11:26     MORNING STAR<00542> - Announcement & Resumption of Trading-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.                                                     
                                                                              
    Morning Star Resources Limited                                            
     (Incorporated in the Cayman Islands with limited                         
    liability)                                                                
    (Stock Code: 542)                                                         
                                                                              
    VERY SUBSTANTIAL DISPOSAL RESULTING FROM THE PROPOSED                     
    DISPOSAL OF 49% INTEREST IN PLAZA ON HYDE PARK LIMITED                    
                                                                              
    A conditional Sale and Purchase Agreement was entered                     
    into between the Company and the Purchaser on 12 April                    
    2005 in respect of the Sale Shares for a consideration                    
    of GBP11,270,000 (approximately HK$165,894,400).                          
                                                                              
    The Disposal constitutes a very substantial disposal                      
    transaction for the Company under Chapter 14 of the                       
    Listing Rules. Pursuant to Rule 14.49 of the Listing                      
    Rules, the Disposal is conditional upon approval by                       
    the Shareholders at the EGM. The Purchaser and its                        
    ultimate beneficial owners are, to the best of the                        
    Directors' knowledge, information and belief, after                       
    making all reasonable enquiries, Independent Third                        
    Parties.                                                                  
                                                                              
    A circular containing further information on the                          
    Disposal, together with a notice of the EGM will be                       
    despatched to the Shareholders in accordance with the                     
    requirements of the Listing Rules.                                        
                                                                              
    At the request of the Company, trading in the shares                      
    of the Company on the Stock Exchange was suspended                        
    from 9:30 a.m. on Tuesday, 12 April 2005 pending the                      
    release of this announcement. An application has been                     
    made to the Stock Exchange for resumption of the                          
    trading in the shares of the Company with effect from                     
    9:30 a.m. on Monday, 18 April 2005.                                       
                                                                              
    SALE AND PURCHASE AGREEMENT                                               
    Date                                                                      
    12 April 2005                                                             
                                                                              
    Parties                                                                   
    (i)     the Company; and                                                  
                                                                              
    (ii)    the Purchaser.                                                    
                                                                              
    The Purchaser and its ultimate beneficial owners are,                     
    to the best of the Directors' knowledge, information                      
    and belief, after making all reasonable enquiries,                        
    Independent Third Parties. The principal activity of                      
    the Purchaser is investment holding.                                      
                                                                              
    Assets to be disposed                                                     
    The Sale Shares, representing 10,780,000 issued,                          
    allotted and fully paid-up class A ordinary shares                        
    of GBP1 each in the capital of POHP representing 49%                      
    of the total issued share capital of POHP. The                            
    remaining 51% of the issued share capital of POHP is                      
    held by Corus Hotels, plc and London Vista Hotel                          
    Limited. POHP is engaged in the operation of hotel,                       
    restaurants and the provision of conference and                           
    related leisure activities. The Company's interest                        
    in POHP is accounted for as "interest in associate"