10:31     K. WAH INT'L<00173>&K. WAH CONS<00027>-Joint Ann & Resumed-7        

    ``Subscription Agreement''                                                
                                                                              
    a subscription agreement between the Vendor and KWCM dated 21 April,      
    2005;                                                                     
                                                                              
    ``Subscription Shares''                                                   
                                                                              
    146,000,000 Shares to be subscribed by the Vendor pursuant to the         
    Subscription Agreement being equal to the number of Placing Shares        
    sold in the Placing;                                                      
                                                                              
    ``Vendor''                                                                
                                                                              
    Sutimar Enterprises Limited, a company incorporated in the British        
    Virgin Islands with limited liability wholly-owned by KWIH.               
                                                                              
    At the date of this announcement, the executive directors of KWIH         
    are Dr. Lui Che Woo, Mr. Francis Lui Yiu Tung, Mr. Lennon Lun Tsan        
    Kau, Mr. Eddie Hui Ki On, Mr. William Lo Chi Chung and Ms. Paddy          
    Lui Wai Yu; the non-executive directors of KWIH are Mr. Michael Leung     
    Man Kin and Dr. Philip Wong Kin Hang, and the independent                 
    non-executive directors of KWIH are Sir David Akers-Jones, Dr. Leo        
    Lee Tung Hai, Dr. Robin Chan Yau Hing, Dr. Charles Cheung Wai Bun         
    and Mr. Robert George Nield.                                              
                                                                              
    At the date of this announcement, the executive directors of KWCM         
    are Dr. Lui Che Woo, Mr. Francis Lui Yiu Tung, Mr. Chan Kai Nang,         
    Mr. William Lo Chi Chung, Ms. Paddy Lui Wai Yu and Mr. Joseph Chee        
    Ying Keung; the non-executive director of KWCM is Mr. Moses Cheng         
    Mo Chi and the independent non-executive directors of KWCM are Dr.        
    Charles Cheung Wai Bun, Mr. James Ross Ancell and Dr. William Yip         
    Shue Lam.                                                                 
                                                                              
    By Order of the Board of                                                  
    K. Wah International Holdings Limited                                     
    Seaman KWOK Siu Man                                                       
    Company Secretary                                                         
                                                                              
    By Order of the Board of                                                  
    K. Wah Construction Materials Limited                                     
    Kitty CHAN Lai Kit                                                        
    Company Secretary                                                         
                                                                              
    Hong Kong, 21 April, 2005                                                 
                                                                              
    * For identification only