09:20     MAE HOLDINGS<02976> - Announcement (2)                              

    Accordingly, the total number of Existing Shares entitling                
    the holders thereof to attend and vote on resolutions                     
    numbered 5 and 6 set out in the Notice at the SGM was                     
    3,648,340,000 (or approximately 81.4% of the total issued                 
    share capital of the Company). The Board confirms that HK Sky             
    and its associates have abstained from voting on resolutions              
    numbered 5 and 6 set out in the Notice. Set out below are the             
    results of the voting at the SGM which was conducted by way               
    of poll:                                                                  
                                                                              
    Resolutions                                                               
                                                                              
    Number of Existing Shares (APPROXIMATE %)                                 
    For   Against                                                             
                                                                              
    5.   To approve the Rights Issue                                          
                                                                              
    312,760,000   (83.23%)                                                    
                                                                              
    63,000,000   (16.77%)                                                     
                                                                              
    6.   To approve the Whitewash Waiver                                      
                                                                              
    300,760,000   (80.04%)                                                    
                                                                              
    75,000,000   (19.96%)                                                     
                                                                              
    Accordingly, resolutions numbered 5 and 6 were duly passed by             
    way of poll at the SGM.                                                   
                                                                              
    Tengis Limited, the branch share registrar of the Company in              
    Hong Kong, acted as the scrutineer for the vote-taking at the             
    SGM.                                                                      
                                                                              
    CAPITAL REORGANISATION                                                    
    All the conditions of the Capital Reorganisation have been                
    fulfilled and the Capital Reorganisatoin has become effective             
    from 4:00 p.m. on 17th May, 2005.                                         
                                                                              
    Shareholders and investors are advised to refer to the                    
    trading arrangements for the Consolidated Shares as set out               
    in the Second Announcement and the Circular.                              
                                                                              
    RIGHTS ISSUE                                                              
    Now that the Rights Issue has been approved by the                        
    Independent Shareholders at the SGM, the Prospectus Documents             
    are expected to be despatched on 26th May, 2005 to the                    
    Qualifying Shareholders whose names appear on the register of             
    members of the Company on the Record Date, i.e. 25th May,                 
    2005. The prospectus for the Rights Issue (but not PAL and                
    EAF) is expected to be despatched to the Excluded                         
    Shareholders (if any) on the same day.                                    
                                                                              
    The register of members of the Company will close between                 
    23rd May, 2005 and 25th May, 2005 (both dates inclusive) for              
    determining the entitlements under the Rights Issue. In order             
    to be registered as a member of the Company on the Record                 
    Date, i.e. 25th May, 2005, Shareholders must lodge the                    
    relevant transfers of Existing Shares and/or Consolidated                 
    Shares (with the relevant share certificates) with Tengis                 
    Limited, the branch share registrar of the Company in Hong                
    Kong, at Ground Floor, Bank of East Asia Harbour View Centre,             
    56 Gloucester Road, Wanchai, Hong Kong by 4:00 p.m. on 20th               
    May, 2005.                                                                
                                                                              
    Shareholders and investors are advised to refer to the                    
    timetable for the Rights Issue as set out in the Second                   
    Announcement and the Circular. Further announcement will be               
    made by the Company after the despatch of the Prospectus                  
    Documents.                                                                
                                                                              
    WHITEWASH WAIVER                                                          
    The Whitewash Waiver was conditionally granted by the                     
    Executive on 6th May, 2005. Now that the Whitewash Waiver has             
    been approved by the Independent Shareholders at the SGM, all             
    the conditions of the Whitewash Waiver have been fulfilled.               
    Accordingly, no general offer will be required to be made by              
    the Underwriter and parties acting in concert with it for all             
    the Consolidated Shares not already owned or agreed to be                 
    acquired by them.