SING TAO SHAREHOLDERS VOTE IN FAVOUR OF RESOLUTION

AAP General News (Australia)
04-30-1999
SING TAO SHAREHOLDERS VOTE IN FAVOUR OF RESOLUTION
SING TAO SHAREHOLDERS VOTE IN FAVOUR OF RESOLUTION

HONG KONG/ 29 April, 1999/ -- CLSA Global Emerging Markets is delighted
at the outcome of the independent shareholder vote at todays Special
General Meeting of Sing Tao. There were 123,768,303 votes cast in
favour of the resolution and only 9,539,658 votes cast against, meaning
the resolution was passed by a majority of over 90%.

Mr. Richard Taylor, Managing Director of CLSA Equity Capital Markets
said We have worked hard with Lazard over the past month to explain to
independent shareholders that the deal represents a strong platform for
the future of Sing Tao.

He went on to say The transaction has attracted a great deal of
attention from shareholders, the media and other interested parties, but
at the end of the day the Lazard offer was the only offer made available
to minority shareholders.

The General Offer, as detailed in the Composite Document, is expected to
proceed on Saturday, 1st May. Shareholders do not have to accept the
General Offer, but have the option to accept HK$1.25 and tender their
shares or reject the offer and remain shareholders alongside Lazard, the
new majority shareholder of Sing Tao.

It is Lazards intention to retain the listed status of Sing Tao.

CLSA Global Emerging Markets is headquartered in Hong Kong, with sales
offices across Asia as well as in New York, London, Geneva and Tokyo,
CLSA with staff across 26 countries covering the emerging markets
world-wide. Previously known as Credit Lyonnais Securities Asia, the
company became CLSA Global Emerging Markets after expanding its
successful Asian operation into Latin America and Emerging Europe in
January 1998. CLSA operates as the emerging markets specialist of the
Credit Lyonnais Bank global network.

Ends

For more information please contact:
Mr Richard Taylor
Managing Director, CLSA Equity Capital Markets
Mobile: (852) 9196 8110
Office: (852) 2840 5108 (direct)

(852) 2810 9338 (general)

or

Ms Jodie Allison
Marketing Director
Tel: (852) 852 2840 5570
Mobile: (852) 9039 2830

KEYWORD: HONG KONG PRNI-HK

1999 AAP Information Services Pty Limited (AAP) or its Licensors.