irasia.com - Founder Holdings Limited

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.

(Incorporated in Bermuda with limited liability)
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

FURTHER DELAY IN DESPATCH OF CIRCULARS

An application has been made to the Securities and Futures Commission and the Stock Exchange for a further extension of time until 9th September, 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, 14th June, 2000, 5th July, 2000, 26th July, 2000 and 16th August, 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; 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 16th August, 2000 Founder and MIT applied, and approval was granted by the Securities and Futures Commission and the Stock Exchange, for an extension of time until 6th September, 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 9th September, 2000 for the despatch of the Circulars.

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

Hong Kong, 6th September, 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 Journal and Hong Kong Economic Times.

Source: Founder Holdings Limited

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