78JZ Sg Issuer 25

RNS Number:4299Q
First Pacific Capital (1997) Ld
24 January 2002

FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE


Thursday, 24 January 2002


FIRST PACIFIC CANCELS US$5 MILLION OF BONDS

Market purchases now ceased


First Pacific Company Limited announced today that it has purchased and canceled
a further US$5 million of its outstanding convertible bonds, for a total cost of
approximately US$6 million.


As a consequence of this transaction, the outstanding face value of convertible
bonds is reduced to US$130 million, from US$135 million, and the total amount
payable upon their redemption, including accrued interest and redemption
premium, is reduced to US$176 million, from US$183 million.


These transactions conclude the open market purchases, by ING Barings on behalf
of First Pacific, which was announced on 16 January 2002. Through these
purchases of its convertible bonds in the market, First Pacific has in total
purchased and canceled US$68 million of the outstanding convertible bonds, for a
total cost of approximately US$91 million. Prior to this, First Pacific had
canceled US$152 million of outstanding convertible bonds, for a total cost of
approximately US$161 million.


First Pacific is now making arrangements to deposit, with the appointed trustee
of the convertible bonds, sufficient funds to fully redeem 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
of First Pacific 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 face value.


First Pacific has to date canceled approximately 63 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



Information about First Pacific can also be accessed on:
Web Site:        www.firstpacco.com
Email:           info@firstpac.com.hk




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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