09:28     SKYNET(INTL GP)<00577> & PAUL Y-ITC<00498> - J. Ann. (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                             
     (to be renamed as "Paul Y. Engineering Group Limited" "*")               
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 577)                                                         
    (1) RESULTS OF OPEN OFFER                                                 
    (2) COMPLETION OF RESTRUCTURING PROPOSAL                                  
    (3) APPOINTMENT AND RESIGNATION OF DIRECTORS                              
    (4) CHANGE OF COMPANY SECRETARY AND AGENTS FOR THE SERVICE OF             
    PROCESS                                                                   
    (5) CHANGE OF PRINCIPAL PLACE OF BUSINESS                                 
                                                                              
    PAUL Y. - ITC CONSTRUCTION HOLDINGS LIMITED                               
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 498)                                                         
                                                                              
    RESIGNATION OF DIRECTORS AND                                              
    CHANGE OF COMPANY SECRETARY                                               
                                                                              
    Results of Open Offer of Paul Y. Engineering:                             
    At 4:00 p.m. on Thursday, 13th January, 2005, being the latest            
    time for application and payment for the Offer Shares, an                 
    aggregate of 12 valid applications were received for the exact            
    amount of the applicants' provisional allotments on an assured            
    basis, for an aggregate of 6,844,678 Offer Shares. On the basis           
    of an aggregate of 6,844,678 Offer Shares being applied for,              
    approximately 15.2% of the total number of 45,070,995 Offer Shares        
    offered under the Open Offer were applied for by Shareholders.            
                                                                              
    The Open Offer, which was underwritten by Paul Y, became                  
    unconditional at 4:00 p.m. on Monday, 17th January, 2005. Based           
    on the above subscription results, the Open Offer was                     
    under-subscribed by 38,226,317 Offer Shares and Paul Y has                
    subscribed for such 38,226,317 Offer Shares in accordance with            
    the terms of the Underwriting Agreement.                                  
                                                                              
    Completion of Restructuring Proposal of Paul Y. Engineering:              
    Completion of the Restructuring Proposal has taken place on 17th          
    January, 2005.                                                            
                                                                              
    Appointment and resignation of directors of Paul Y. Engineering:          
    With immediate effect after completion of the Restructuring               
    Proposal on 17th January, 2005, the following have been appointed         
    as directors of Paul Y. Engineering:                                      
                                                                              
    Mr. Ronald James Blake   :   Chairman, Independent Non-Executive          
    Director and Chairman of the Audit Committee                              
    Mr. Lau Ko Yuen, Tom   :   Deputy Chairman and Non-Executive              
    Director                                                                  
    Mr. Wong Wing Hoo, Billy   :   Managing Director and Executive            
    Director                                                                  
    Mr. Lee Hon Chiu   :   Executive Director                                 
    Mr. Lee Chack Fan   :   Independent Non-Executive Director and            
    member of the Audit Committee                                             
    Mr. Iain Ferguson Bruce   :   Independent Non-Executive Director          
    and member of the Audit Committee                                         
                                                                              
    With immediate effect after completion of the Restructuring               
    Proposal, Messrs. Choi Wing Kin, Wu Wing Kin and To Chi resigned          
    as executive directors of Paul Y. Engineering, and Mr. Lo Chi Ho,         
    William resigned as a non-executive director of Paul Y.                   
    Engineering. Messrs. Cheung Hon Kit and Ng Wai Hung resigned as           
    independent non-executive directors of Paul Y. Engineering and            
    ceased to be members of the Audit Committee of Paul Y. Engineering.       
                                                                              
    Change of company secretary and agents for the service of process         
    of Paul Y. Engineering:                                                   
    With effect from 17th January, 2005, Mr. To Chi resigned and Ms.          
    Mui Ching Hung, Joanna has been appointed as the Company Secretary        
    of Paul Y. Engineering.                                                   
                                                                              
    With effect from 17th January, 2005, Mr. Wong Wing Hoo, Billy and         
    Mr. Lee Hon Chiu have been appointed as the agents for the                
    service of process in Hong Kong of Paul Y. Engineering.