Highway Holdings Declares Annual Cash Dividend.

Business Editors

HONG KONG--(BUSINESS WIRE)--July 28, 2003

Highway Holdings Limited (Nasdaq:HIHO) today announced that its board of directors has declared an annual cash dividend of $0.08 per share on the company's common stock for the fiscal year ended March 31, 2003. The dividend will be paid August 18, 2003 to shareholders of record on August 8, 2003.

About Highway Holdings

Highway Holdings produces a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company's own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People's Republic of China and in Bulgaria.