The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

All Resolutions given effect to, inter alia, the Bonus Issues of two Bonus Shares and one 2000 Warrant for every 5 existing shares of the Company held by the shareholders were approved at the Company's Annual General Meeting held on 16th September, 1998. The Listing Committee of The Stock Exchange of Hong Kong Limited has granted approval for the listing of and permission to deal in the Bonus Shares and 2000 Warrants. 115,200,000 new shares will be issued and the shareholders will be able to deal in the Bonus Shares on receipt thereon. 57,600,000 2000 Warrants will be issued and are expected to commence trading on 8th October, 1998

The Board of Directors of Tonic Industries Holdings Limited (the "Company") proposed on 5th August, 1998 a bonus issue of shares of the Company (the "Bonus Shares") and a bonus issue of warrants conferring rights to subscribe for new shares of the Company (the "2000 Warrants") on the basis of two Bonus Shares and one 2000 Warrant for every five existing shares of the Company held by shareholders whose names appear on the register of members of the Company on 16th September, 1998. Details of the bonus issues of Bonus Shares and 2000 Warrants have been contained in a circular dated 24th August, 1998 (the "Circular") which was sent to shareholders together with the Company's Annual Report 1998 on 25th August, 1998.

At the annual general meeting of the Company held on 16th September, 1998 (the "Annual General Meeting"), shareholders of the Company approved, among others, the allotment and issue of the Bonus Shares as well as the creation and issue of the 2000 Warrants. Each 2000 Warrant, which will be issued in registered form, will entitle the holder thereof to subscribe in cash for new shares of the Company at a subscription price of HK$0.65 per share (subject to adjustment as provided in the instrument constituting the 2000 Warrants) from 30th September, 1998 to 30th September, 2000, both days inclusive. The Bonus Shares and the shares of the Company to be issued on the exercise of the subscription rights under the 2000 Warrants will rank pari passu in all respects with the then existing shares of the Company on the relevant allotment or subscription date.

The Board of Directors of the Company announce that 115,200,000 new Shares will be issued and 57,600,000 2000 Warrants of the Company will be issued on the basis set out in the Circular. Approval has been obtained from the Listing Committee of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") for the listing of, and permission to deal in, the Bonus Shares, the 2000 Warrants and any shares of the Company which may fall to be issued upon exercise of the subscription rights attaching to the 2000 Warrants on the Stock Exchange. No part of the share capital of the Company, the Bonus Shares and the 2000 Warrants is listed or dealt in, and no such listing or permission to deal in the shares, the Bonus Shares and the 2000 Warrants of the Company is being or proposed to be sought, on any stock exchange other than the Stock Exchange.

Accordingly, all the conditions mentioned in the Circular have been fulfilled. As scheduled, the certificates for the Bonus Shares will be posted to shareholders (including those with registered addresses outside Hong Kong) and the 2000 Warrants will be posted to shareholders (other than shareholders whose registered addresses are outside Hong Kong) whose names appear on the register of members of the Company on 16th September, 1998 at their own risk around 30th September, 1998. Shareholders will be able to deal in the Bonus Shares on receipt thereon and dealings in the 2000 Warrants are expected to commence on 8th October, 1998.

By order of the Board
Liu Hoi Keung, Gary
Company Secretary

Hong Kong, 22nd September, 1998

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