78JZ Sg Issuer 25

RNS Number:7474Q
First Pacific Capital (1997) Ld
30 January 2002

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE


Thursday, 31 January 2002


DEPOSIT OF FUNDS BY FIRST PACIFIC FOR REDEMPTION OF OUTSTANDING BONDS


First Pacific Company Limited announced today that, following the recent and
earlier purchases of its convertible bonds, there now remain outstanding
convertible bonds in the principal amount of US$130 million. These convertible
bonds are to be redeemed at their full redemption value payable at maturity on
27 March 2002, plus accrued interest, at a total cost of approximately US$176
million.

First Pacific is today depositing sufficient funds, with the appointed trustee
of the convertible bonds, for the purpose of redeeming in full all of the
outstanding bonds upon maturity on 27 March 2002.

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 134.129 per cent of the principal amount.

First Pacific canceled approximately 63 per cent of the amount originally
issued, leaving convertible bonds in the principal amount of US$130 million to
be settled on maturity.


                                     * * *

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

Information about First Pacific can also be accessed on:

Web Site:        www.firstpacco.com
Email:           info@firstpac.com.hk




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