09:57     COMPASS PACIFIC<01188> - 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.                   
                                                                              
    Compass Pacific Holdings Limited                                          
            (Incorporated in Bermuda with limited liability)                  
            (Stock code: 1188)                                                
                                                                              
    DEFERRAL OF DESPATCH OF CIRCULAR                                          
    IN RESPECT OF VERY SUBSTANTIAL ACQUISITION                                
    IN RELATION TO ACQUISITION OF APG                                         
                                                                              
    Dispatch of the Circular to Shareholders will be deferred as the Company  
    and the reporting accountants for the Acquisitions require more time to   
    finalize the financial information of the APG Group to be included in     
    the Circular. It is currently expected that the Circular will be          
    dispatched to the Shareholders on or before 17 May 2005. The Company has  
    applied to the Stock Exchange for a waiver from strict compliance with    
    Rule 14.38 of the Listing Rules and an extension for the dispatch of the  
    Circular to on or before 17 May 2005.                                     
                                                                              
    Reference is made to the announcement of Compass Pacific Holdings         
    Limited ("the Company") dated 18 March 2005 ("the Announcement") in       
    respect of the Acquisitions (as defined in the Announcement). Unless the  
    context requires otherwise, terms and expressions used herein shall have  
    the same meanings as those defined in the Announcement.                   
                                                                              
    Pursuant to Rule 14.38 of the Listing Rules, a circular in respect of     
    the Acquisitions ("the Circular") is required to be dispatched to the     
    Shareholders within 21 days after the publication of the Announcement,    
    being no later than 11 April 2005. However, as APG is incorporated in     
    the United States of America and most of the subsidiaries of APG Group    
    operate in the PRC, the Company and the reporting accountants for the     
    Acquisitions ("reporting accountants") will require more time to gather,  
    audit and finalize the financial information of the APG Group to be       
    included in the accountants' reports in the Circular. The APG Group       
    comprises of nineteen PRC companies located in three provinces in the     
    PRC and two companies in the United States of America. The reporting      
    accountants estimate that the audited figures could only be ready by the  
    end of April at the earliest. Accordingly, the Directors consider that    
    dispatch of the Circular will have to be deferred. It is currently        
    expected that the Circular will be dispatched to the Shareholders on or   
    before 17 May 2005. The Company has applied to the Stock Exchange for a   
    waiver from strict compliance with Rule 14.38 of the Listing Rules and    
    an extension for the dispatch of the Circular to on or before 17 May      
    2005.                                                                     
                                                                              
    As at the date of this announcement, the Board comprises six executive    
    Directors, namely, Mr. Yung Yeung (Chairman), Mr. Chunhua Huang (Deputy   
    Chairman), Mr. Jun Li (Chief Executive Officer), Mr. Yuwen Sun, Mr. Wing  
    Tak Law, Jack (Chief Financial Officer and Company Secretary), Mrs.       
    Chizuko Kubo and three independent non-executive Directors, namely, Mr.   
    Jian Wang, Mr. Bangjie He and Mr. Ho Yip Lee.                             
                                                                              
    By order of the board of                                                  
    Compass Pacific Holdings Limited                                          
    Law Wing Tak, Jack                                                        
    Director                                                                  
                                                                              
    Hong Kong, 8 April 2005