10:20     MAE HOLDINGS<00851>-Announcement&Resumption of Trading(7)           

    Application for listing:                                                  
    The Company will apply to the Listing Committee of                        
    the Stock Exchange for the listing of, and permission                     
    to deal in, the Rights Shares in both nil-paid and                        
    fully-paid forms.                                                         
                                                                              
    Dealings in the Rights Shares in their nil-paid and                       
    fully-paid forms will be subject to the payment of                        
    stamp duty in Hong Kong.                                                  
                                                                              
    2.   Underwriting Agreement                                               
    Date   :   1st April, 2005                                                
                                                                              
    Underwriter   :   Fine Asset Ltd., which is wholly                        
    and beneficially owned by Mr. Lo Kit Sing, Steven,                        
    the elder brother of Mr. Lo Wai Shing, Felix, an                          
    executive Director                                                        
                                                                              
    Minimum number of Rights Shares  underwritten   :                         
    224,192,000 Rights Shares                                                 
                                                                              
    Maximum number of Rights Shares underwritten   :                          
    224,924,000 Rights Shares                                                 
                                                                              
    Commission   :   2.0% of the aggregate Subscription                       
    Price for the underwritten Rights Shares, which is                        
    expected to be approximately HK$450,000, assuming                         
    224,192,000 Rights Shares are allotted under the                          
    Rights Issue                                                              
                                                                              
    Fine Asset Ltd. is an investment holding company                          
    whose ordinary course of business does not include                        
    underwriting.                                                             
                                                                              
    Termination of the Underwriting Agreement:                                
    If any time prior to the Latest Time for Termination,                     
    which is 4:00 p.m. on the second business day after                       
    the last business day on which payment and acceptance                     
    of the Rights Shares can be made under the Rights                         
    Issue:                                                                    
                                                                              
    (i)   in the reasonable opinion of the Underwriter,                       
    the success of the Rights Issue would be materially                       
    and adversely affected by:                                                
                                                                              
    (a)   the introduction of any new law or regulation                       
    or any change in existing law or regulation (or the                       
    judicial interpretation thereof) or other occurrence                      
    of any nature whatsoever which may in the reasonable                      
    opinion of the Underwriter materially and adversely                       
    affect the business or the financial or trading                           
    position or prospects of the Group as a whole or is                       
    materially adverse in the context of the Rights Issue;                    
    or                                                                        
                                                                              
    (b)   the occurrence of any local, national or                            
    international event or change (whether or not forming                     
    part of a series of events or changes occurring or                        
    continuing before, and/or after the date hereof) of                       
    a political, military, financial, economic or other                       
    nature (whether or not ejusdem generis with any of                        
    the foregoing), or in the nature of any local,                            
    national or international outbreak or escalation of                       
    hostilities or armed conflict, or affecting local                         
    securities markets which may, in the reasonable                           
    opinion of the Underwriter materially and adversely                       
    affect the business or the financial or trading                           
    position or prospects of the Group as a whole or                          
    materially and adversely prejudice the success of the                     
    Rights Issue or otherwise makes it inexpedient or                         
    inadvisable to proceed with the Rights Issue; or                          
                                                                              
    (c)   any material adverse change in the business or                      
    in the financial or trading position of the Group as                      
    a whole; or                                                               
                                                                              
    (ii)   any adverse change in market conditions                            
    (including without limitation, any change in fiscal                       
    or monetary policy, or foreign exchange or currency                       
    markets, suspension or material restriction or                            
    trading in securities) occurs which in the reasonable                     
    opinion of the Underwriter is likely to materially                        
    or adversely affect the success of the Rights Issue                       
    or otherwise makes it inexpedient or inadvisable to                       
    proceed with the Rights Issue; or