CTF Services Limited — Capital/Financing Update 2002

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.

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CENTRAL CHINA ENTERPRISES LIMITED

(Incorporated in Hong Kong with limited liability)

POSTPONEMENT OF COMPLETION OF AGREEMENT

The Board was informed that the completion of the Principal Agreement has been further postponed from 10 September 2002 to on or before 10 December 2002.

Reference is made to the Company’s announcements dated 14 January 2002 and 8 July 2002 (the ‘‘Announcements’’). Terms defined in the Announcements shall have the same meanings in this announcement, unless the context otherwise defined.

The Board was informed by Henan Hongkong Enterprises Limited (‘‘HHE’’) and its wholly-owned subsidiary, Fulham Associates Limited (‘‘Fulham’’), together as the single largest shareholder of the Company, that the parties to the share sale agreement dated 10 January 2002 as amended by the supplemental agreement dated 8 July 2002 (together the ‘‘Principal Agreement’’) have entered into a second supplemental agreement on 10 September 2002 whereby completion of the Principal Agreement has been further postponed from 10 September 2002 to on or before 10 December 2002. The Principal Agreement is in respect of the sale of the entire share interests of HHE and Fulham in the Company, being 370 million ordinary shares of HK$0.20 each (representing approximately 13.9% of the existing issued share capital of the Company) to Firstchoice Management Limited for a total consideration of HK$60,000,000. The postponement of completion was mutually agreed between the parties to the Principal Agreement and there are no outstanding conditions to such completion.

The Board does not consider that the postponement of completion of the Principal Agreement will have any material impact on the business of the Company and its subsidiaries.

The Company will make further announcement when it becomes aware of any further development of the completion of the Principal Agreement.

By Order of the Board Chung Chi Shing Director

Hong Kong, 12 September 2002

Please also refer to the published version of this announcement in the (The Standard)

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