09:34     WANG ON GROUP<01222> - Announcement (2)                             

    the time.                                                                 
                                                                              
    At completion of the sale and purchase of the Property, the Vendor        
    will pay to the Purchaser the full amount of all deposits received        
    from the existing tenant under the existing tenancy.                      
                                                                              
    The Property is to be sold to the Purchaser by the Vendor free            
    from encumbrances.                                                        
                                                                              
    REASONS FOR THE ACQUISITION                                               
                                                                              
    Having regard to the upturn of the Hong Kong economy and the              
    property market, the Directors consider the terms of the                  
    Acquisition are fair and reasonable and the Acquisition is in             
    the interest of the shareholders as a whole.                              
                                                                              
    The Acquisition will be funded approximately one-half by the              
    Group's internal resources and the remainder by bank financing.           
                                                                              
    INFORMATION ON THE GROUP                                                  
                                                                              
    The Group is principally engaged in property development and              
    property investment, the management and sub-licensing of Chinese          
    wet markets, shopping centres and car parks. The Group also has           
    interests in the pharmaceutical business through its investments          
    in Wai Yuen Tong Medicine Holdings Limited, a company listed              
    on the Stock Exchange.                                                    
                                                                              
    GENERAL                                                                   
                                                                              
    The Acquisition constitutes a discloseable transaction for the            
    Company under the Listing Rules. A circular containing details            
    of the Acquisition will be sent to the shareholders of the Company        
    as soon as possible.                                                      
                                                                              
    DEFINITIONS                                                               
                                                                              
    "Acquisition"   the acquisition of the Property pursuant to the           
    Agreement                                                                 
                                                                              
    "Agreement"     the provisional agreement for sale and purchase           
    entered into between Info World Investment Limited as the                 
    Purchaser and the Vendor on 13 April 2005 relating to the                 
    Acquisition;                                                              
                                                                              
    "associates"    has the meaning ascribed thereto in the Listing           
    Rules;                                                                    
                                                                              
    "Board" the board of Directors of the Company;                            
                                                                              
    "Company"       Wang On Group Limited, a company incorporated in          
    Bermuda with limited liability whose shares are listed on the             
    Stock Exchange;                                                           
                                                                              
    "Consideration" HK$17,200,000;                                            
                                                                              
    "Directors"     the directors of the Company;                             
                                                                              
    "Group" the Company and its subsidiaries;                                 
                                                                              
    "Independent    an independent third party not connected with             
      Third Party"  any of the Directors, chief executive or                  
    substantial shareholders of the Company or any of its                     
    subsidiaries or their respective associates, as defined in the            
    Listing Rules;                                                            
                                                                              
    "Listing Rules" the Rules Governing the Listing of Securities             
    on the Stock Exchange;                                                    
                                                                              
    "Property"      Shop B, G/F, Kwong Sen Mansion, Nos. 23-33,