AKO Arko Hldgs

RNS Number:3617Y
Arko Holdings PLC
06 May 2004

FOR IMMEDIATE RELEASE                                                 6 May 2004


                   ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE

                  Arko Holdings plc ("the Company" or "Arko")


                      Further Variation of Agreement with
                      Great Wall Foundation China Limited
                 For placing of 50,000,000 New Ordinary Shares


Arko Holdings plc announces a further variation of its agreement to place
50,000,000 new ordinary shares of 0.5 pence each (representing 2.53 per cent. of
the enlarged share capital of the Company) at a price of 8 pence per share with
Great Wall Foundation China Limited ("Great Wall"), which was announced on 23
August 2002.

The original agreement was that shares would be subscribed for by Great Wall in
three stages (1) 12,500,000 shares to be issued within 90 days from the date of
signing of the agreement; (2) 18,750,000 shares to be issued within 180 days
from the date of signing of the agreement; (3) 18,750,000 shares to be issued
within 360 days from the date of signing of the agreement.  A non-refundable
deposit of #80,000 was paid to the Company by Great Wall at the time of the
original agreement.

Great Wall did not subscribe for any shares under the original agreement and
accordingly, by a variation of the original agreement announced on 22 April
2003, Arko and Great Wall agreed to extend the period allowed for subscription
for the total number of shares (50,000,000) until 10 April 2004.

Great Wall has subscribed for 2,785,714 shares at 8p per share and these shares
were issued to Great Wall on 26 April 2004. Application will be made for these
new ordinary shares of 0.5 pence each to be admitted to trading on the
Alternative Investment Market.

Great Wall and Arko have now agreed to enter into a second supplemental
agreement whereby

     the period allowed for subscription has been further extended to 25 April
     2006; and

     the subscription price will be 95% of the average closing price for the
     seven business days prior to the subscription.

Application will be made for any further new ordinary shares of 0.5 pence each
to be admitted to trading on the Alternative Investment Market as and when they
are issued to Great Wall.



Enquiries:

Angela Leung - Arko Holdings plc
13th Floor, Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong
Tel: 00 852 2219 9999 Email: angelal@arkoholdings.com

Robert Lo - Nabarro Wells & Co. Limited
Tel: 020 7710 7407                  Email: robertlo@nabarro-wells.co.uk

Nigel Atkinson- Nabarro Wells & Co. Limited
Tel: 020 7710 7408                  Email: nigelatkinson@nabarro-wells.co.uk


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