XN000022-1983-10-28 — Page 4

FRIDAY,

„TOBER 28, 1933

- 2

$50-MILLION TUEN MUN CONTRACT SIGNED

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A $50-MILLION CONTRACT WAS AWARDED TODAY BY THE TUEN MUN NEW TOWN DEVELOPMENT OFFICE OF THE NEW TERRITORIES DEVELOPMENT DEPARTMENT TO TOBISHIMA CORPORATION FOR A ROAD PROJECT IN THE SOUTHERN PART OF TUEN MUN,

THE CONTRACT WAS SIGNED BY MR YU KWOK-LEUNG, CHIEF ENGINEER OF THE TUEN MUN NEW TOWN DEVELOPMENT OFFICE AND A REPRESENTATIVE OF THE COMPANY.

THE CONTRACT INVOLVES THE CONSTRUCTION OF A SECTION OF DUAL CARRIAGEWAY, INCLUDING AN INTERCHANGE, ON THE SOUTH SIDE OF ON TING AND YAU OI ESTATES TO LINK TUEN MUN ROAD WITH A NEW RIVER BRIDGE NOW UNDER CONSTRUCTION.

UPON COMPLETION, THE NEW SECTION, TOGETHER WITH OTHER SECTIONS OF THE CARRIAGEWAY, WILL PROVIDE DIRECT ACCESS FROM TUEN MUN ROAD TO THE WESTERN PART OF THE TOWN, INCLUDING BUTTERFLY AND WUKING ESTATES.

WORK ON THE CONTRACT WILL TAKE ABOUT 24 MONTHS TO COMPLETE.

INTEREST ON TAX RESERVE CERTIFICATES

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THE FINANCIAL SECRETARY HAS AUTHORISED AN INCREASE IN THE RATE OF INTEREST PAYABLE ON TAX RESERVE CERTIFICATES, IT IS ANNOUNCED IN A LEGAL NOTICE PUBLISHED IN TODAY'S GOVERNMENT GAZETTE.

FROM TODAY OCTOBER 28, 1983, THE NEW ANNUAL RATE OF INTEREST WILL BE 12 PER CENT (TAX FREE) AS AGAINST THE CURRENT RATE OF 10.2 PER CENT (TAX FREE).

INTEREST ON TAX RESERVE CERTIFICATES IS CALCULATED IN MONTHLY STEPS AND THE NEW RATE WILL BE $1.00 PER MONTH PER $100. INTEREST WILL BE CREDITED AS BEFORE IN RESPECT OF COMPLETED MONTHS BETWEEN PURCHASE AND SURRENDER IN PAYMENT OF TAX.

INTEREST IS ONLY CREDITED WHEN CERTIFICATES ARE USED TO PAY TAX AND NO INTERESTS DUE WHERE THE PRINCIPAL VALUE OF A CERTIFICATE IS REPAID BY A CHE/JE.

THE NEW RAT/ WILL APPLY TO ALL CERTIFICATES ISSUED ON OR AFTER TODAY (OC/BER 28, 1983).

CERTIFIC//ES WHICH WERE ISSUED BEFORE OCTOBER 28, 1983

WILL CONTINUF/10 EARN INTEREST AS FOLLOWS -

8.4% P. ANNUM FOR CERTIFICATES ISSUED ON OR AFTER ?/TH OCTOBER 1979 AND BEFORE 11TH APRIL 1980;

10.5% PER ANNUM FOR CERTIFICATES ISSUED ON OR AFTER

11TH APRIL 1980 AND BEFORE 30TH MAY 1980;

19% PER