TNAG-0639-FCO40-787-Construction-of-underground-railway-system-in-Hong-Kong-(Mas-1978 — Page 12

АКК AKR 173

KENNED A

1.73/1

14 DEC

GR 140

CYPHER/CAT A

FM BTC HONG KONG 120823Z

CONFI D.E NTIAL

CONFIDENTIAL

INJE.

TO ROUTINE E.C.G.D TELNO.EXCED 35 OF 12 DECEMBER 77.

FOR MISS BELL FROM BIRCH.

OUR TELNO.EECED 33 : M.T.R.

ni

1. KIER CONTENTION THAT EXPORT CONTENT HAS FALLEN TO 27 PER CENT IS BEING HOTLY CONTESTED BY MTR. THEY NATURALLY WANT TO CONTINUE TO DRAW 40 PER CENT AND THINK ALL CONCERNED SHOULD STICK TO THIS

FIGURE.

2. WE HAVE SAID WE ARE WILLING TO DEFER QUESTION OF REDUCTION OF PERCENTAGE OF DRAWING AGAINST FUTURE CERTIFICATES PENDING PROVISION OF FURTHER INFORMATION WHICH IS BEING SOUGHT FROM KIER.

3. PLEASE ASK KLEINWORT TO NOTIFY MTR FORMALLY OF THE EFFECTIVE REDUCTION TO 9 PER CENT DRAWING WHICH KIER COMO ETION WOULD PRODUCE AND TO ADD THAT WE PROPOSE TO DEFER QUESTION OF IMPLEMENTATION FOR SHORT PERIOD PENDING CLARIFICATION OF KIER CONTENTION WHICH WE UNDERSTAND MTR HAVE SOUGHT.

MARCH

EXCED DISTRIBUTION:

HK & G D

TRED

CONFIDENTIAL

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