09:31     SKYNET(INTL GP)<00577> & PAUL Y-ITC<00498> - J. Ann. (7)            

    10.   CHANGE OF PRINCIPAL PLACE OF BUSINESS IN HONG KONG OF PAUL          
    Y. ENGINEERING                                                            
    With effect from 17th January, 2005, the principal place of               
    business of Paul Y. Engineering in Hong Kong has been changed to          
    31st Floor, Paul Y. Centre, 51 Hung To Road, Kwun Tong, Kowloon,          
    Hong Kong.                                                                
                                                                              
    11.   SUSPENSION OF TRADING IN SHARES OF PAUL Y. ENGINEERING              
    Trading in the shares of Paul Y. Engineering on the Stock Exchange        
    has been suspended at the request of Paul Y. Engineering with             
    effect from 9:30 a.m. on 16th October, 2003.                              
                                                                              
    Following the completion of the Restructuring Proposal and                
    appointment of three independent non-executive Directors as               
    mentioned above, the outstanding conditions for the resumption            
    in trading of the shares of Paul Y. Engineering include:                  
                                                                              
    (i)   withdrawal of all winding up petitions, if any, field               
    against any member of the Paul Y. Engineering group;                      
                                                                              
    (ii)   restoration of the holding of at least 25% of Paul Y.              
    Engineering's issued share capital in public hands; and                   
                                                                              
    (iii)   issue of a resumption announcement.                               
                                                                              
    As at the date of this announcement, no winding up petition has           
    been filed against any member of the Paul Y. Engineering group            
    and the other conditions are yet to be fulfilled. The Stock               
    Exchange has stated that additional conditions for resumption may         
    be placed on Paul Y. Engineering if it considers appropriate.             
    Further announcement will be made as to whether and when trading          
    of the shares of Paul Y. Engineering will be resumed.                     
                                                                              
    RESIGNATION OF DIRECTORS AND CHANGE OF COMPANY SECRETARY OF PAUL          
    Y                                                                         
    The board of directors (the "Paul Y Board") of Paul Y announces           
    that in order to clearly delineate the responsibilities of the            
    individual directors and officer towards the respective board of          
    Paul Y and Paul Y. Engineering upon completion of the                     
    Restructuring Proposal, (i) Mr. Wong Wing Hoo, Billy has resigned         
    as the Deputy Managing Director and an executive director of Paul         
    Y; (ii) Mr. Law Man Wah, Conrad and Mr. Lee Hon Chiu have resigned        
    as executive directors of Paul Y; (iii) Ms. Mui Ching Hung, Joanna        
    has resigned as the Company Secretary of Paul Y; and (iv) Ms. Wong        
    Lai Kin, Elsa has been appointed as the Company Secretary of Paul         
    Y in place of Ms. Mui, all with effect from 17th January, 2005.           
                                                                              
    Mr. Wong, Mr. Law and Mr. Lee have confirmed that there is no             
    disagreement with the Paul Y Board and there are no matters that          
    need to be brought to the attention of the shareholders of Paul           
    Y.                                                                        
                                                                              
    The Paul Y Board would like to take this opportunity to thank Mr.         
    Wong, Mr. Law, Mr. Lee and Ms. Mui for their valuable contribution        
    to Paul Y in the past and to extend its warmest welcome to Ms.            
    Wong for her new appointment to Paul Y.                                   
                                                                              
    GENERAL                                                                   
    The board of directors of Paul Y. Engineering comprises six               
    directors, of which (i) two are executive directors, namely, Mr.          
    Wong Wing Hoo, Billy and Mr. Lee Hon Chiu; (iii) one is                   
    non-executive director, namely, Mr. Lau Ko Yuen, Tom; and (iii)           
    three are independent non-executive directors, namely, Mr. Ronald         
    James Blake, Mr. Lee Chack Fan and Mr. Iain Ferguson Bruce.               
                                                                              
    The board of directors of Paul Y comprises nine directors, of which       
    (i) five are executive directors, namely, Dr. Chan Kwok Keung,            
    Charles, Mr. Lau Ko Yuen, Tom, Mr. Chan Fut Yan, Ms. Chau Mei Wah,        
    Rosanna and Mr. Cheung Hon Kit; (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.                  
                                                                              
    By order of the board of                                                  
    Skynet (International Group) Holdings Limited                             
    (to be renamed as "Paul Y. Engineering Group Limited")                    
    Mui Ching Hung, Joanna                                                    
    Company Secretary                                                         
                                                                              
    By order of the board of                                                  
    Paul Y. - ITC Construction Holdings Limited                               
    Wong Lai Kin, Elsa                                                        
    Company Secretary                                                         
                                                                              
    Hong Kong, 17th January, 2005                                             
                                                                              
    *   for identification purpose only