09:13     SHUI ON CONS<00983> - 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.               
                                                                              
    SHUI ON CONSTRUCTION AND MATERIALS LIMITED                                
    (Incroporated in Bermuda with limited liabilities)                        
                                                                              
    (Stock Code: 983)                                                         
                                                                              
    DESPACTCH OF CIRCULAR                                                     
                                                                              
    MAJOR TRANSACTION                                                         
    IN RELATION TO THE PROPOSED INVESTMENT IN A JOINT                         
    VENTURE, POTENTIAL CONTINUING CONNECTED                                   
    TRANSACTION AND MAJOR TRANSACTION IN RELATION TO                          
    THE SUBSEQUENT DISPOSAL OF INTEREST IN THE JOINT VENTURE                  
                                                                              
                                                                              
    Further to the announcements dated 25 June 2004, 19 July 2004, 2          
    August 2004, 11 August 2004, 23 August 2004, 6 September 2004, 28         
    September 2004, 6 October 2004, 19 November 2004, 7 January 2005, 2       
    March 2005 and 29 March 2005, as the Company entered into the New         
    Agreements under which the mechanism for conducting the Acquisition       
    and the capital injection in Yunnan JV has been revised and more time     
    is required for the Board to review the circular, the Company has         
    applied to the Stock Exchange for a further extension of time for         
    despatch of the circular to 6 April 2005 and the circular will be         
    despatched on the same date.                                              
                                                                              
                                                                              
    Reference is made to the announcements dated 25 June 2004, 19 July        
    2004, 2 August 2004, 11 August 2004, 23 August 2004, 6 September          
    2004, 28 September 2004, 6 October 2004, 19 November 2004, 7 January      
    2005, 2 March 2005 and 29 March 2005 (the `Previous Announcements')       
    of the Company. Terms defined in the Previous Announcements shall,        
    unless otherwise defined herein, bear the same meanings as in this        
    announcement.                                                             
                                                                              
    A circular containing, among other things, information on the JO          
    Agreement and the Lafarge Agreement is required to be despatched to       
    the Shareholders on or before 19 July 2004 under Rule 14.38 of the        
    Listing Rules. The Company has applied to the Stock Exchange for          
    extension of time for despatch of the circular to 2 August 2004, to       
    23 August 2004, to 6 September 2004, to 30 September 2004, to 30          
    November 2004, to 31 December 2004 and to 31 March 2005 as stated in      
    the announcements of the Company dated 19 July 2004, 2 August 2004,       
    23 August 2004, 6 September 2004, 6 October 2004, 19 November 2004        
    and 7 January 2005 respectively and obtained the relevant consents to     
    despatch the circular on or before 31 March 2005. As announced on 2       
    March 2005, the Company entered into the New Agreements under which       
    the mechanism for conducting the Acquisition and the capital              
    injection in Yunnan JV has been revised. Due to such change,              
    additional time is required for the Board to review the circular.         
    Accordingly, the Company has applied to the Stock Exchange for a          
    further extension of time for the despatch of the circular under Rule     
    14.38 of the Listing Rules to 6 April 2005 and the circular will be       
    despatched on the same date.                                              
                                                                              
                                   By Order of the Board                      
                                   Shui On Construction and Materials Limited 
                                   Janice Tam                                 
                                   Company Secretary                          
                                                                              
                                                                              
                                                                              
    Hong Kong, 4 April 2005                                                   
                                                                              
                                                                              
    As at the date of this announcement, the executive directors of the       
    Company are Mr. Vincent Lo Hong Sui, Mr. Wilfred Wong Ying Wai, Mr.       
    Lawrence Choi Yuk Keung, Mr. Frankie Wong Yuet Leung, Mr. Raymond         
    Wong Fook Lam and Mrs. Vivien Lowe Hoh Wai Wan; the non-executive         
    directors are Mr. Louis Wong Hak Wood and Professor Michael John          
    Enright; and the independent non-executive directors are Mr. Anthony      
    Griffiths, Mr. Marvin Cheung Kin Tung and Mr. Moses Cheng Mo Chi.