FirstPac Cancels US$32m CBs

RNS Number:3667Q
First Pacific Capital (1997) Ld
23 January 2002


FIRST PACIFIC COMPANY LIMITED

PRESS RELEASE

Wednesday, 23 January 2002


FIRST PACIFIC CANCELS US$32 MILLION OF CONVERTIBLE BONDS

First Pacific Company Limited announced today that it has canceled US$32 million
of its outstanding convertible bonds, for a total cost of approximately US$42
million.

Post this transaction, the outstanding face value is reduced to US$135 million,
from US$167 million, and the redemption payable is reduced to US$181 million,
from US$223 million.

Background:
In March 1997, US$350 million of five-year convertible bonds were issued by
First Pacific Capital (1997) Limited, a wholly-owned subsidiary of First
Pacific, at a coupon rate of 2 per cent. The bonds may be converted into shares
up until March 2002 at a strike price of HK$12.25 per share, and are redeemable
at a price of 134.129 per cent of face value.

First Pacific has to date canceled approximately 61 per cent of the amount
originally issued, and has accrued the premium to maturity since 1997.


                                     * * *


For further information, please contact:
First Pacific Company Limited
Rebecca Brown                                           Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications



Information about First Pacific can also be accessed on:
Web Site:        www.firstpacco.com
Email:           info@firstpac.com.hk




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