Panin Holding Ltd falls squarely into the last category. The principal activity of Panin Holdings is investment holding, and the interests of the Group include banking, finance, investment, insurance and property.
Traditionally, the Group has had very strong links with China, and the Group's proposed name change, from Panin Holdings Ltd to Min Xin Holdings Ltd, suggests that these ties have strengthened.
The change in name is pending the approval of the share- holders at an Extraordinary General Meeting to be held today, June 29.
For the first time in 5 years, Panin Holdings has posted figures for Turnover and Profit/Loss After Tax which have improved over the previous Financial Year.
The Group has recorded, for the Financial Year ended December 31, 1987, an After-Tax Operating Loss of $HK8.69 million, compared to a Loss of $HK26.98 million
for 1986.
Turnover of the Group has increased 1.46 percent, from $HK175.39 million in 1986 to $HK177.95 million in 1987.
Though the Directors of Panin Holdings have, seemingly, slowed the snow-balling losses of the Group, it is yet to be seen whether or not the Group can be turned around.
However, a major factor which will make the Group's return to profitability easier is that the Group will no longer have to make Provisions for the Bad Debts which were
granted by Xiamen International Finance Company Ltd (XIFC) and Luso International Banking Ltd (LIB) for the period up to September 27, 1985.
XIFC and LIB, which used to be wholly-owned subsidi- aries of Panin Holdings, have been transferred to Xiamen International Bank, a joint-venture bank.
In 1987, Panin Holdings made a Provision for Bad and Doubtful Debts to the tune of $HK9 million.
Had this Provision not been charged, the Operating Loss of the Group would have been $HK1.51 million instead of
$HK10.51 million.
The 1987 Provision of $HK9 million for Bad and Doubt-
ful Debts compares with a Provision of $HK24.90 million in
1986 and $HK4.5 million in 1985.
The Pitter-patter of Little Feet
The Chinese interests in Panin Holdings seem very eager to gain tight control over the Group.
This, together with yet another Year of losses, has done little to help Mr John Kwong Sun Chan, former Chairman of the Group, keep his job.
However, according to Panin Holdings, Mr John Kwong Sun Chan resigned of his own free will.
TARGET tried to contact Mr John Kwong Sun Chan to find out exactly why he had resigned, but he could not be
reached.
Thus, early this year anew Chairman, Mr Zhao Zong Xin was appointed to the Group's Board, whilst 4 Chinese Directors from China were appointed in 1987.
When asked by TARGET about the background of the new Directors and Chairman, Panin Holdings was tight- lipped.
According to TARGET's sources, the Chinese Directors hardly come to Hongkong, and the 'show' is to be run by new Managing Director Mr Eugene Ho.
When asked by TARGET to confirm this, Panin Hold- ings replied that the duties of the Directors were as specified by their titles.
At the time that TARGET telephoned Panin Holdings's headquarters in Hongkong, none of the Chinese Directors were in Hongkong.
Heads have been rolling in Panin Holdings ever since 1985, when the Group became somewhat of a revolving door
for its Directors.
Since 1985, nearly 20 Directors have either resigned or
'retired' from the Board.
The following is a table summarizing the comings and goings of the Directors of Panin Holdings:
Year
1988
Out-Going
In-Coming
Mr John Kwong Sun Chan
(Chairman and Managing Director)
Mr Zhao Zong Xin (New Chairman)
-2
4
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