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Cathay International Water Limited Announces the Completion of Its Tender Offer for Up to $40 Million of Its Senior Notes.

Business Editors

HONG KONG--(BUSINESS WIRE)--Feb. 6, 2003

Cathay International Water Limited ("CIWL") (formerly Cathay International Limited) announced today the completion of its cash tender offer, pursuant to the Offer to Purchase, dated December 4, 2002, as amended by CIWL's announcements on January 6, 2003 and January 22, 2003 (the "Offer"), to purchase up to $40 million in aggregate principal amount of its outstanding 13% Senior Notes Due 2008 (the "Notes") for a cash price of $1,000 per $1,000 principal amount, plus accrued but unpaid interest, including Special Interest (as defined below).

Since January 10, 1999, the Notes have borne interest at the rate of 13.5% per annum due to an 0.5% per annum increase in the interest rate pursuant to the terms of the Notes (such 0.5% per annum increase in the interest rate, the "Special Interest").

The Offer expired at 5:00 p.m., New York City time, on Wednesday, February 5, 2003. As of such expiration date, $16,988,000 in aggregate principal amount of Notes was validly tendered and not withdrawn pursuant to the Offer. After having determined that the conditions to the consummation of the Offer were met, CIWL accepted for purchase all Notes tendered pursuant to the Offer.

About Cathay International Water Limited

Founded in 1991, CIWL is developing a portfolio of infrastructure projects in some of the fastest-growing regions in the People's Republic of China (the "PRC") and is seeking to become a leading water company in the PRC. CIWL intends to focus on water treatment facilities which it believes will be key areas of development in the PRC.

CIWL is incorporated as an exempted company with limited liability under the laws of Bermuda. Since CIWL's founding, the Singapore Technologies Group, the Santander Group, Nomura/Jafco (since April 1996), Union Bank of Switzerland and certain funds managed by Union Bank of Switzerland (since May 1997) and J.P. Morgan Securities Asia (since May 1998) have become strategic investors in CIWL.

CIWL's principal executive offices are located in Hong Kong.

Questions about CIWL may be directed to CIWL through CIWL's affiliate, Cathay International Holdings Limited of UK, at +44-207-584-6538.
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Publication:Business Wire
Date:Feb 6, 2003
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