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East Asia's Profits Up 30%
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The Bank of East Asia, one of Hong Kong's leading banks, reported a 30 per cent surge in profits to HK$5.4 million (US$65 million) for 1991. Earnings per share rose to HK$1.48 (US$0.19) from HK$1.16 (US$.015) and the directors have declared a dividend to HK$0.50, bringing the total 1991 dividend to HK$0.75 - up 20 per cent over the previous year.
OTB Sells Bangkok Stake
The government-owned Overseas Trust Bank (OTB) has made a profit of HK$67 million (US$8.6 million) from the sale of its 18.8 per cent stake in the Bangkok-listed International Trust and Finance Company. The bank sold its 30 million share to five Thai investors for 15 baht a share. The proceeds will be used as working capital.
Cheung Kong Continues Buying
Cheung Kong Holdings has bought a stake in Peregrine Investments and Asia Commercial for HK$240 million (US$31 million). The purchases of the shareholdings came two days after Cheung Kong's HK$100 million (US$12.8 million) investment in convertible bonds from Lippo Ltd. The latest deal gives Cheung Kong's a five per cent interest in both Peregrine Investments and Asia commercial.
Reports indicate that Cheung Kong's total investments in the Hong Kong stock market during the past 13 months have amounted to nearly HK$2.8 billion (US$359 million).
SCHP Interim
Hong Kong's major English-language daily newspaper, South China Morning Post, has notched up an 11 per cent increase in its interim profits to HK$267.3 million (US$34.3 million). Turnover for the six months to the end of December was HK$443 million (US$56.8 million), up HK$36 million (US$4.6 million) at the same stage last year.
CITIC Pacific Expansion
China-backed CITIC Pacific is to control 97 per cent of Hang Chong Investments in a deal worth HK$3 billion (US$385 million). CITIC Pacific, which is listed on the Hong Kong Stock Exchange, will also increase its stake in Dragonair by nearly eight per cent to 46 per cent at a cost of HK$93 million (US$12 million). The company will finance the acquisitions by
the acquisitions by issuing 1.168 billion new shares at HK$2.20 each to raise HK$2.57 billion (US$329 million). More than half the shares will go to the existing CITIC shareholders.
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