COMPANIONMARBLE<0577> - 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.
Companion Marble (Holdings) Limited
(Incorporated in Bermuda with limited liability)
The board of directors (the "Board") of Companion Marble (Holdings)
Limited (the "Company") wishes to clarify the recent increases in the
price and trading volume of the shares of the Company (the "Shares").
This announcement is made at the request of The Stock Exchange of Hong
The Board refers to today's newspaper articles in relation to the
Company's investment in internet websites and the recent increases in the
price and trading volume of the Shares.
The Company's intention to invest in internet websites was mentioned in
the announcement dated 6th September, 1999. The Company will sign a
subscription agreement for subscribing about 50% shares of Skynet Limited
("Skynet") in the next few days. The balance of about 50% shares of Skynet
will be held by independent third parties. Skynet will become a subsidiary
of the Company and will engage in the internet websites business. The
Company's initial investment in Skynet is HK$25 million and will be
increased to HK$50 million within 6 to 9 months either by acquiring more
shares or providing loans. After this increase in investment, the Company
will still remain as the single largest shareholder of Skynet. However,
the percentage of shareholding has not yet been determined at this stage.
Skynet had already acquired two internet content providers, namely
30% shares in HKcyber.com and 15% shares in GamePlayers.com. Skynet is in
the progress of negotiation with some independent strategic partners for
the development of more websites and related information technologies. The
alliance of Skynet and strategic partners will invest for a total of more
than HK$200 million. However, no agreement has been reached with these
strategic partners. The co-operation with these strategic partners may or
may not proceed. Whilst the Company's total maximum investment will be
HK$50 million being the amount referred to above, the remaining fundings
will be provided by these strategic partners and the minor shareholders of
Save for the above, the Board is not aware of any reason for such
increases. In addition, the Board wishes to confirm that there are no
negotiations or agreements relating to intended acquisitions or
realisations which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable under the
general obligation imposed by paragraph 2 of the Listing Agreement, which
is or may be of a price-sensitive nature.
Shareholders and potential investors should exercise caution when dealing
in the Shares.
Made by the order of the Board (except for Mr. Leung Kwok Kui who is out
of town), the directors of which individually and jointly accept
responsibility for the accuracy of this statement.
By Order of the Board
Li Sau Lin
Hong Kong, 23rd September, 1999
* For identification purpose only