F
THE CROSS HARBOUR HUNNEL CO. LET.
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GENERAL MANAGERS A SEONE AR 1.
W
L
IRTH
MARDIN ་
FLOOR UNION HOUSE
CABLE ADDRE
HON
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e.
MUNO
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AG * P
84A
Private and Confidential
8th March, 1968.
M
1.
Memorandum to British Trade Commissioner of present position of '
Hong Kong Cross-Harbour Tunnel Project.
The Hongkong Government, subject to Finance Committee approval, have agreed to take 25% of the Equity and defer payment of the Company's $12 million contribution for roadworks until after the E.C.G.D. loan has been repaid.
2. This now means that a total of $84.0 million is pledged as equity capital against a requirement of $90 million (which amount includes a very adequate contingency). The Shareholders and the amounts pledged are as follows:-
Wheelock Marden & Co. Ltd. Hutchison International Ltd.
•
•
$23.20 million
23.20
Hongkong Government
21.00
Hongkong & Shanghai Bank
....
10.00 11
Kwong Wan Ltd. (Mr. R. C. Lee) Sir Elly Kadoorie Successors Ltd.
• •
5.50
#1
1.10
#
A
$84.00 million
3.
The Company have suggested to Government that it should grant a loan of $12 million instead of deferring payment of the $12 million roadwork contribution. This would effectively increase the cash position of the Company by $6 million as the second contribution of $6 million will not be due until one year after the tunnel opens and can be found from revenue.
4. Once agreement has been reached with Goverment on the above, the Company will request E.C.G.D. to revert to the terms negotiated last May. Briefly these are:-
a) 75% of the contract cost.
b) Loan to be repaid in fourteen semi-annual equal
payments commencing 31⁄2 years after commencement of construction.