09:53     SWANK INT'L MFG<00663> - Announcement (2)                           

    To approve the consent granted by the   428,646,400/    38,269/           
      Executive Director of the Corporate   99.9911%        0.0089%           
      Finance Division of the Securities                                      
      and Futures Commission in relation                                      
      to the Loan Restructuring Agreement                                     
      as a special deal.                                                      
                                                                              
    Ordinary resolution No.4                                                  
    To approve the consent granted by the   428,646,400/    38,269/           
      Executive Director of the Corporate   99.9911%        0.0089%           
      Finance Division of the Securities                                      
      and Futures Commission in relation                                      
      to the Shareholders Agreement as                                        
      a special deal.                                                         
                                                                              
    Ordinary resolution No.5                                                  
    To approve the Agency Agreement 428,646,400/    38,269/                   
      and the cap amounts   99.9911%        0.0089%                           
                                                                              
    Note:   The number of votes and percentage is based on the total          
    number of Shares held by the Independent Shareholders who voted           
    at the EGM in person or by proxy.                                         
                                                                              
    COMPLETION AND DESPATCH OF OFFER DOCUMENT                                 
                                                                              
    The conditions of the Sale and Purchase Agreement have been               
    fulfilled and Completion is expected to take place on 3 June              
    2005. The Offer Document is expected to be despatched on 6 June           
    2005.                                                                     
                                                                              
    By order of the Board   By order of the Board                             
    SWANK INTERNATIONAL     CHINA TIME                                        
    MANUFACTURING   INVESTMENT                                                
    COMPANY LIMITED HOLDINGS LIMITED                                          
    Yau Tak Wah, Paul       Wang An Kang                                      
    Executive Director      Chairman                                          
                                                                              
    Hong Kong, 30 May 2005                                                    
                                                                              
    As at the date of this announcement, the executive directors              
    of the Company comprises Mr. Yau Tak Wah, Paul, Ms. Louie Mei             
    Po, Ms. Wong Shin Ling, Irene, Mr. Tam Wing Kin and Mr. Cheung            
    Wah Hing and the independent non-executive directors of the               
    Company comprises Mr. Hahn Ka Fai, Mark, Miss Shum Wai Ting,              
    Rebecca and Mr. Wu Wang Li.                                               
                                                                              
    The Directors of the Company jointly and severally accept full            
    responsibility for the accuracy of the information contained              
    in this announcement (other than that relating to China Time)             
    and confirm, having made all reasonable enquiries, that to the            
    best of their knowledge and belief, opinions expressed in this            
    announcement (other than those relating to China Time) have been          
    arrived at after due and careful consideration and there are              
    no other facts not contained in this announcement (other than             
    those relating to China Time), the omission of which would make           
    any statement herein misleading.                                          
                                                                              
    As at the date of this announcement, the directors of China Time          
    Investment Holdings Limited ("China Time") comprises Mr. Wang             
    An Kang, Mr. Zhao Jun and Mr. Li Wei.                                     
                                                                              
    The directors of China Time jointly and severally accept full             
    responsibility for the accuracy of the information contained              
    in this announcement (other than that relating to the Company)            
    and confirm, having made all reasonable enquiries, that to the            
    best of their knowledge and belief, opinions expressed in this            
    announcement (other than those relating to the Company) have              
    been arrived at after due and careful consideration and there             
    are no other facts not contained in this announcement (other              
    than those relating to the Company), the omission of which would          
    make any statement herein misleading.