09:48     CHI PEOPLE GAS<00681> - Announcement (1)                            

    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.                                                             
                                                                              
                                                                              
                                            Chinese People Gas                
    Asian Allied Limited                    Holdings Company Limited          
    (Incorporated in the British            (Incorporated in Bermuda with     
    Virgin Islands with limited             limited liability)                
    liability)                              (Stock Code: 681)                 
                                                                              
                                                                              
    JOINT ANNOUNCEMENT                                                        
                                                                              
    (1) Closing of the mandatory unconditional cash offer by                  
    Get Nice Investment Limited                                               
    on behalf of                                                              
    Asian Allied Limited                                                      
    for all the issued shares in and all outstanding subscription             
    options of Chinese People Gas Holdings Company Limited                    
    (other than those already owned or agreed to be acquired by               
    Asian Allied Limited or parties acting in concert with it)                
    AND                                                                       
    (2) Change of Directors                                                   
                                                                              
    The Offers closed at 4:00 p.m. on 11 April 2005, being the latest         
    time and date for acceptances of the Offers.                              
                                                                              
    As at 4:00 p.m. on 11 April 2005, valid acceptances in respect            
    of a total of 74,282 Shares under the Share Offer, representing           
    approximately 0.003% of the existing issued share capital of              
    the Company and of the voting rights which may be exercised at            
    general meetings of the Company, had been received by Asian               
    Allied. No acceptance in respect of the Option Offer had been             
    received. During the period of the Offers from 20 December 2004,          
    being the date the Offers was first announced, to 11 April 2005,          
    save for the acceptance of the 74,282 Shares under the Share              
    Offer, Asian Allied and parties acting in concert with it had             
    not dealt or agreed to deal in any Shares or Options.                     
                                                                              
    Taking into account the nil acceptance in respect of the Option           
    Offer, Asian Allied and parties acting in concert with it held            
    Options entitling them to subscribe for 250,000,000 Shares at             
    a subscription price of HK$0.105 per Share immediately after              
    the closing of the Offers.                                                
                                                                              
    Taking into account the valid acceptances in respect of 74,282            
    Shares under the Share Offer (subject to completion of transfer           
    of those Shares to Asian Allied), Asian Allied and parties acting         
    in concert with it will become interested in an aggregate of              
    1,441,798,538 Shares immediately after the closing of the Offers,         
    representing approximately 55.14% of the existing issued share            
    capital of the Company and of the voting rights which may be              
    exercised at general meetings of the Company. Upon the closing            
    of the Offers, the balance of approximately 44.86% of the                 
    existing issued share capital of the Company remains to be held           
    by the public who are independent from Asian Allied. Accordingly,         
    the Company has continued to maintain the minimum public float            
    as required under Rule 8.08 of the Listing Rules.                         
                                                                              
    The Board wishes to announce that with effect from 11 April 2005          
    immediately after the closing of the Offers, Mr. Wang Ke Duan,            
    Mr. Tjia Boen Sien, Mr. Wang Jing Ning, Mr. Keung Kwok Cheung             
    and Mr. Kong Kwok Fai resigned as executive Directors, while              
    Mr. Siu Man Po and Ms. Wong Sin Yee