The board of directors ("Board") of Silver Grant International Industries Limited (the "Company") have noted the increases in the price and turnover of the shares of the Company on 29th June, 1999 and wish to state that they are not aware of any reasons for such increases and to clarify some press reports in relation to a proposed spin-off and assets injection.

This announcement is made at the request of The Stock Exchange of Hong Kong Limited ("Stock Exchange").

The Board is aware of some press reports in relation to a proposed spin-off of China Infra-structure Investment Limited ("CIIL"), a 40% associated company of the Company and the proposed injection of assets by its indirect 12.10% substantial shareholder, China Construction Bank ("CCB"). The Company intends to hold its interests in CIIL as long term investment. The Company is considering various means including but not limited to debts, capital and separate listing, etc to raise fund for CIIL's own expansion. Regarding assets injection by CCB, the Company has been looking for business opportunities to further consolidate the relationship with its two substantial shareholders namely, CCB and China Everbright Holdings Limited. In each of the above cases, nothing has been finalised at the present stage. No agreement has been entered into. Should any of the proposed spin-off or assets injection be proceeded, the Company will take the necessary steps to comply with the relevant provisions of the Rules Governing the Listing of Securities on the Stock Exchange including where necessary to issue any further announcement.

The Board wishes to clarify that, other than disclosed above, there are no negotiations or agreements relating to intended acquisition or realisations which are discloseable under paragraph 3 of the Listing Agreement and that neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price sensitive nature.

This announcement is made by the order of the Board of the Company, the directors of which jointly and individually accept responsibility for the accuracy of this announcement.

By Order of the Board
Gao Jianmin
Managing Director

Hong Kong, 29th June, 1999

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