09:48     MAE HOLDINGS<00851> - Announcement (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.                                                             
                                                                              
    MAE HOLDINGS LIMITED                                                      
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 851)                                                         
                                                                              
    DESPATCH OF CIRCULAR, EXPECTED TIMETABLE                                  
    AND TRADING ARRANGEMENTS IN RELATION TO                                   
    PROPOSED CAPITAL REORGANISATION AND RIGHTS ISSUE                          
                                                                              
    The circular dated 22nd April, 2005 in relation to the Capital            
    Reorganisation, Rights Issue and the application for the                  
    Whitewash Waiver was despatched to the Shareholders and, for              
    information only, the holders of the Share Options on 22nd                
    April, 2005.                                                              
                                                                              
    Details of the expected timetable and trading arrangement                 
    arrangements for the implementation of the Capital                        
    Reorganisation and the Rights Issue are set out in this                   
    announcement.                                                             
                                                                              
    Reference is made to the announcement and the circular (the               
    "Circular") of the Company dated 1st April, 2005 and 22nd April,          
    2005 respectively in relation to the Capital Reorganisation,              
    the Rights Issue and the application for the Whitewash Waiver.            
    Terms used in this announcement shall have the same meanings as           
    those defined in the Circular unless the context requires                 
    otherwise.                                                                
                                                                              
    DESPATCH OF CIRCULAR                                                      
    The Directors announce that the circular dated 22nd April, 2005           
    in relation to the Capital Reorganisation, Rights Issue and the           
    application for the Whitewash Waiver was despatched to the                
    Shareholders and, for information only, the holders of the                
    Share Options on 22nd April, 2005.                                        
                                                                              
    EXPECTED TIMETABLE                                                        
    Set out below is an indicative timetable for the implementation           
    of the Capital Reorganisation and the Rights Issue. The                   
    timetable is subject to the results of the SGM and other                  
    changes in accordance with the agreement between the Company              
    and the Underwriter. The Company will notify the Shareholders             
    on any changes to the expected timetable as and when                      
    appropriate.                                                              
                                                                              
    2005                                                                      
    Latest time for lodging form of proxy for the SGM   10:00 a.m.            
    on Sunday, 15th May                                                       
                                                                              
    SGM   10:00 a.m. on Tuesday, 17th May                                     
                                                                              
    Effective date for the Capital Reorganisation   4:00 p.m. on              
    Tuesday, 17th May                                                         
                                                                              
    Announcement of the results of the SGM to be published                    
    Wednesday, 18th May                                                       
                                                                              
    Original counter for trading in the Existing Shares in board              
    lots of 20,000 Existing Shares closes   9:30 a.m. on Wednesday,           
    18th May                                                                  
                                                                              
    Temporary counter for trading in the Consolidated Shares in               
    board lots of 1,000 Consolidated Shares (in the form of                   
    existing blue share certificates) opens   9:30 a.m. on                    
    Wednesday, 18th May                                                       
                                                                              
    Free exchange of existing blue share certificates for new pink            
    share certificates commences   Wednesday, 18th May                        
                                                                              
    Last day of dealings in the Existing Shares on a cum-rights               
    basis   Wednesday, 18th May                                               
                                                                              
    Commencement of dealings in the Existing Shares on an ex-rights           
    basis   Thursday, 19th May                                                
                                                                              
    Latest time for lodging transfers of Existing Shares to be                
    entitled for the Rights Issue   4:00 p.m. on Friday, 20th May             
                                                                              
    Register of members closes for determining the entitlements               
    under the Rights Issue (both dates inclusive)   Monday, 23rd              
    May to Wednesday, 25th May