KING PACIFIC<0072> - Announcement

The Stock Exchange of Hong Kong Limited and the Securities and 
Futures Commission take no responsibility for the contents of this 
announcement, make no representation as to its accuracy or 
completeness and expressly disclaim any liability whatsoever for 
any loss however arising from or in reliance upon the whole or 
any part of the contents of this announcement.

King Pacific International    INTELLIGENT TRICO INVESTMENT
Holdings Limited                HOLDINGS LIMITED
(Incorporated with limited    (Incorporated with limited
liability in Bermuda)          liability in Hong Kong)

APOLOGY FOR BREACHES OF THE HONG KONG CODE ON TAKEOVERS AND MERGERS

The board of directors of each of Intelligent Trico Investment 
Holdings Limited (the "Offeror") and King Pacific International 
Holdings Limited (the "Company") refer to the joint announcement 
dated 20th May, 1999 (the "Announcement") in relation to the 
unconditional voluntary cash offer (the "Offer") by ICEA Capital 
Limited ("ICEA") on behalf of the Offeror for all the issued shares 
of the Company (other than those shares already owned or held by 
the Offeror or parties acting in concert with it).

On 1st June, 1999, Mr. Cheung King Lap resigned as director of 
the Company but was re-appointed on 24th June, 1999. Information 
on such resignation and re-appointment was released by the Company 
without the prior consent and clearance of the Securities and 
Futures Commission (the "SFC"). Mr. Cheung King Lap's resignation 
and the release of information on his subsequent re-appointment 
as director of the Company without the prior consent and clearance 
of the SFC were both in breach of the Hong Kong Code on Takeovers 
and Mergers (the "Code").

The board of directors of the Company and Mr. Cheung King Lap 
apologise to the Executive Director of the Corporate Finance 
Division of the SFC (the "Executive") for such breaches.

The board of directors of each of the Offeror and the Company refer 
to the Announcement.

On 1st June, 1999, Mr. Cheung King Lap resigned as director of 
the Company. This was in breach of Rule 7.1 of the Code which 
provides that except with the consent of the Executive, the 
directors of an offeree company should not resign until the first 
closing date of the Offer. Mr. Cheung King Lap had resigned as 
director of the Company without the Executive's consent prior to 
the first closing date of the Offer. The board of directors of 
the Company was not aware of the restrictions in Rule 7.1 of the 
Code and did not seek professional advice at the time.

To rectify the above breach, on 24th June, 1999, Mr. Cheung King 
Lap was re-appointed as director of the Company and the Company 
released information on his re-appointment without the prior 
consent and clearance of the SFC (even though ICEA had previously 
advised the Company that all announcements to be released by the 
Company or the Offeror during the period of the Offer must be 
subject to prior clearance with the SFC). This was in contravention 
of Rule 12.1 of the Code. The Company and Mr. Cheung King Lap regret 
that they failed to follow ICEA's earlier advice or to consult 
with ICEA or other professional advisers prior to the release of 
such information. Although Mr. Cheung King Lap was not a director 
of the Company during the period from 1st June, 1999 to 23rd June, 
1999, he still accepts all responsibilities as a director of the 
Company during this period.

The board of directors of the Company and Mr. Cheung King Lap 
apologise to the Executive for the breaches of the Code described 
above and undertake to fully comply with the Code.

By Order of the Board              By Order of the Board
King Pacific International        Intelligent Trico Investment
Holdings Limited                    Holdings Limited
Xiong Ping Bo, Paul                Cheng Chao Ming
Director                             Director

Hong Kong, 29th June, 1999

The directors of the Company and the Offeror jointly and severally 
accept full responsibility for the accuracy of the information 
contained in this announcement and confirm, having made all 
reasonable enquiries, that to the best of their knowledge, 
opinions expressed in this announcement have been arrived at after 
due and careful consideration and there are no other facts not 
contained in this announcement, the omission of which would make 
any statement in this announcement misleading.