FRIDAY, FEBRUARY 3, 1989
"IT IS EXPECTED THAT
THE
STANDING COMMITTEE WILL HAVE ITS
FIRST MEETING BEFORE THE END OF THIS MONTH.'
OFFICE IN
THE STANDING COMMITTEE WILL BE SUPPORTED BY AN INDEPENDENT SECRETARIAT DRAWN FROM THE GENERAL CIVIL SERVICE, WITH ITS SINCERE BUILDING, CENTRAL. THE SECRETARY-GENERAL TO THE STANDING COMMITTEE IS MR KEN WOODHOUSE.
CONTROL OVER FERRY SERVICES UNAFFECTED BY TRANSFER OF FRANCHISE
*
APPROVED THE GOVERNOR IN COUNCIL HAS
AN APPLICATION BY THE HONGKONG AND YAUMATI FERRY COMPANY LIMITED (HYF) TO TRANSFER THE FERRY FRANCHISE FROM THE EXISTING PARENT COMPANY то A WHOLLY-OWNED SUBSIDIARY COMPANY WITH EFFECT FROM JANUARY 1, 1989.
"THE GOVERNMENT WILL CONTINUE TO HAVE EFFECTIVE CONTROL OVER THE COMPANY'S FRANCHISED FERRY SERVICES. THEREFORE, THE FARES AND STANDARD OF THE FERRY SERVICES PROVIDED BY HYF WOULD NOT BE AFFECTED
FRANCHISE, BY THE TRANSFER OF
A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY).
++
APPLIED THE GOVERNOR IN COUNCIL NOTED THAT THE COMPANY
FOR A THE PRESENT TRANSFER OF ITS FRANCHISE FROM
PARENT
ΤΟ COMPANY
AN EXISTING WHOLLY-OWNED SUBSIDIARY COMPANY BECAUSE IT INTENDED TO UNDERGO A CORPORATE RESTRUCTURING.
AFTER RESTRUCTURING, THE PARENT COMPANY BECOMES A HOLDING COMPANY, NAMED "HONG KONG FERRY (HOLDINGS) COMPANY LIMITED".
THE SUBSIDIARY COMPANY, FORMERLY NAMED "SEALINK FERRIES LIMITED", IS RETITLED "THE HONGKONG AND YAUMATI FERRY COMPANY LIMITED" AND IS RESPONSIBLE FOR OPERATING THE FRANCHISED AND NON-FFANCH1SED
CORPORATE FERRY ACTIVITIES AS A SINGLE
ENTITY DIVORCED FROM OTHER NON-UTILITY ACTIVITIES OF THE HOLDING COMPANY.
WOULD
THE
THE COUNCIL ALSO NOTED THAT
COMPANY'S CORPORATE
RE-STRUCTURING
FACILITATE THE FINANCIAL MONITORING OF ITS FRANCHISED FERRY OPERATIONS BECAUSE THE PERFORMANCE OF FERRY SERVICES
OTHER ACTIVITIES WOULD BE BETTER IDENTIFIED FROM THE GROUP.
THE IN
FERRY
WITHIN THE FERRY SUBSIDIARY,
THE FRANCHISED FERRY OPERATIONS OWN SEPARATE ARM WILL MAINTAIN ITS
ACCOUNTS AND
CHARGE WILL SERVICES PROVIDED TO NON-FRANCHISED FERRY ACTIVITIES OR WITHIN THE GROUP.
FOR
ACTIVITIES
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