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First Pacific Cptl (78JZ)

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Tuesday 23 October, 2001

First Pacific Cptl

First Pac Canceled Conv Bonds

First Pacific Capital (1997) Ld
23 October 2001

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Tuesday, 23 October 2001

FIRST PACIFIC CANCELS US$20 MLN OF CONVERTIBLE BONDS

First Pacific Company Limited announced today that it has canceled US$20
million of its outstanding convertible bonds, for a total cost of
approximately US$26 million.

Post this transaction, the outstanding face value is reduced to US$248
million, from US$268 million, and the redemption payable is reduced to US$332
million, from US$359 million.

Background:
US$350 million of five-year convertible bonds were issued in March 1997, at a
coupon rate of 2 per cent. The bonds may be converted into shares up until
March 2002 at a strike price of HK$12.25 per share, and are redeemable at a
price of 134 per cent of face value.

First Pacific has to date canceled approximately 29 per cent of the amount
originally issued, and has accrued the premium to maturity since 1997.

                                    * * *

For further information, please contact:
First Pacific Company Limited
Rebecca Brown                                   Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications

Sara Cheung                                     Tel: (852) 2842 4336
Assistant Vice President
Group Corporate Communications


Information about First Pacific can be accessed on:
Web Site:              http://www.firstpacco.com/
E-mail:                [email protected]


                   

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