Disposal

RNS Number:2882S
Worldsec Ld
20 November 2003

WORLDSEC LIMITED

DISPOSAL OF WORLDSEC BROKERAGE LIMITED



Introduction



The Company announces that it has entered into an agreement with First Taisec
Securities (Asia) Limited ("Taisec") to dispose (the "Disposal") of the entire
issued share capital of Worldsec Brokerage Limited ("WBL"). Taisec is a
wholly-owned subsidiary of First Taisec Securities Inc., a full-licensed
securities house regulated by Taiwan's Securities and Futures Commission and a
subsidiary of Taiwan's First Financial Holding Co. Ltd..





Details of WBL



WBL is a wholly-owned subsidiary of Worldsec International Limited ("WIL"),
which is itself a wholly-owned subsidiary of the Company. WBL is a securities
brokerage company in Hong Kong. WIL has been in liquidation since June 2003.



For the six months ended 30 June 2003, WBL has been operating at a loss.





Closing



Closing of the Disposal is conditional upon the satisfaction of certain
conditions precedent, including but not limited to the obtaining of approvals
from the Securities and Future Commission in Hong Kong and The Stock Exchange of
Hong Kong Limited.  Closing is expected to take place in February 2004.





Consideration



The consideration for the Disposal shall be the net asset value of WBL at
closing payable in cash.  As at 31 October 2003, the net asset value of WBL
(comprising mainly cash assets and rights to trade in securities listed on The
Stock Exchange of Hong Kong Limited) is HK$11.4 million (approximately US$1.46
million at a conversion rate of US$1.00 to HK$7.80).





Effect of the Disposal



Upon the completion of the Disposal, Taisec will own the entire issued share
capital of WBL.  The benefit to the Company will arise from the disposal of a
loss-making subsidiary at its net asset value.



The Board expects to use the proceeds from the Disposal for distribution to
Shareholders.





Definitions



When used in this announcement the following expressions have the following

meanings:

      "Board" or "Directors" the board of directors of Worldsec;

      "Company" or "Worldsec" Worldsec Limited, an exempted company incorporated

      in Bermuda with limited liability;

      "Shares" ordinary shares of nominal value US$0.001 in the capital of the

      Company currently in issue; and

      "Shareholders" the holders of Shares.





For further enquiries please contact Paul Cheng, Director, at [phone].




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

DISEANFEAEPDFEE