09:12     MAE HOLDINGS<00851> - Announcement (5)                              

    "Group"   the Company and its subsidiaries                                
                                                                              
    "Listing Rules"   the Rules Governing the Listing of                      
    Securities on the Stock Exchange                                          
                                                                              
    "Placees"   any individual(s), institutional or other                     
    professional investor(s) or any of their respective                       
    subsidiaries or associates procured by the Placing Agent to               
    subscribe for any of the Placing Shares pursuant to the                   
    Placing Agreement                                                         
                                                                              
    "Placing"   placing of 400,000,000 existing Shares                        
    beneficially owned by the Vendor at the Placing Price pursuant            
    to the Placing Agreement                                                  
                                                                              
    "Placing Agent"   Get Nice Investment Limited, a deemed                   
    licensed corporation within the meaning of the SFO, who and               
    whose ultimate beneficial owners are independent third                    
    parties not connected with the directors, chief executive or              
    substantial shareholder of the Company or any of its                      
    subsidiaries or associates of any of them                                 
                                                                              
    "Placing Agreement"   the placing agreement entered into                  
    between the Vendor and the Placing Agent dated 17 February                
    2005 in relation to the Placing                                           
                                                                              
    "Placing Price"   HK$0.016 per Shares                                     
                                                                              
    "Placing Shares"   400,000,000 existing Shares to be placed               
    under the Placing                                                         
                                                                              
    "SFO"   the Securities and Futures Ordinance (Chapter 571 of              
    the Laws of Hong Kong)                                                    
                                                                              
    "Share(s)"   the ordinary share(s) of HK$0.01 each in the                 
    capital of the Company                                                    
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Top-Up Subscription"   the subscription of 400,000,000 new               
    Shares pursuant to the terms of the Top-Up Subscription                   
    Agreement                                                                 
                                                                              
    "Top-Up Subscription Agreement"   the subscription                        
    agreement between the Vendor and the Company dated 17 February            
    2005 in relation to the Top-Up Subscription                               
                                                                              
    "Top-Up Subscription Price"   HK$0.016 per Shares                         
                                                                              
    "Top-Up Subscription Shares"   a total of 400,000,000 new                 
    Shares to be subscribed by the Vendor pursuant to the Top-Up              
    Subscription Agreement                                                    
                                                                              
    "Vendor"   HK Sky Entertainment Holdings Limited, an                      
    investment holding company incorporated in Hong Kong with                 
    limited liability in which Mr. Lo Wai Shing, Felix, the                   
    Chairman of the Board and an executive Director, holds 100%               
    of the issued share capital                                               
                                                                              
    "HK$"   Hong Kong dollars                                                 
                                                                              
    "%"   per cent.                                                           
                                                                              
    By order of the Board                                                     
    MAE Holdings Limited                                                      
    Lo Wai Shing, Felix                                                       
    Chairman                                                                  
                                                                              
    Hong Kong, 17 February 2005                                               
                                                                              
    As at the date of this announcement, the Board comprises Mr.              
    Lo Wai Shing Felix, Mr. Lau Kevin and Ms. Leung Wai Kuen Cerene           
    as executive Directors, and Mr. Yeong Yun Hong Gary, Mr. Chu              
    Chin Fan and Ms. Yan Po Kwan as independent non-executive                 
    Directors.