09:52     SKYNET<00577><02960>PAUL Y-ITC<00498>-Ann & SKYNET Resume(2)        

    Following completion of the Placing, the public float                     
    of Paul Y Engineering has been restored to 34.8%. The                     
    following is a summary of the shareholding structure                      
    of Paul Y Engineering immediately upon completion of                      
    the Placing:                                                              
                                                                              
    Shareholder                                                               
    Shareholding immediately upon completion of the                           
    Placing                                                                   
    Consolidated Shares   %                                                   
                                                                              
    Paul Y   375,826,317.0   65.2                                             
    Public Shareholders   200,873,077.8   34.8                                
                                                                              
    Total   576,699,394.8   100.00                                            
                                                                              
    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 at the date of this announcement, no winding up                        
    petition has been filed against any member of the Paul                    
    Y Engineering Group. 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 timetable for the associated trading arrangements                     
    for the Capital Reorganisation, the change of board                       
    lot size, odd lot trading facility and free exchange                      
    service of share certificates has been set out in the                     
    joint announcement of Paul Y Engineering and Paul Y                       
    dated 25th January, 2005.                                                 
                                                                              
    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, 27th January, 2005                                             
                                                                              
    *   for identification purpose only