FOUNDER HOLDINGS LIMITED (Formerly listed under the name of Founder (Hong Kong) Limited)	MANAGEMENT INVESTMENT & TECHNOLOGY (HOLDINGS) LIMITED (incorporated in Bermuda with limited liability)
MAJOR TRANSACTION	MAJOR AND CONNECTED TRANSACTIONS PLACING OF NEW SHARES SUBSCRIPTION OF NEW SHARES WHITEWASH WAIVER

An application has been made to the Securities and Futures Commission and the Stock Exchange for a further extension of time until 26th July, 2000 for the despatch of the Circulars.

Reference is made to the joint announcements made by the respective boards of directors of Founder Holdings Limited and Management Investment & Technology (Holdings) Limited dated 24th May, 2000 and 14th June, 2000 respectively . Unless otherwise stated or unless the context otherwise requires, capitalised terms used in the announcement dated 24th May, 2000 (the "First Announcement") shall have the same meanings when used herein.

Pursuant to Rule 8.2 of the Takeovers Code and Rules 14.13(2) and 14.29(2) of the Listing Rules, each of Founder and MIT is required to issue a circular (together, the "Circulars") to its shareholders within 21 days after the publication of the First Announcement in relation to, inter alia, (a) (in the case of Founder) a major transaction of Founder; and (b) (in the case of MIT) (i) major and connected transactions; (ii) placing and subscription of new Shares of MIT; and (iii) the Whitewash Waiver. On 14th June, 2000 Founder and MIT had applied, and approval was granted by the Securities and Futures Commission and the Stock Exchange, for an extension of time until 5th July, 2000 for the despatch of the Circulars. As additional time is needed to finalise the information required to be incorporated into the Circulars, an application has been made to the Securities and Futures Commission and the Stock Exchange for a further extension of time until 26th July, 2000 for the despatch of the Circulars.

By the Order of the Board of	By the Order of the Board of
Founder Holdings Limited Cheung Shuen Lung President	Management Investment & Technology (Holdings) Limited Richard Chih Shin Yung Chairman

Hong Kong, 5th July, 2000

The directors of Founder and MIT jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, their opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any of their statements in this announcement misleading.

Please also refer to the published version of this announcement in Hong Kong iMail, Hong Kong Economic Times and Hong Kong Economic Journal.

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