09:37     SKYNET(INTL GP)<00577> & PAUL Y-ITC<00498> - J.Ann. (6)             

    In order to facilitate the trading of odd lots of the                     
    Consolidated Shares as a result of the Capital                            
    Reorganisation and the Open Offer, Paul Y Engineering                     
    has appointed Tai Fook Securities Company Limited as                      
    an agent to match, on a "best efforts" basis, the sale                    
    and purchase of odd lots of the Consolidated Shares                       
    arising from the Capital Reorganisation and the Open                      
    Offer from Thursday, 27th January, 2005 up to and                         
    including Tuesday, 22nd February, 2005. Such                              
    arrangement is to facilitate Shareholders who wish to                     
    dispose of or top up their odd lots of Consolidated                       
    Shares. Shareholders who wish to take advantage of                        
    this facility should contact Mr. Gilbert Lam of Tai                       
    Fook Securities Company Limited at 25th Floor, New                        
    World Tower, 16-18 Queen's Road, Central, Hong Kong                       
    (Tel: 2160 9963) during the period. Shareholders                          
    should note that the matching of the sale and purchase                    
    of odd lots of Consolidated Shares is not guaranteed.                     
                                                                              
    Shareholders are recommended to consult their                             
    licensed securities dealers, bank managers,                               
    solicitors, professional accountants or other                             
    professional advisers if they are in any doubt about                      
    the facility described above.                                             
                                                                              
    GENERAL                                                                   
    The making of this announcement by Paul Y is pursuant                     
    to Rule 13.09 of the Listing Rules.                                       
                                                                              
    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; (ii) one is non-executive director,                         
    namely, Mr. Lau Ko Yuen, Tom; and (iii) three are                         
    independent non-executive directors, namely, Mr.                          
    Ronald James Blake, Professor 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                                                  
    Paul Y. Engineering Group Limited                                         
    (formerly known as Skynet (International Group)                           
    Holdings 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, 24th January, 2005