TNAG-0508-FCO40-573-Construction-of-underground-railway-system-in-Hong-Kong-1974 — Page 85

WILL BE PRESENT TO BRIEF THE VISITORS.

(HK. GOUT DAILY" INF" BULLETIN)

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4.JI. 74,

(4)

FORMATION OF FINANCIAL MANAGEMENT COMMITTEE

AND APPOINTMENT OF FINANCIAL ADVISERS

TO THE MASS TRANSIT RAILWAY PROVISIONAL AUTHORITY

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THE MASS TRANSIT RAILWAY PROVISIONAL AUTHORITY ANNOUNCED TODAY THAT IT HAS APPOINTED TWO MERCHANT BANKS, NAMELY KLEINWORT, BENSON LIMITED OF LONDON AND WARDLEY LIMITED OF HONG KONG, TO BE ITS FINANCIAL ADVISERS.

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THE TWO MERCHANT BANKS WILL PROVIDE THEIR SERVICES THROUGH THE APPOINTMENT EACH OF A REPRESENTATIVE WHO WILL WORK FULL-TIME WITH THE PROVISIONAL AUTHORITY. IN ADDITION, THE PROVISIONAL AUTHORITY HAS AGREED TO APPOINT A FINANCIAL MANAGEMENT COMMITTEE TO OVERSEE THE PLACING OF LOANS ON THE INTERNATIONAL MONEY MARKET AND TO WORK OUT LOAN-SERVICING ARRANGEMENTS.

THE FINANCIAL SECRETARY WILL BE THE CHAIRMAN AND ITS MEMBERSHIP WILL INCLUDE THE CHAIRMAN OF THE PROPOSED MASS TRANSIT RAILWAY CORPORATION (WHEN APPOINTED) AS WELL AS MEMBERS OF THE PROVISIONAL AUTHORITY AND REPRESENTATIVES OF THE TWO MERCHANT BANKS.

THE COMMITTEE IS EXPECTED TO BE CONVENED EARLY THIS MONTH.

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