10:19     <00577><00498><00372> - Joint Announcement (1)                      

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement, makes               
    no representation as to its accuracy or completeness and                  
    expressly disclaims any liability whatsoever for any loss                 
    howsoever arising from or in reliance upon the whole or any               
    part of the contents of this announcement.                                
                                                                              
    SKYNET (INTERNATIONAL GROUP) HOLDINGS LIMITED                             
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 577)                                                         
                                                                              
    PAUL Y. - ITC CONSTRUCTION  HOLDINGS LIMITED                              
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 498)                                                         
                                                                              
    ITC CORPORATION LIMITED                                                   
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 372)                                                         
                                                                              
    DESPATCH OF CIRCULARS,                                                    
    CONTINUING CONNECTED TRANSACTIONS                                         
    AND                                                                       
    CHANGE OF NAME OF                                                         
    SKYNET (INTERNATIONAL GROUP) HOLDINGS LIMITED                             
                                                                              
    The Skynet Circular containing, among other things, details               
    of the Restructuring Proposal, the application for Whitewash              
    Waiver, Continuing Connected Transactions, change of board                
    lot size, Change of Name, a notice convening the SGM, the                 
    letter of advice from Equitas together with all relevant                  
    financial information, has been despatched to the                         
    Shareholders on 30th November, 2004.                                      
                                                                              
    The circulars of Paul Y and ITC in relation to, among other               
    things, the disposal of Paul Y Construction, the provision of             
    the Facility, the Underwriting Agreement, the Hidden                      
    Agreement (which together lead to an acquisition of an                    
    interest in Skynet) and the Paul Y Hidden Agreement, have                 
    been despatched to the respective shareholders of Paul Y and              
    ITC on 30th November, 2004.                                               
                                                                              
    As Paul Y will be the controlling shareholder of Skynet upon              
    Completion, Paul Y will be regarded as a connected person of              
    Skynet pursuant to the Listing Rules. Accordingly,                        
    transactions between the Enlarged Group and the Remaining                 
    Paul Y Group will constitute connected transactions or                    
    continuing connected transactions of Skynet under the Listing             
    Rules upon Completion, details of which are set out below.                
                                                                              
    The Board also proposes to change the name of Skynet to "Paul             
    Y. Engineering Group Limited" and adopt a new Chinese name of             
    "*" for identification purposes only upon the                             
    Restructuring Proposal becoming effective.                                
                                                                              
    The expected timetable for the SGM is set out below.                      
                                                                              
    Trading in the Shares on the Stock Exchange has been                      
    suspended at the request of Skynet with effect from 9:30 a.m.             
    on 16th October, 2003. Resumption in trading of the shares of             
    Skynet is subject to the fulfillment of certain conditions                
    which are set out below. Further announcement will be made as             
    to when trading of the shares of Skynet will be resumed.                  
                                                                              
    Reference is made to (i) the joint announcements made by                  
    Skynet, Paul Y and ITC dated 4th June, 2004, 25th June, 2004,             
    13th August, 2004, 3rd September, 2004, 9th September, 2004               
    and 20th October, 2004; (ii) the announcement made by Skynet              
    dated 4th October, 2004; and (iii) the joint announcements                
    made by Paul Y and ITC dated 24th September, 2004 and 7th                 
    October, 2004, in relation to, among other things, the                    
    Restructuring Proposal and the application for Whitewash                  
    Waiver. Capitalised terms used herein have the meanings                   
    ascribed thereto in the circular despatched to the                        
    Shareholders dated 30th November, 2004 ("Skynet Circular").               
                                                                              
    DESPATCH OF CIRCULARS                                                     
    The Board announces that the Skynet Circular containing,                  
    among other things, details of the Restructuring Proposal,                
    the application for Whitewash Waiver, Continuing Connected                
    Transactions, change of board lot size, Change of Name, a                 
    notice convening the SGM, the letter of advice from Equitas               
    together with all relevant financial information, has been                
    despatched to the Shareholders on 30th November, 2004.