PAC CHALLENGE<0166> - 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.
Pacific Challenge Holdings Limited
(incorporated in Bermuda with limited liability)
COMPLETION ON CHANGE OF SUBSTANTIAL SHAREHOLDERS
The Board of Pacific Challenge Holdings Limited is pleased to
announce that the Agreement has been completed on 15th March, 2000.
Three new Directors nominated by E1 have been/will be appointed,
and three existing Directors have resigned upon completion of the
Agreement.
Completion of the Agreement
The board of directors (the ``Board'') of Pacific Challenge
Holdings Limited (the ``Company'') is pleased to announce that the
agreement (the ``Agreement'') entered into on 18th February, 2000
between the then substantial shareholders of the Company, namely
Roseville Management Limited, Roseville Investments Services
Limited and Roseville Consultant Limited, and E1 Media Technology
Limited (``E1''), as referred to in the announcement of the Company
dated 19th February, 2000, has been completed on 15th March, 2000.
Upon completion of the Agreement, Super Drive Inc., a wholly owned
subsidiary of E1 which holds 71,664,000 shares of the Company
(approximately 30% of the existing share capital of the Company),
has become the single largest shareholder of the Company.
Change of Directors
Dr, Lily Chiang (``Dr. Chiang''), Ms. Chan Yim Fong, Teli (``Ms.
Chan'') and Mr. Shah Tahir Hussain (``Mr. Shah''), as nominated by
E1, have been/will be appointed as directors of the Company (the
``Directors''), and Mr. Yu Shin Gay, Joseph (``Mr. Yu''), Ms. Lui
Yee Man, Brenda (``Ms. Lui'') and Mr. Hui Chung Yee, Richard, the
then Directors, have resigned as Directors. Mr. Yu and Ms. Lui will
remain as directors and employees of the subsidiaries of the Company.
Dr. Chiang and Ms. Chan have been appointed as chairman and director
of the Company respectively with effect from 15th March, 2000, and
Mr. Shah will be appointed as Director on or about 27th March, 2000.
Information on E1
E1 is principally engaged in the development and provision of
Internet, multimedia and e-commerce related cutting edge
technology solutions in the Greater China region and worldwide. It
was founded by Dr. Lily Chiang (``Dr Chiang'') with a vision to
create an ``Technology Idea Lab'' which provides the total solution
needed to rapidly introduce innovative Internet and multimedia
related applications to Asia Pacific and worldwide. In addition to
relying on its existing research and development staff, E1 is also
keen on transforming technologies developed within tertiary
institutions into funded ventures with commercial applications.
The shareholding interest of E1 is being held as to 60% by Peace
City Development Limited (which is majority owned by Dr. Chiang),
20% by Hikari Tsushin Partners II, L.P of the Hikari Tsushin Group
in Japan, 16% by Cable & Wireless HKT IMS Limited, a subsidiary of
a company listed in Hong Kong, 2% by Online Credit International
Limited, a company listed in Hong Kong, and 2% by Pacific Challenge
Technology Capital Limited, a subsidiary of the Company.
Future Plans of the Company
The Company intends to increase its emphasis on fee-based income,
versus traditional brokerage activities, which are expected to face
reduced commission levels in the coming years. The Directors also
believe that the alliance between E1 and the Company will facilitate
an increased focus of the Company on the Internet business in the
future.
By Order of the Board
Pacific Challenge Holdings Limited
Wong Cheuk Ling, Elain
Company Secretary
15th March, 2000
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