CMB_1994 — Page 7

Report of the Directors (Continued)

DIRECTORS' INTERESTS IN SHARES

At 30th June, 1994, the directors and their associates had the following interests in the issued share capital of the company as recorded in the register of directors' share interests:

Ordinary shares of HK$2 each

Other

Ngan Shing-kwan

Ngan Kit-ling Ngan Kit-keung

Dr. Henry Ngan

Liu Lit-mo D.A. L. Wright

Fritz Helmreich

Rafael S.Y. Hui

Carrie K.L. You Tsang

Personal Family

interests interests

interests

3,568,637

33,468 (Note)

3,317,799

33,468 (Note)

5,509,468 1,250

33,468 (Note)

5,741,579

250

33,468 (Note)

62,250

5,000 6,000

Note: The 33,468 shares in the company are included in the estate of the late Madam Wong Yick-mui, wife of Mr. Ngan Shing-kwan.

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

of

age

During the

year under review, the company did not grant to any director or chief executive or to the spouse or children under 18 years any such director or chief executive any right to subscribe for shares of the company.

of

At no time during the year was the company or any of its subsidiaries a party to any arrangements to enable the directors of the company to acquire benefits by means of the acquisition of shares in or debentures of the company or any other body corporate.

SUBSTANTIAL INTERESTS IN THE SHARE CAPITAL OF THE COMPANY

As far as the directors are aware, no shareholder of the company who is not a director of the company is, directly or indirectly interested in 10 per cent, or more of the issued share capital of the company.

DIRECTORS' INTEREST IN CONTRACTS

Madam Ngan Kit-ling is the sole proprietor of Ngan & Co., one of the company's solicitors, and as such has an interest in legal fees and expenses paid by the company to that firm.

DIRECTORS' SERVICE CONTRACTS

No director proposed for re-election at the forthcoming ordinary yearly meeting has an unexpired service contract with the company which is not determinable by the company within one year without payment of compensation, other than normal statutory obligations.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

year, neither the

During the

company nor any of its subsidiaries has purchased, sold or redeemed any of the company's listed securities.

SUMMARY OF FINANCIAL DATA

years is shown on page 24.

A summary of the group's financial data for the last five

AUDITORS

A resolution for the reappointment of KPMG Peat Marwick as auditors of the company is to be proposed at the forthcoming ordinary yearly meeting.

By order of the board

NGAN Shing-kwan Chairman

Hong Kong, 8th November, 1994

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