10:22     <00577><00498><00372> - Joint Announcement (7)                      

    SUSPENSION OF TRADING                                                     
    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 as Skynet is unable to comply with the              
    requirements under the Listing Rules which require listed                 
    issuers to carry out a sufficient level of operations or have             
    tangible assets of sufficient value and/or intangible assets              
    for which a sufficient potential value can be demonstrated to             
    warrant the continued listing of the Shares. Skynet was                   
    placed into the "first stage" of the delisting procedure on               
    16th October, 2003 pursuant to the Listing Rules. According               
    to the Listing Rules, the "first stage" lapsed and the                    
    "second stage" of the delisting procedure commenced on 15th               
    April, 2004, being six months following suspension of trading             
    in the Shares.                                                            
                                                                              
    Resumption in trading of the shares of Skynet is subject to               
    the fulfillment of the following conditions:                              
                                                                              
    (i)   passing of the relevant resolutions on the                          
    Restructuring Proposal by the Independent Shareholders;                   
                                                                              
    (ii)   fulfillment of all other conditions precedent to the               
    completion of the Restructuring Proposal;                                 
                                                                              
    (iii)   withdrawal of all winding up petitions, if any, field             
    against any member of the Skynet Group;                                   
                                                                              
    (iv)   appointment of three independent non-executive                     
    Directors in compliance with Rule 3.10 and 3.13 of the                    
    Listing Rules;                                                            
                                                                              
    (v)   restoration of the holding of at least 25% of Skynet's              
    issued share capital in public hands; and                                 
                                                                              
    (vi)   issue of a resumption announcement.                                
                                                                              
    As at the date of this announcement, no winding up petition               
    has been filed against any member of the Skynet Group and                 
    other conditions have yet to be fulfilled. The Stock Exchange             
    has stated that additional conditions for resumption may be               
    placed on Skynet if it considers appropriate. Further                     
    announcement will be made as to when trading of the shares of             
    Skynet will be resumed.                                                   
                                                                              
    Should the Resumption Proposal fail to be implemented, the                
    delisting timetable would resume and the third stage of                   
    delisting procedures would be taken to have commenced from                
    15th October, 2004.                                                       
                                                                              
    GENERAL                                                                   
    The board of directors of Skynet comprises six directors, of              
    which (i) three are executive directors, namely, Mr. Choi                 
    Wing Kin, Mr. Wu Wing Kin and Mr. To Chi; (ii) one is non-                
    executive director, namely, Mr. Lo Chi Ho, William; and (iii)             
    two are independent non-executive directors, namely, Mr.                  
    Cheung Hon Kit and Mr. Ng Wai Hung.                                       
                                                                              
    The board of directors of Paul Y comprises twelve directors,              
    of which (i) eight are executive directors, namely, Dr. Chan              
    Kwok Keung, Charles, Mr. Lau Ko Yuen, Tom, Mr. Chan Fut Yan,              
    Mr. Wong Wing Hoo, Billy, Ms. Chau Mei Wah, Rosanna, Mr.                  
    Cheung Hon Kit, Mr. Law Man Wah, Conrad and Mr. Lee Hon Chiu;             
    (ii) one is non-executive director, namely Mr. Cheung Ting                
    Kau, Vincent; and (iii) three are independent non-executive               
    directors, namely, Mr. Kwok Shiu Keung, Ernest, Mr. Chan Shu              
    Kin and Dr. Chow Ming Kuen, Joseph.                                       
                                                                              
    The board of directors of ITC comprises nine directors, of                
    which (i) six are executive directors, namely, Dr. Chan Kwok              
    Keung, Charles, Mr. Lau Ko Yuen, Tom, Ms. Chau Mei Wah,                   
    Rosanna, Mr. Chan Kwok Hung, Mr. Chan Fut Yan and Mr. Cheung              
    Hon Kit; and (ii) three are independent non-executive                     
    directors, namely, Mr. Chuck Winston Calptor, Mr. Lee Kit Wah             
    and Mr. Wong Kam Cheong, Stanley.                                         
                                                                              
    By order of the board of                                                  
    Skynet (International Group) Holdings Limited                             
    To Chi                                                                    
    Executive Director                                                        
                                                                              
    By order of the board of                                                  
    Paul Y. - ITC Construction Holdings Limited                               
    Mui Ching Hung, Joanna                                                    
    Company Secretary