News PRESS RELEASE 5 June 2003 Share Consolidation for Chevalier International and Chevalier iTech

(Hong Kong, June 5, 2003) Special General Meetings were held today for the consolidation of shares of Chevalier International Holdings Limited ("CIHL")(025) and Chevalier iTech Holdings Limited ("CiTL")(508). CIHL will consolidate every 5 issued and unissued ordinary shares of HK$0.25 each in the capital of CIHL into one new ordinary share of HK$1.25 each, whereas CiTL will consolidate every 5 issued and unissued ordinary shares of HK$0.10 each in the capital of CiTL into one new ordinary share of HK$0.50 each. After consolidation, the board lot size of CIHL shares and CiTL shares will remain to be 2,000 shares and 4,000 shares respectively.
Directors of CIHL and the Directors of CiTL have decided to put forward their respective consolidation as they believe it is appropriate that the traded value of their company's board lots be commensurate with other companies of a similar market capitalisation. In addition, the proposed consolidations will reduce the number of board lots in the market and, as a result, the handling costs and transaction charges for the respective company and for those whose interests in CIHL or CiTL are held through CCASS will be reduced, which the Directors of CIHL and the Directors of CiTL believe is in the interests of their respective company and shareholders.
Subsequent to the respective Consolidation taking effect, it is expected that, as from 6 June, 2003, new share certificates for CIHL will be issued in board lots of 2,000 CIHL New Shares and new share certificates for CiTL will be issued in board lots of 4,000 CiTL New Shares. Respective Existing share certificates can be exchanged for new share certificates, free of charge, from 6 June
2003 to 17 July 2003. After 14 July 2003, trading will only be in the form of the red and green share certificates for CIHL New Shares and CiTL New Shares respectively. The pink and dark blue share certificates for CIHL Existing Shares and CiTL Existing Shares will cease to be marketable and will not be acceptable for delivery and settlement purposes.
The principal activities of CIHL is investment holding while the activities of its subsidiaries include lifts and escalators, air conditioningand E & M systems, aluminium windows and curtain walls, environmental engineering, constructionand civil engineering, pipe rehabilitation, property developmentand insurance. CiTL and its subsidiaries are engaged in the provision of unified voice, data and multimedia network solutions, computer systems, telephone systems, satellite receiving systems and structural cabling systems. The company is also engaged in the sales and distribution of office automation equipment and banking equipment.
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