REPORT OF THE DIRECTORS
The register of substantial shareholders indicates that the interest disclosed by Sun Hung Kai Properties Limited includes the 62,664,285 ordinary shares disclosed by Arklake Limited.
The interest of Sun Hung Kai Properties Limited disclosed above has already been included in the interest disclosed by Messrs Walter Kwok Ping Sheung and Raymond Kwok Ping Luen.
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S SHARES
No purchase, sale or redemption of the Company's own shares was made by the Company during the year.
SENIOR MANAGEMENTS' PROFILE
Brief biographical details of the members of senior management of the Company are set out on page 10 of this Annual Report.
STAFF RETIREMENT SCHEMES
The Company operates two separate non-contributory defined benefit retirement schemes, namely "The Kowloon Motor Bus Company (1933) Limited Monthly Rated Employees Provident Fund Scheme" and "The Kowloon Motor Bus Company (1933) Limited Daily Rated Employees Retirement Fund Scheme” for its monthly and daily-rated employees respectively. The assets of these schemes are held separately from those of the Company. Both schemes are formally established under trust and are registered under the Occupational Retirement Schemes Ordinance. The members' benefits are determined based on the employees' final remuneration and length of service. Contributions to the defined benefit schemes are made in accordance with the recommendations of independent actuaries who value the retirement schemes at regular intervals, usually triennially, and are charged to the profit and loss account.
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