09:52     SKYNET<00577><02960>PAUL Y-ITC<00498>-Ann & SKYNET Resume(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)                                                         
                                                                              
    RESTORATION OF PUBLIC FLOAT AND                                           
    RESUMPTION OF TRADING                                                     
                                                                              
    PAUL Y. - ITC CONSTRUCTION HOLDINGS LIMITED                               
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 498)                                                         
                                                                              
    COMPLETION OF PLACING OF EXISTING SHARES                                  
    IN PAUL Y. ENGINEERING GROUP LIMITED                                      
                                                                              
    Restoration of public float of Paul Y Engineering                         
    Paul Y Engineering has been informed by Paul Y that                       
    completion of the Placing had taken place on 27th                         
    January, 2005.                                                            
                                                                              
    Following completion of the Placing, the public float                     
    of Paul Y Engineering has been 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. Following the restoration of the public                    
    float of Paul Y Engineering and the issue of this                         
    resumption announcement, all conditions to the                            
    resumption of trading in shares of Paul Y Engineering                     
    have been fulfilled and accordingly, the trading of                       
    shares of Paul Y Engineering will resume on Friday,                       
    28th January, 2005. Application has been 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.                                               
                                                                              
    The making of this announcement by Paul Y is pursuant                     
    to Rule 13.09 of the Listing Rules.                                       
                                                                              
    Reference is made to the joint announcements 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 (the "Announcement") and 25th January,                      
    2005. Unless otherwise defined herein, capitalised                        
    terms used herein have the meanings ascribed thereto                      
    in the Announcement.                                                      
                                                                              
    RESTORATION OF PUBLIC FLOAT OF PAUL Y ENGINEERING                         
    On 24th January, 2005, Paul Y 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.                                                                    
                                                                              
    Paul Y Engineering has been informed by Paul Y that                       
    completion of the Placing had taken place on 27th                         
    January, 2005. 156,000,000 Placing Shares have been                       
    placed to more than six placees; and each of the                          
    placees and their respective ultimate beneficial                          
    owners are third parties independent of Paul Y                            
    Engineering and Paul Y and their respective connected                     
    persons (as defined in the Listing Rules).