the Transactions which have been entered into on normal                   
    commercial terms, given their sizes or values, fall within the            
    category under paragraph 14A.32(1) of the Listing Rules for               
    SAP. Particulars of the Transactions will be disclosed in the             
    annual report and accounts of SAP for the year ending 31st                
    March, 2005.                                                              
                                                                              
    By Order of the Board                                                     
    Chua Nai Tuen                                                             
    Chairman & Managing Director                                              
                                                                              
    Hong Kong, 30th March, 2005