10:21     MAE HOLDINGS<00851>-Announcement&Resumption of Trading(10)          

    Public   3,648,340,000   81.4   182,417,000   81.4                        
    364,834,000   81.4   182,417,000   40.7                                   
    365,018,000   81.1   182,509,000   40.6                                   
                                                                              
    Total   4,483,840,000   100.0   224,192,000   100.0                       
    448,384,000   100.0   448,384,000   100.0                                 
    449,848,000   100.0   449,848,000   100.0                                 
                                                                              
    Notes:                                                                    
                                                                              
    (a)   Assuming that all Independent Shareholders                          
    will take up their provisional entitlements under the                     
    Rights Issue.                                                             
                                                                              
    (b)   Assuming that no Independent Shareholders will                      
    take up their provisional entitlements under the                          
    Rights Issue and all the underwritten Rights Shares                       
    will be taken up by the Underwriter.                                      
                                                                              
    6.   Whitewash Waiver                                                     
    As at the date of the Underwriting Agreement, the                         
    Underwriter and parties acting in concert with it                         
    (including HK Sky) are beneficially interested in                         
    835,500,000 Existing Shares, representing                                 
    approximately 18.6% of the issued share capital of                        
    the Company as at the date of this announcement. In                       
    the event that the Underwriter is required to                             
    subscribe for all the 224,924,000 Rights Shares being                     
    underwritten (assuming exercise in full of the                            
    outstanding Share Options on or before the Record                         
    Date), the Underwriter and parties acting in concert                      
    with it (including HK Sky) will become interested in                      
    a total of 266,699,000 Consolidated Shares,                               
    representing approximately 59.3% of the issued share                      
    capital of the Company as enlarged by the Rights Issue.                   
    The Underwriter and parties acting in concert with                        
    it will then be obliged to make a mandatory general                       
    offer for all the Consolidated Shares not already                         
    owned or agreed to be acquired by them pursuant to                        
    Rule 26 of the Takeovers Code. An application will                        
    be made to the Executive by the Underwriter for the                       
    Whitewash Waiver. The Whitewash Waiver, if granted                        
    by the Executive, would be subject to the approval                        
    of the Independent Shareholders taken by way of a poll                    
    at the special general meeting of the Company.                            
                                                                              
    It is one of the conditions of the Underwriting                           
    Agreement that the Whitewash Waiver be obtained. If                       
    the Whitewash Waiver is not approved by the                               
    Independent Shareholders, the Underwriting                                
    Agreement will not become unconditional and the                           
    Rights Issue will not proceed.                                            
                                                                              
    The Underwriter and parties acting in concert with                        
    it have not dealt in the Existing Shares in the                           
    six-month period immediately prior to the date of                         
    this announcement except for (i) the placing down of                      
    130,640,000 Existing Shares and the subscription for                      
    the same number of Existing Shares at HK$0.016 each                       
    by HK Sky as announced on 23rd December, 2004 and                         
    completed on 5th January, 2005; and (ii) the placing                      
    down of 400,000,000 Existing Shares and the                               
    subscription for the same number of Existing Shares                       
    at HK$0.016 each by HK Sky as announced on 17th                           
    February, 2005 and completed on 3rd March, 2005.                          
                                                                              
    An independent board committee will be established                        
    by the Company to advise the disinterested                                
    Shareholders on the terms of the Rights Issue and the                     
    Whitewash Waiver and an independent financial                             
    adviser will be appointed to advise the independent                       
    board committee of the Company and the disinterested                      
    Shareholders in this regard.                                              
                                                                              
    7.   Information on the Group                                             
    The principal activity of the Company is investment                       
    holding, with its subsidiaries mainly engaged in the                      
    manufacture and sale of professional audios, musical                      
    instruments, home appliances, electrical adaptors,                        
    transformers and related accessories, plastic moulds                      
    and electric products.