ANNOUNCEMENT

In relation to the matter of Gilbert Holdings Limited (In Liquidation)
Proceeding to the third stage of the delisting procedures
As stipulated under Practice Note 17 of the Exchange Listing Rules

The Exchange announces that effective from 1 September 2000, the Company will be put into the third stage of the delisting procedures in accordance with Practice Note 17 of the Exchange Listing Rules. Practice Note 17 formalises the procedures to be adopted in dealing with long suspended companies.

Dealing in the shares of the Company has been suspended since 1 September 1999. Since its suspension, the Company has not submitted any valid resumption proposals. A valid resumption proposal means a proposal that, if it were implemented, would enable an issuer to demonstrate that it complies with paragraph 38 of the Listing Agreement. Paragraph 38 of the Listing Agreement requires an issuer to carry out a sufficient level of operations or have tangible assets of sufficient value and/or intangible assets for which a sufficient potential value can be demonstrated to warrant the continued listing of the listed company's securities on the Exchange.

In view of the absence of resumption proposals since the suspension of trading of the Company's shares on the Exchange on 1 September 1999 and the Company's continued failure to meet the requirements as stipulated under Paragraph 38 of the Listing Agreement, the Company does not have sufficient assets or operations to warrant its listing of shares on the Exchange. Accordingly, the Company will now proceed to the third stage of the Delisting Procedures. The Company will be given a final six months for the submission of a valid resumption proposal. If the Company does not submit a valid resumption proposal by 28 February 2001, the Exchange intends to cancel the listing of the Company.

The Exchange will make a further announcement in due course if the delisting takes place.

Corporate Communications