CIL HOLDINGS<0479> - Announcement

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.

CIL HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)

FURTHER DELAY IN THE PUBLICATION
OF THE RESULTS OF THE GROUP
FOR THE YEAR ENDED 30 JUNE 1999
AND
DESPATCH OF THE ANNUAL REPORT

The announcement of the final results of CIL Holdings Limited for the year 
ended 30 June, 1999 will be further deferred for the reasons set out 
below.

The delay in the publication of the audited consolidated final results has 
constituted a breach of the Listing Rules. In this regard, The Stock 
Exchange of Hong Kong Limited (the "Stock Exchange") has expressly 
reserved its right to take appropriate action against the Company and/or 
the Directors.

The 1999 Annual General Meeting of the Company will be held on 30 March 
2000.

Further to our announcement on 30 November 1999 and 23 December, 1999 
regarding the publication of the final results, the board of directors 
(the "Directors") of CIL Holdings Limited (the "Company", which together 
with its subsidiaries, the "Group") announces that due to the fact that 
the auditors have not yet obtained all the information they consider 
necessary for the purpose of finalising their audit of the Company's 
accounts for the year ended 30 June, 1999, including the confirmation from 
one of our clients in respect of our substantial claims in a construction 
contract in particular, the final results for publication in the 
newspapers has to be further delayed.

Accordingly, it is expected that the final results for the year ended 30 
June 1999 will be published on or before 29 February, 2000. The annual 
report of the Company will be sent to shareholders on or before 4 March, 
2000.

Since the Listing Agreement requires the annual report to be despatched to 
the Company's shareholders within five months of the year end, the Company 
is in breach of this requirement and the Stock Exchange has indicated that 
the extension of time will not be granted and has expressly reserved its 
right to take appropriate action against the Company and/or the Directors 
for such breach. The Compnay is in the process of seeking legal advice 
from Bermuda lawyers on whether the delay in the publication of the 
results of the Group for the year ended 30 June 1999 will constitute a 
breach of the memorandum of association and Bye-Laws of the Company and 
the applicable laws of Bermuda. However, the Bermuda legal advice has not 
been made available to the Company as at the date of this announcement.

The 1999 Annual General Meeting ("1999 AGM") of the Company will be held 
by no later than 31 March 2000. At the special general meeting of the 
Company held on 30 December 1999, the shareholders of the Company passed a 
special resolution to amend the Bye-Laws to allow the Company to hold the 
1999 AGM on a date beyond the 1999 calendar year, provided that it is no 
later than 31 March 2000. It is expected that the 1999 AGM will be 
scheduled to be held on 30 March 2000.

In the meantime, shareholders and investors are urged to exercise extreme 
caution in dealing in the shares of the Company.

By Order of the Board
CIL Holdings Limited
Kwok Pun Tak
Secretary

Hong Kong, 31 January 2000