First Pacific Company Limited

Press Release

FIRST PACIFIC'S HAGEMEYER TO MERGE IT ACTIVITIES WITH COMPUTERIJ

First Pacific Company Limited today announced that its Dutch-based subsidiary, Hagemeyer NV, has preliminarily agreed to merge its Information Technology activities in the Netherlands and Belgium with those of Computerij Group BV, also based in Holland.

The combined operation, to be 51 per cent held by Hagemeyer and 49 per cent owned by Computerij's shareholders and management, will be one of the Benelux area's largest companies dealing in PCs, networks and related software, with total annual sales of NLG800 million and 600 employees. The value of the transaction was not disclosed.

Hagemeyer's IT operations include Borsu Systema BV in Holland -- which markets and distributes computer equipment, as well as office, banking and security systems to medium-size and large companies -- and Manudax Belgium NV of Belgium and EBIC-MDI BV in Holland, which concentrate on sales to dealers, and provides maintenance repairs and installation services.

Computerij is a closely held distributor of brand-name computer hardware and software and provides consultancy, training service and related activities.

The merger will provide the combined company with greater critical mass and offer cross-selling opportunities, as well as improved purchasing terms and logistics. It is expected to have a positive impact on Hagemeyer's earning per share, although the effect this year will be modest.

First Pacific is a Hong Kong-based, Asian-oriented conglomerate with businesses in the four core areas of Marketing & Distribution, Telecommunications, Property and Banking. It has more than 52,000 employees in 50 countries and revenue in excess of US$7 billion, as at 31st December 1996.

* * *

For further information, please contact:

Company information can also be accessed on:
Internet: irasia.com/listco/hk/firstpac
E-mail: info@firstpac.com.hk

© Copyright 1996-2008 irasia.com Ltd. All rights reserved. Tel: (852) 2831-9792.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.