XN000022-1973-07-04 — Page 22

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Wednesday, July 4, 1973

STAR FERRY TO MERGE WITH HONG KONG AND KOWLOON WHARF

The Legislative Council today adopted a motion clearing the

way for a merger between the Star Ferry Company and the Hong Kong and

Kowloon Wharf and Godown Company.

The motion involved an amendment to the schedule of the Star

Ferry Company (Services) Ordinance to ensure that the wharf company would

remain public with its shares freely transferable, and that the majority

of its directorate, management and administrative staff are British subjects.

These requirements already apply to the ferry company.

In moving the motion, the Financial Secretary, the Hon. C.P. Haddon-

Cave, said the main intention behind these provisions was to ensure that

the company would not be under the control of a single individual or of

an organisation in which the Hong Kong public is not substantially interested.

"The merger will, in fact, further the intention of these

requirements since the public's shareholding in the wharf company is far

wider than its shareholding in the ferry company," he said.

He noted that the two companies were very closely connected, having

common directors and management and operating a joint subsidiary company.

After the merger, he said, the ferry company would continue to

operate as at present, except that it would be a subsidiary of the wharf

company. Its operations would also continue to be governed by the Star

Ferry Company (Services) Ordinance.

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