XN000022-1985-06-26 — Page 41

WEDNESDAY, JUNE 26, 1985

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FIRST MEETING DATE SET

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THE BRITISH AND CHINESE GOVERNMENTS HAVE AGREED THAT THE FIRST MEETING OF THE SINO-BRITISH LAND COMMISSION WILL TAKE PLACE IN HONG KONG BETWEEN JULY 10-12, 1985.

FINANCE COMMITTEE APPROVES MTRC EQUITY INJECTION

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THE FINANCE COMMITTEE TODAY (WEDNESDAY) ACCEPTED A FINANCIAL COMMITMENT OF $2 500 MILLION IN EQUITY INJECTIONS FOR THE MASS TRANSIT RAILWAY CORPORATION OVER THE NEXT THREE YEARS.

THE COMMITTEE ALSO APPROVED A FURTHER POSSIBLE COMMITMENT OF UP TO $2 500 MILLION IN EQUITY INJECTIONS TO BE MADE ON OR AFTER THE END OF 1989.

OF THE INITIAL $2 500 MILLION THE FINANCE COMMITTEE GAVE THE GO AHEAD FOR THE TRANSFER OF $1 500 MILLION TO THE MASS TRANSIT FUND SO THAT THE FIRST EQUITY INJECTION COULD BE MADE DURING THE CURRENT FINANCIAL YEAR.

IN APPROVING THE EQUITY INJECTIONS THE FINANCE COMMITTEE NOTED THAT THE MTRC WOULD ISSUE TO THE GOVERNMENT $5 000 MILLION IN ORDINARY SHARES, $1 500 MILLION BY THE END OF THIS YEAR AND $1 000 MILLION BY THE END OF MARCH 1988.

UP TO $2 500 MILLION MAY BE PAYABLE ON OR AFTER THE END OF DECEMBER 1989, SUBJECT TO THE MTRC'S CASH FLOW REQUIREMENTS AND THE AGREEMENT OF THE GOVERNMENT.

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