78JZ Sg Issuer 25

RNS Number:0629Q
First Pacific Capital (1997) Ld
16 January 2002

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE


Wednesday, 16 January 2002


REVISED PLAN TO EXPEDITE BOND REPAYMENT


First Pacific announces that, given the likely delays involved in effecting a
formal tender offer for the outstanding convertible bonds, it will instead
purchase outstanding convertible bonds in the market.


Accordingly, First Pacific has appointed ING Barings as its agent to purchase
convertible bonds in the market from bondholders wishing to sell at this time.
Such purchases are to be made at prices as may be agreed between ING Barings
and the selling bondholders, and such market purchases will cease on or before
Wednesday, 23 January 2002.


Thereafter, First Pacific will arrange for sufficient funds to be deposited
with the convertible bonds trustee to redeem, on the original maturity date of
27 March 2002, those convertible bonds that remain outstanding.

There are currently outstanding convertible bonds in the principal amount of
US$198 million, which will be repaid at a total cost, including interest and
redemption premium, of approximately US$268 million.


Background:
In March 1997, US$350 million of five-year convertible bonds were issued by
First Pacific Capital (1997) Limited, a wholly-owned subsidiary of First
Pacific, 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 43 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 also be accessed on:
Web Site:              http://www.firstpacco.com/
E-mail:                info@firstpac.com.hk

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