ITC CORPORATION<0372> - Announcement

The  Stock  Exchange of Hong Kong Limited takes no responsibility for
the  contents of this announcement, makes no representations 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.

ITC CORPORATION LIMITED
(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

The  Board  of  the  Company  refers to the Circular.

On 1st November,  1999,  Tai Fook exercised the over-allotment option 
under the  terms  of the Convertible Notes Placing Agreement to require 
the Company  to issue a further amount of HK$20,000,000 Convertible Notes.
Completion  of  the  placing  and  subscription of the Additional
Convertible  Notes  is  expected  to  take place on or around 3rd
November, 1999.

The  board of directors (the `Board') of ITC Corporation Limited (the
`Company')  refers  to  the  circular  of  the Company dated 15th
September,  1999  (`Circular')  in  relation  to, inter alia, the
subscription  and  placing of convertible notes (`Convertible Notes')
of  the Company (`Convertible Notes Issue') and wishes to advise that
completion  of the Convertible Notes Issue took place on 5th October,
1999.

On  1st  November,  1999, Tai Fook Securities Company Limited (`Tai
Fook')  exercised  the  over-allotment option under the Convertible
Notes  Placing  Agreement  to require the Company to issue a further
amount  of  HK$20,000,000  Convertible  Notes  (the  `Additional
Convertible  Notes').  Completion of the placing and subscription of
the  Additional  Convertible  Notes is expected to take place on or
around 3rd November, 1999.

The  placees  of the Additional Convertible Notes are independent of,
and  not  connected  with,  the  directors,  chief executives or
substantial  shareholders of the Company or any of its subsidiaries or
their respective associates.

The  principal  terms of the Additional Convertible Notes will be the
same as those of the Convertible Notes issued on 5th October, 1999.

Assuming  full  conversion of the Additional Convertible Notes at the
initial  conversion price of HK$1.10 per share, the Company will issue
a  total of 18,181,818 ordinary shares of HK$0.10 each in the Company,
representing  about 3.6% of the existing issued ordinary share capital
of the Company.

Net  proceeds  from the issue of the Additional Convertible Notes are
estimated  to  be about HK$19.5 million. It is intended that such net
proceeds  will be used to reduce the borrowing of the Company and its
subsidiaries.

                                By Order of the Board 
                                Wong Lai Kin, Elsa 
                                Company Secretary                     

Hong Kong, 1st November, 1999