09:31     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.                         
                                                                              
    PAUL Y. ENGINEERING GROUP LIMITED                                         
    (formerly known as                                                        
    Skynet (International Group) Holdings Limited                             
    (*)                                                                       
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 577)                                                         
                                                                              
    REVISED TIMETABLE FOR (1) completion of placing;                          
    (2) RESUMPTION OF TRADING;                                                
    AND (3) TRADING ARRANGEMENTS RELATING TO                                  
    CAPITAL REORGANISATION and change in board lot size                       
                                                                              
    PAUL Y. - ITC CONSTRUCTION HOLDINGS LIMITED                               
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 498)                                                         
                                                                              
    REVISED TIMETABLE FOR COMPLETION OF PLACING OF                            
    EXISTING SHARES IN PAUL Y. ENGINEERING GROUP LIMITED                      
                                                                              
    Revised completion date of the placing of existing shares                 
    of Paul Y Engineering                                                     
                                                                              
    As the Placing was to be conducted off-market, Paul Y had                 
    not taken into account the market practice of the timing                  
    required for settlement of the Placing Shares. Accordingly,               
    the completion of the Placing has been postponed from 25th                
    January, 2005 to 27th January, 2005.                                      
                                                                              
    Further announcement will be made upon completion of the                  
    Placing (which is expected to be published on Friday, 28th                
    January, 2005 instead of 27th January, 2005 as stated in                  
    the Announcement). Following completion of the Placing,                   
    the public float of Paul Y Engineering will be restored                   
    to approximately 34.8%.                                                   
                                                                              
    Suspension and resumption 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. As a result of the postponement of the completion                   
    of the Placing and issue of the resumption announcement,                  
    it is expected that the trading of shares of Paul Y                       
    Engineering will resume on Friday, 28th January, 2005                     
    (instead of 27th January, 2005 as stated in the                           
    Announcement). Application will be made by Paul Y                         
    Engineering for the resumption of trading in shares of Paul               
    Y Engineering with effect from 9:30 a.m. on Friday, 28th                  
    January, 2005.                                                            
                                                                              
    Revised timetable for trading arrangements                                
    The revised timetable for resumption of trading in the                    
    shares of Paul Y Engineering, the associated trading                      
    arrangements after the Capital Reorganisation, the change                 
    of board lot size and odd lot trading facility is set out                 
    below. Shareholders will be informed of any changes to the                
    expected timetable by press notice.                                       
                                                                              
    Reference is made to the joint announcement (the                          
    "Announcement") made by Paul Y. Engineering Group Limited                 
    (formerly known as Skynet (International Group) Holdings                  
    Limited) ("Paul Y Engineering", together with its                         
    subsidiaries the "Paul Y Engineering Group") and Paul Y                   
    dated 24th January, 2005. Unless otherwise defined herein,                
    capitalised terms used herein have the meanings ascribed                  
    thereto in the Announcement.                                              
                                                                              
    REVISED COMPLETION DATE OF THE PLACING OF EXISTING SHARES                 
    OF PAUL Y ENGINEERING                                                     
    On 24th January, 2005, Paul Y has engaged the Placing Agent               
    for the placing of 156,000,000 Consolidated Shares at                     
    HK$1.0 per Consolidated Share on a "best efforts" basis.                  
                                                                              
    As the Placing was to be conducted off-market, Paul Y had                 
    not taken into account the market practice of the timing                  
    required for settlement of the Placing Shares. Accordingly,               
    the completion of the Placing has been postponed from 25th                
    January, 2005 to 27th January, 2005.