09:38     WORLD HOUSEWARE<00713> - Announcement (2)                           

    The consideration is arrived at after an arm's length negotiation         
    between the Vendor and the Purchaser. The Board considers the terms of    
    transaction and the consideration is fair and reasonable and is in the    
    interests of the Group and the Shareholders as a whole by reference to    
    the recent market value of comparable properties and no professional      
    valuation has been made by the Vendor for the purpose of the sale.        
                                                                              
    Information Of The Purchaser                                              
                                                                              
    To the best of the Directors' knowledge, information and belief having    
    made all reasonable enquiries, the Purchaser is engaged in property       
    holding and is a company incorporated in Hong Kong and together with its  
    ultimate beneficial owners are independent third parties not connected    
    with the Company and its connected persons (as defined in the Listing     
    Rules).                                                                   
                                                                              
    Reasons For The Disposal                                                  
                                                                              
    The Property comprising the Flat and the Car Parking Space were           
    respectively acquired in March 2003 and September 2004 for investment     
    purpose by the Group and had been used for such purpose up to the date    
    of the Disposal.                                                          
                                                                              
    The Board considers the terms of the Disposal is fair and reasonable and  
    is in the interests of the Group and the Shareholders as a whole by       
    reference to the recent market value of comparable properties and no      
    professional valuation has been made by the Vendor for the purpose of     
    the sale.                                                                 
                                                                              
    Given the current favourable property market condition, the Board         
    considers it is the right time to realise the Property and the Disposal   
    will improve the liquidity and financial position of the Group.           
                                                                              
    Use Of The Proceeds From The Disposal                                     
                                                                              
    The Company intends that part of the net proceeds from the Disposal will  
    be used for the repayment of the entire outstanding mortgage loan         
    relating to the Property in the amount of approximately HK$3,357,000 and  
    the remaining balance will be used for working capital purpose.           
                                                                              
    The Company is expected to record a gain on disposal of approximately     
    HK$3,334,000 for the year ending 31 December 2005 based on the carrying   
    value (including sales agent commission) of the Property of               
    approximately HK$8,966,000 as at 24 March 2005.                           
                                                                              
    General                                                                   
                                                                              
    The Vendor is engaged in the properties holding and its place of          
    business is located in Hong Kong.                                         
                                                                              
    The Group is principally engaged in the design, manufacture, and          
    marketing of PVC and fabric household products and PVC pipes and          
    fittings.                                                                 
                                                                              
    The Disposal of the Property constitutes a discloseable transaction of    
    the Company under Chapter 14 of the Listing Rules.                        
                                                                              
    The Company will send a circular containing, among other things, the      
    details of the Disposal to the Shareholders as soon as practicable.       
                                                                              
    In this announcement, the following expressions shall have the following  
    meanings unless the context requires otherwise:                           
                                                                              
    "Board"        the board of Directors                                     
                                                                              
    "Car Parking Space"        ALL THOSE 13 equal undivided 80,444th parts    
    or shares of and in ALL THAT piece or parcel of ground registered in the  
    Land Registry as NEW KOWLOON INLAND LOT NO.6277 And of and in the         
    messuages erections and buildings thereon now known as "ONE BEACON        
    HILL"*"", No.1 Beacon Hill Road, Kowloon ("the Estate") TOGETHER with     
    the sole and exclusive right and privilege to hold use occupy and enjoy   
    ALL THAT CAR PARKING SPACE NO.123 on CAR PARK A of the Estate             
                                                                              
    "Company"        World Houseware (Holdings) Limited, a company            
    incorporated in the Cayman Islands and whose shares are listed on the     
    Stock Exchange                                                            
                                                                              
    "Date of Completion"        the date on which completion of the Disposal  
    takes place                                                               
                                                                              
    "Directors"        the directors of the Company from time to time         
                                                                              
    "Disposal"        the disposal of the Property by the Group pursuant to   
    the Agreement