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 28th March, 2000, 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$60,000,000 Convertible Notes. Completion of the placing of 
the Additional Convertible Notes is expected to take place on 
or around 30th March, 2000.

The board of directors (the "Board") of ITC Corporation 
Limited (the "Company" and together with its subsidiaries, the 
"Group") refers to the circular of the Company dated 8th 
February, 2000 (the "Circular") in relation to, inter alia, 
the subscription and placing of convertible notes (the 
"Convertible Notes") of the Company (the "Convertible Notes 
Issue") and wishes to advise that completion of the 
Convertible Notes Issue took place on 29th February, 2000.

On 28th March, 2000, Tai Fook Securities Company Limited ("Tai 
Fook") exercised the over-allotment option under the 
Convertible Notes Placing Agreement in full to require the 
Company to issue a further amount of HK$60,000,000 Convertible 
Notes (the "Additional Convertible Notes"). Completion of the 
placing of the Additional Convertible Notes is expected to 
take place on or around 30th March, 2000.

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 (as defined 
under the Rules Governing the Listing of Securities on The 
Stock Exchange of Hong Kong Limited).

The principal terms of the Additional Convertible Notes will 
be the same as those of the Convertible Notes issued on 29th 
February, 2000.

Assuming full conversion of the Additional Convertible Notes 
at the initial conversion price of HK$1.75 per share, the 
Company will issue a total of 34,285,714 ordinary shares of 
HK$0.10 each in the Company, representing about 6.5 per cent. 
of the existing issued ordinary share capital of the Company 
and about 6.1 per cent. of the issued ordinary share capital 
of the Company as enlarged by such conversion.

Net proceeds from the issue of the Additional Convertible 
Notes are estimated to be about HK$58.5 million. It is 
intended that such net proceeds will be used to reduce the 
short term borrowings of the Group and the balance for general 
corporate purpose of the Group.

By Order of the Board
Chau Mei Wah, Rosanna
Managing Director

Hong Kong, 28th March, 2000