78JZ Sg Issuer 25

RNS Number:3326O
First Pacific Capital (1997) Ld
7 December 2001

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.


                        FIRST PACIFIC COMPANY LIMITED

               (Incorporated in Bermuda with limited liability)

                  DISPOSAL OF ENTIRE INTEREST IN DARYA-VARIA


First Pacific signs a sale and purchase agreement with Far East Drug to dispose
of its entire interest of 89.5% in Darya-Varia to Far East Drug for US$35
million.

This announcement is made pursuant to paragraph 2 of the listing agreement
between First Pacific Company Limited ("First Pacific") and the Stock Exchange
of Hong Kong Limited.


The Board of Directors of First Pacific announces that First Pacific today
signed a sale and purchase agreement with Far East Drug BVI Limited ("Far East
Drug") to dispose of its entire interest in PT Darya-Varia Laboratoria Tbk
("Darya-Varia") to Far East Drug.


Darya-Varia is a listed Indonesian subsidiary of First Pacific engaged in the
manufacture, marketing and distribution of prescription and over-the-counter
pharmaceuticals.


Far East Drug is an associate company of United Laboratories, Inc. Group which
is a leading regional health care group. Far East Drug and United
Laboratories, Inc. Group, are each an independent third party not connected
with the directors, chief executive or substantial shareholders of First
Pacific or any of its subsidiaries or any of their respective associates.


The sale and purchase agreement provides for the sale of First Pacific's
entire interest in Darya-Varia, being 501,183,516 shares representing 89.5 per
cent of Darya-Varia's issued share capital, to Far East Drug for US$35 million
(HK$273 million). The sale price was agreed after arm's length negotiations
and bore reference to a combination of factors, including earnings multiples,
asset values and industry/market comparisons. The sale price is payable in
full in cash upon completion of the sale which is expected to complete on or
before 28 December 2001.


As at close of trading on the Jakarta Stock Exchange on 5 December 2001 the
value of First Pacific's 89.5 per cent interest in Darya-Varia's market
capitalisation was Rupiah 197,967 million (HK$147 million, US$19 million). The
net asset value of Darya-Varia for the financial years 1999 and 2000 were
Rupiah 186,296 million (HK$139 million) and Rupiah 170,174 million (HK$127
million), respectively.


The pre-taxation profit and loss of Darya-Varia for the financial years 1999
and 2000 were a profit of Rupiah 21,181 million (HK$16 million) and a loss of
Rupiah 11,938 million (HK$9 million), respectively. The after taxation profit
and loss of Darya-Varia for the financial years 1999 and 2000 were a profit of
Rupiah 4,356 million (HK$3 million) and a loss of Rupiah 16,122 million (HK$12
million), respectively.


The disposal of First Pacific's interest in Darya-Varia further implements its
strategy to focus upon its core investments in consumer products and
telecommunications. Proceeds from the disposal will be partially applied
towards the repayment of debt and partially used for general corporate
purposes.


First Pacific will make a further announcement upon completion of the disposal
on or before 28 December 2001.


All quoted figures are approximate. Where applicable, the following exchange
rates have been applied US$1 = Rupiah 10,470 = HK$7.8.


                                          By Order of the Board

                                      First Pacific Company Limited

                                             Ronald A. Brown

                                 Executive Director and Company Secretary

Hong Kong, 6 December 2001


Please also refer to the published version of this announcement in the South
China Morning Post (English) and Hong Kong Economic Journal (Chinese).

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