09:50 ART TEXTILE<00565> - 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. ART TEXTILE TECHNOLOGY INTERNATIONAL COMPANY LIMITED* (Incorporated in the Cayman Islands with limited liability) (Stock code: 565) ISSUE OF UP TO US$15,000,000 1.5 PER CENT. UNLISTED AND UNSECURED REDEEMABLE CONVERTIBLE BONDS DUE 2007 FURTHER ANNOUNCEMENT Reference is made to the Company's announcement dated 7 December, 2004. The Stock Exchange has granted an approval for the listing of, and permission to deal in, the Shares to be issued upon conversion of the Original Tranche 1 Bonds or upon exercise of the Tranche 1 Subscription Right. Reference is made to the Company's announcement dated 7 December, 2004 on the issue of the Bonds and grant of the Subscription Rights (the "Announcement"). Unless the context herein otherwise requires, terms used in this announcement shall have the same meanings as in the Announcement. Listing approval The Stock Exchange has granted an approval (the "Listing Approval") for the listing of, and permission to deal in, the Shares to be issued upon conversion of the Original Tranche 1 Bonds in the principal amount of US$10,000,000 and the Tranche 1 Subscription Right up to a maximum of 107,967,626 Shares, being the maximum number of Shares to be issued and allotted upon exercise in full of the Original Tranche 1 Bonds at the Fixed Conversion Price and the Tranche 1 Subscription Right. Under the Tranche 1 Subscription Right, CSFB can subscribe for Shares up to the Tranche 1 Share Allotment Amount at the Tranche 1 Subscription Price during the period from the First Closing Date up to and including the Maturity Date. The Listing Approval only relates to the Original Tranche 1 Bonds and the Tranche 1 Subscription Right. If the investor exercises its option to require the Company to issue the Additional Tranche 1 Bonds, a separate announcment and listing application will be made by the Company. Public float At the date of this announcement, the issued share capital of the Company is HK$8,765,575.83 divided into 876,557,583 Shares of HK$0.01 each. Talent Crown Investment Limited, the controlling shareholder of the Company currently holds 581,910,000 Shares, representing approximately 66.39% of the existing issued share capital of the Company. The public holds 294,647,583 Shares, representing approximately 33.61% (the "Existing Public Float"). The maximum number of new Shares which may be issued and alloted upon the conversion in full of the Original Tranche 1 Bonds based on the Fixed Conversion Price is 90,919,688 Shares, representing approximately 10.37% and approximately 9.40% of the existing issued share capital and the enlarged issued share capital of the Company, respectively. Upon exercise of the Tranche 1 Subscription Right in full, 17,047,938 new Shares, representing approximately 1.94% and approximately 1.91% necessary to be brought to the attention of the Shareholders. The Board would like to extend its warmest welcome to Mr. Xu Ruixin, Mr. Liu Jing, Mr. Jin Song, Mr. Liu Junmin and Mr. Tan Qinglian on their appointment to the Company. By order of the board of By order of the board of ASIAN ALLIED LIMITED CHINESE PEOPLE GAS HOLDINGS COMPANY LIMITED Mo Shikang Mo Shikang Director Managing and Executive Director Hong Kong, 11 April 2005 At the date of this announcement, the Board comprises seven executive Directors, namely, Mr. Xu Ruixin, Mr. Liu Jing, Mr. Mo Shikang, Mr. Zhu Peifeng, Mr. Zhang Hesheng, Mr. Jin Song and Mr. Ong Chi King, and three independent non-executive Directors, namely, Mr. Liu Junmin, Mr. Tan Qinglian and Mr. Wong Shing Kay, Oliver. The directors of Asian Allied jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than those in relation to the Group) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement (other than those in relation to the Group) have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any of statements in this announcement (other than those in relation to the Group) misleading. The Directors jointly and severally accept full responsibility for the accuracy of the information in relation to the Group contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement in relation to the Group have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any of statements in this announcement in relation to the Group misleading. * For identification only For the Chinese name, please refer to the press announcement today.