Kong (Holdings) Limited for the sum of HK$78 million. The sale price was agreed between the two parties following an independent valuation by two firms of professional valuers. Completion took place in January, 1986 and the resultant gain will be accounted for in the results for the year to 31st December, 1986.
In respect of the above two transactions it should be noted that Messrs Li Ka-shing, G.C. Magnus and C. Y.K. Lee are directors and shareholders of Cheung Kong (Holdings) Limited and that Messrs A.N.M. Chow and C.K.N. Fok are directors of Cheung Kong (Holdings) Limited.
No other contracts of significance to which the Company or a subsidiary was a party and in which a director had a material interest subsisted at the end of the year.
Arrangement to purchase shares or debentures
At no time during the year was the Company a party to any arrangements to enable the directors of the Company to acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate.
Auditors
The accounts have been audited by Price Waterhouse who offer themselves for re-appointment.
By order of the board
A.C. van der Linden Company Secretary
Hong Kong, 2nd April, 1986
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HUTCHISON WHAMPOA LIMITED