Hang Seng Index hits record high
Despite profit-taking, overseas money pushed the market to new records on November 12 with the Hang Seng Index closing at 6,447.11 on a turnover of HK$4.25 billion (US$551 million).
Land Fund reaches $33 billion
The Land Fund of the future Hong Kong Special Administrative Region totalled HK$33.7 billion (US$4.37 billion) at the end of March. The Fund was established in 1986 with premium income obtained from land transactions being shared equally between the Hong Kong Government and the future Special Administrative Region government.
HK-EEC Textiles Agreement extended
An agreement has been initialled between the EEC and Hong Kong for an extension of the bilateral textile agreement largely on existing terms. The current agreement, which expires on December 31 this year, will be extended for two years until December 31, 1994. Under the new agreement, the EEC will no longer break down community quota limits into regional limits.
80 million new HSBC shares placed
HSBC Holdings has raised HK$5.12 billion (US$664 million) by a placement of 80 million new ordinary shares at a price of HK$64.46 (5.48 pounds sterling) (US$8.37). The new shares are made up of 35 million shares of 75 pence each and 45 million shares of HK$10 (US$1.29)each.
Dah Sing takes over Wing On bank
Dah Sing Financial Holdings plans to take over the 16-branch Wing On Bank for an estimated HK$1.05 billion (US$136 million). The deal, which is still awaiting formal approval from the Commissioner of Banking, requires the owner, Hang Seng Bank, to sell its 17.6 million Wing On shares, representing a 50.3 per cent stake. The final price of the transaction will be concluded in March next year and will be based on Wing On's year-end net asset value plus a premium.
CMB reports 16% profit rise
China Motor Bus (CMB), the main public bus franchise holder on Hong Kong Island, has reported a 16 per cent profit rise to HK$79.2 million (US$10.2 million) for the year ended June 30. Turnover rose 14 per cent to HK$792 million (US$102.8 million). A HK$575 million (US$74.6 million) extraordinary profit was booked on the sale of the company's North Point depot. A final dividend of 70 HK cents (9 US cents) will be recommended, making a HK$4.19 (US$0.54) payout for the year, including a HK$3 (US$0.38) per share special dividend.
$2.5 billion World Trade Centre sales collapses
The HK$2.5 billion (US$324 million) sale of the World Trade Centre building has collapsed with the buyer, the Resourceful River unable to pay a HK$50 million (US$6.49 million) deposit. According to the World Trade Centre Group (WTCG), several cheques paid to its solicitors by the buyer to settle the deposit have been dishonoured.
9