09:33     WANG ON GROUP<01222> - 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.                                                             
                                                                              
    WANG ON GROUP LIMITED                                                     
    (stock code: 1222)                                                        
    (incorporated in Bermuda with limited liability)                          
                                                                              
    DISCLOSEABLE TRANSACTION                                                  
                                                                              
    ACQUISITION OF PROPERTY                                                   
                                                                              
    On 13 April 2005, Info World Investment Limited, an indirect              
    wholly-owned subsidiary of the Company, entered into the                  
    Agreement with the Vendor, an Independent Third Party to acquire          
    the Property for a consideration of HK$17,200,000.                        
                                                                              
    The Acquisition contemplated under the Agreement constitutes              
    a discloseable transaction of the Company under the Listing Rules.        
    A circular containing details of the Acquisition will be sent             
    to shareholders of the Company as soon as possible.                       
                                                                              
                                                                              
    THE AGREEMENT                                                             
                                                                              
    Date:   13 April 2005                                                     
                                                                              
    Parties:                                                                  
                                                                              
    Purchaser:      Info World Investment Limited, a property                 
    holding company and an indirect wholly-owned subsidiary of the            
    Company; and                                                              
                                                                              
    Vendor: a company which, to the best of knowledge and belief              
    of the Directors, primarily engages in the businesses of property         
    investment and property management which is an Independent Third          
    Party and whose ultimate beneficial owners are Independent Third          
    Parties.                                                                  
                                                                              
    Property (for commercial use):                                            
                                                                              
    Address:        Shop B, G/F, Kwong Sen Mansion,                           
                    Nos. 23-33, Shui Wo Street, Kowloon, Hong Kong.           
                                                                              
    Gross floor     The shop has a gross floor area of                        
      area:         approximately 600 square feet.                            
                                                                              
    Consideration:  The consideration of HK$17,200,000 was agreed             
    after arm's length negotiations between the Vendor and the                
    Purchaser by reference to the current market value of properties          
    for commercial use in the market in the adjacent areas and shall          
    be payable in cash as follows:                                            
                                                                              
    (i)     HK$400,000 on the signing of the Agreement;                       
                                                                              
    (ii)    HK$1,320,000 on the signing of the formal agreement for           
    sale and purchase on or before 26 April 2005; and                         
                                                                              
    (iii)   the balance of HK$15,480,000 upon completion on or before         
    28 June 2005.                                                             
                                                                              
    To the best of the Directors' knowledge, information and belief           
    having made all reasonable enquiry, the Vendor is an Independent          
    Third Party who is independent and not being a connected person           
    of the Company.                                                           
                                                                              
    Terms:  The Vendor agrees to sell and the Purchaser agrees to             
    purchase the Property subject to the existing tenancy, which              
    will expire on 8 June 2006 at a monthly rental of HK$57,880.              
    The tenant has an option to renew the existing tenancy for two            
    years at the prevailing market price at