GDR's

RNS Number:5252U
GVC Corporation
22 November 2000



Global Depositary Receipts (the "GDRs") each representing five common shares of
par value NT$10 of GVC Corporation (the "Company")

At the Annual Shareholders' Meeting convened on June 16, 2000, this Company has
been approved to effect a capital reduction of NTD 2,631,290,930 and thus
263,129,093 shares of Common Stock will be cancelled accordingly. Each 1,000
shares of Common Stock as of the record date for share exchange shall be
entitled to exchange to 650 shares of Common Stock based on the ratio of 35%.

As the capital reduction and share exchange procedure has been approved by the
Securities and Futures Commission, Ministry of Finance of the Republic of China,
this Company would like to notify the London Stock Exchange on which the GDRs
are listed as follows:

With effect from December 5, 2000, the number of GDR will be downward adjusted
by 35%. Each 1,000 units of GDR will he adjusted to 650 units of GDR and the
unit price shall be adjusted upward by 35% with effect from December 5, 2000.

Below is the notice to holders of GDRs for your reference. Please release
this information at London Stock Exchange. If you have any question, please feel
free to contact us.


GVC Corporation

By:

Signature: 
Name: Raymond Soong
Title: Chairman of Board of Director


                 NOTICE TO HOLDERS OF GLOBAL DEPOSITARY RECEIPTS
                                 GVC Corporation
                 (Incorporated with limited liability in Taiwan,
                             The Republic of China)

                         Adjustment in the Number of GDR
                             Adjustment in GDR Price
                            Close of Share Registrar

   NOTICE IS HEREBY GIVEN that due to the Company's reduction of the paid-in
capital in the amount of NTD 2,631,290,930, the Company will cancel 263,129,093
shares of Common Shares and the ratio of reduced capital to total capital prior
to capital reduction is 35%. The number of GDR shall be reduced on the same
proportion and thus, each 1,000 units of GDRs will be reduced to 650 units of
GDRs with effect from December 5, 2000 and each unit of GDR represents 5 common
shares of the Company.

   NOTICE IS FURTHER GIVEN that the price of each unit of GDR shall be
increased at a ratio of 35% with effect from December 5, 2000.

   NOTICE IS FURTHER GIVEN that the Company will close its share registrar from
December 1, 2000 to December 31, 2000 and thus the last trading date of Common
Stocks is November 29, 2000.

                                           GVC Corporation

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