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.

(Incorporated in Bermuda with limited liability)

ACQUISITION OF 33.31% INTEREST IN

WEBRADIO LIMITED

On 23 June, 2000, the Company entered into a sale and purchase and subscription agreement with the existing shareholders and Webradio for the purchase by the Company from each of the existing shareholders of 3,850 shares (i.e. a total of 7,700 shares), and the simultaneous subscription by the Company of 43,400 new shares, all of HK$1.00 each in Webradio. Upon the completion of the share purchase and the share subscription, the Company will become the legal and beneficial owner of 51,100 shares in Webradio, representing approximately 33.31% of the enlarged capital of Webradio. The considerations for the share purchase and the share subscription are HK$1,890,000.00 and HK$9,600,000.00 respectively.

On the same date, the Company entered into a shareholders' agreement with the existing shareholders to regulate the parties' relationship as shareholders in Webradio and the conduct of the business of Webradio.

Parties to the Sale and Purchase and Subscription Agreement and/or the Shareholders' Agreement (collectively, the "Agreements")

Investor:Frankie Dominion International Limited (the "Company");

Webradio:Webradio Limited, a private company incorporated in 1997 in the Hong Kong Special Administration Region, independent of and not connected with the Company, its directors or substantial shareholders (or their respective associates) and whose business is in building, maintaining and running a website under the domain name of "webradio.com.hk;

Existing Shareholders:Au Sui Keung Albert and Hong Kong Communications Computer Company Limited, the existing shareholders holding the entire issued share capital of Webradio, which are independent of and not connected with the Company, its directors, chief executive or substantial shareholders or its subsidiaries (or their respective associates).

The Share Purchase and the Share Subscription

The Company has agreed to purchase from the Existing Shareholders 7,700 shares (the "Purchase Shares"), and simultaneously subscribe for 43,400 new shares (the "Subscription Shares"), all of HK$1.00 each in Webradio. Following completion of the share purchase and the share subscription under the sale and purchase and subscription agreement, the Company will own 51,100 shares whereas the Existing Shareholders will own the remaining 102,300 shares in Webradio (comprising approximately 33.31% and 66.69% respectively of the share capital of Webradio as enlarged by the Subscription Shares).

Consideration

The considerations for the Purchase Shares and the Subscription Shares are HK$1,890,000 and HK$9,600,000, which will be paid by the Company in cash on completion.

Completion

Completion of the sale and purchase and subscription agreement is expected to take place on or about 24 June, 2000.

Shareholders' Agreement

The Company has also entered into a shareholders' agreement with the Existing Shareholders to regulate their relationship as shareholders in Webradio (including, without limitation, the composition of the board of directors, the future management of Webradio, the transfer of their respective shares , the future development of Webradio into a fully integrated on-line commercial radio station and non-competition of the existing shareholders).

Information on Webradio

The business of Webradio is in building, maintaining and running a website under the domain name of webradio.com.hk. Webradio was incorporated in April 1997.

Reasons for the Agreements

The directors consider the Agreements as being in the interests of the Company as it provides a good investment opportunity in the fields of entertainment and e-commerce and so will broaden the business base of the Company.

General

This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company.

By Order of the Board

Frankie Dominion International Limited

Lam Po Kwai Frankie

Chairman

23 June, 2000, Hong Kong

"Please also refer to the published version of this announcement in the Hong Kong i-mail"

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Frankie Dominion International Limited - ACQUISITION OF 33.31% INTEREST IN

WEBRADIO LIMITED

23 June 2000