SATURDAY, SEPTEMBER 30, 1989
THE FOLLOWING IS
JOINT
FINANCIAL HENG
STATEMENT ISSUED BY THE SECRETARY INCORPORATED AND THE BOARD OF DIRECTORS OF DAO HOLDINGS LIMITED:
DISPOSAL OF HANG LUNG BANK LIMITED TO DAO HENG BANK LIMITED
FURTHER TO THE ANNOUNCEMENT OF 1ST AUGUST. 1989, THE FINANCIAL SECRETARY INCORPORATED ("FSI" AND THE DIRECTORS OF DAO HENG HOLDINGS LIMITED ANNOUNCE THAT FSI AND DAO HENG BANK LIMITED ("DAO HENG" } HAVE ENTERED INTO AN AGREEMENT (THE AGREEMENT") ON 30TH SEPTEMBER, 1989 FOR THE ACQUISITION OF HANG LUNG BANK. LIMITED ("HANG LUNG" } BY DAO HENG.
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THE AGREEMENT PLACES A VALUE ON HANG LUNG WHICH TAKES INTO CONSIDERATION, INTER ALIA. ITS CONSOLIDATED NET ASSET VALUE INCLUDING INNER RESERVES AND ANY SURPLUS ARISING FROM THE REVALUATION OF ITS PROPERTIES AS AT 30TH SEPTEMBER, 1989, THE DATE OF COMPLETION OF
THE TRANSACTION, ON THE BASIS OF INFORMATION CURRENTLY AVAILABLE, THE DIRECTORS OF DAO HENG EXPECT THAT THE CONSIDERATION PAYABLE FOR HANG LUNG UNDER THE AGREEMENT WILL BE APPROXIMATELY $600 MILLION.
MORGAN GRENPELL THONG KONG) LIMITED IS ACTING AS THE FINANCIAL ADVISER TO FSI AND SCHRODERS ASIA | IMITED IS ACTING AS THE FINANCIAL ADVISER TO DAO HENG.
FS IN NEW YORK TO MEET FINANCIAL LEADERS
•
YORK
THE FINANCIAL SECRETARY SIR PIERS JACOBS. ARRIVED IN NEW YESTERDAY (FRIDAY) AFTER ATTENDING THE INTERNATIONAL MONETARY FUND (IMF) MEETING IN WASHINGTON, DC.
WHILE IN NEW YORK, SIR PIERS WILL BE MEETING LEADING BANKERS AND FINANCIERS FROM THE UNITED STATES GOVERNMENT AND THE PRIVATE SECTOR.
HE WAS GUEST OF HONOUR AT A LUNCH YESTERDAY HOSTED BY MR JOHN BOND, EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER OF THE HONGKONG AND SHANGHAI BANKING CORPORATION IN NEW YORK. SIR PIERS WAS ACCOMPANIED BY THE DIRECTOR OF THE HONG KONG ECONOMIC AND TRADE OFFICE IN NEW YORK, MR KERRY MOGLYNN.
/ON MONDAY