News Release PYI Shareholders Approved the Deemed Very Substantial Disposal of Interest in Paul Y. Engineering

(18 January 2013, Hong Kong) - Bulk cargo port and infrastructure group PYI Corporation Limited ("PYI") (0498.HK) announced that PYI shareholders has approved, by 99.84% of votes cast by shareholders (representing 1,247,340,785 PYI shares), the deemed disposal of a very substantial interest in Paul Y. Engineering Group Limited ("PYE") (0577.HK) ("Deemed Disposal") arising by virtue of the proposed placing and, or, contingent placing of PYE shares or convertible bonds ("PYE Placing") at the special general meeting ("SGM") of PYI held today.
The PYE Placing is for PYE to finance the acquisition of a plot of land ("PYE Acquisition") and the development of a luxury hotel in Macau. Subject to the distribution of 49% of PYE BVI ("Distribution") being approved by other PYE shareholders, PYI will vote in favour of all resolutions (including the PYE Placing and PYE Acquisition) in the PYE SGM and will offer cash alternative of $0.30 per PYE BVI share ("Cash Alternative"). Upon completion of the Deemed Disposal, the Distribution and the Cash Alternative, PYI's equity interest in PYE will be diluted from 61.92% to potentially 3.45% and PYE will cease to be a subsidiary of PYI while PYI will directly own as to 30.34% up to 49% interest in PYE BVI.
PYE SGM will be held at Victoria Room, 2nd Floor, Mandarin Oriental, Hong Kong on 21
January 2013 at 10:30 am.
For the poll results of SGM issued by PYI Corporation Limited on 18 January 2013, please click here.
For the circular and the notice of SGM issued by Paul Y. Engineering Group Limited on 5
January 2013, please click here.
For the voluntary announcement issued by PYI Corporation Limited on 5 January 2013, please click here.
For the circular and the notice of SGM issued by PYI Corporation Limited on 21 December
2012, please click here.
For the official announcement issued by PYI Corporation Limited and Paul Y. Engineering
Group Limited on 19 November 2012, please click here.
For the news release issued by PYI Corporation Limited and Paul Y. Engineering Group
Limited on 19 November 2012, please click here.

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Notes to editors:

PYI Corporation Limited (0498.HK)

Based in Hong Kong, PYI Corporation Limited focuses on ports and infrastructure development and investment, and the operation of ports and logistics facilities, in the
Yangtze River region of China. It also engages in land and property development and
investment in association with ports and infrastructure development. In addition, PYI provides comprehensive engineering and property-related services through Paul Y. Engineering Group Limited (0577.HK). For more information about PYI, please visit www.pyicorp.com.

Paul Y. Engineering Group Limited (0577.HK)

Established in 1946, PYE is an international engineering and property services group, with three core business functions: management contracting, property development management and property investment in Hong Kong, Macau and the Mainland China. PYE serves a wide spectrum of distinguished clients, including the government and major enterprises. For over
60 years, PYE has played a significant role in shaping Hong Kong's skyline and its world- class infrastructure. For more information, please refer to www.pyengineering.com.

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