CHAIRMAN'S STATEMENT
Outlook
Although the Company's current franchise is due to expire shortly, we are confident that we will be given a new or extended franchise which will enable us to continue to provide public bus services to the people of Hong Kong well into the 21st Century. It is expected that the terms of such a franchise will continue to enable the Company to earn a reasonable return on its investment.
As noted in previous reports, the scope for further expansion of the Company's network within Hong Kong appears rather limited. However, there remains considerable scope for upgrading the quality of the Company's service to meet the rising expectations of an increasingly affluent and discerning population. The Company will continue to make determined efforts in this direction as well as actively seek out new business opportunities both in Hong Kong and in the PRC.
Directors
Under the Public Bus Services Ordinance, the persons holding the positions of Commissioner for Transport and Deputy Secretary for Transport (Transport Services) are appointed by the Governor to sit on the Board of the Company. The incumbents of these posts are Mrs. Lily Teresa Yam Kwan Pui ying, JP (who replaced Mr. Rafael Hui Si Yan, JP with effect from 3 July 1995) and Mr. Isaac Chow Yiu Nam respectively. I would like to express my appreciation of the valuable contributions that all of them have made to the Company.
Due to personal reasons, Mr. Ng Kwan Wai resigned from the Board on 16 September 1995. On behalf of the Board, I would like to place on record our sincere appreciation of the valuable contributions Mr. Ng has made to the Company during the term of his directorship.
I would also like to take this opportunity to welcome Miss Winnie J Ng, Mr. George Chien Yuan Hwei and Mr. Tsim Tak Po to the Board. Miss Winnie J Ng was appointed as a Director of the Company on 12 October 1995. Mr. George Chien Yuan Hwei was appointed as an Alternate Director to Mr. Walter Kwok Ping Sheung with effect from 28 June 1995. Mr. Tsim Tak Po was appointed as an Alternate Director to Mr. Raymond Kwok Ping Luen with effect from 7 July 1995.
Appreciation
On behalf of the Board, I wish to express my sincere appreciation to all our employees. Once again they have shown their commitment to excellence in service. It is due to their dedication and loyalty that KMB is able to provide a quality service to its customers.
PC Woo
Chairman
Hong Kong, 11 April 1996
THE KOWLOON MOTOR BUS COMPANY (1933) LIMITEDI
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