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(incorporated in Bermuda with limited liability)

MANAGEMENT INVESTMENT
& TECHNOLOGY (HOLDINGS) LIMITED
(incorporated in Bermuda with limited liability)

JOINT ANNOUNCEMENT ON PASSING OF RESOLUTIONS ON
THE SPECIAL GENERAL MEETINGS OF FOUNDER AND MIT

Resolutions set out in the notices of meetings contained in the circulars dated 9th September, 2000 of Founder and MIT have all been passed on 25th September, 2000. Completion of the Acquisition, the Disposal, the Equity Transfer, the Placing and the Subscriptions are expected to take place on or before 30th September, 2000.

Reference is made to the joint announcements of Founder and MIT dated 24th May, 2000, 14th June, 2000, 5th July, 2000, 26th July, 2000,16th August, 2000, 6th September, 2000 and 9th September, 2000 respectively. Terms used herein shall have the same meanings as defined in the joint announcement dated 24th May, 2000 unless the context otherwise requires or otherwise defined herein.

At the respective special general meetings of Founder and MIT convened and held on 25th September, 2000, all the resolutions set out in the notices of meetings contained in the circulars dated 9th September, 2000 of Founder and MIT to their respective shareholders were passed. In particular, in relation to ordinary resolutions Nos. 3, 4 and 7 set out in the notice of special general meeting of MIT (being the resolutions in relation to the Disposal, the Management Agreement and the Whitewash Waiver which are required to be determined by way of poll), each of those resolutions was passed with 38,923,200 votes cast for the resolution and nil vote cast against the resolution. Completion of the Acquisition, the Disposal, the Equity Transfer, the Placing and the Subscriptions are expected to take place on or before 30th September, 2000.


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


Hong Kong, 25th 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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