TNAG-2412-FCO40-3507-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-pres-1992 — Page 35

GOVERMENT NUUSE

NUMU.

400

JL

FG.07.

-4-

The Airport Railway

by

The cash flows have been adjusted increasing the level of paid-up equity by $15bn.

On that basis:

a) the maxinun debt of the MTRC would be

reduced to $29.9bn

borrowings required to

from

$47.9bn. The

finance

the

construction of the Airport Railway would be reduced from $36bn to $17bn;

b) all debt related to the Airport Railway could be repaid by 2006;

c) deferral of payment of dividends to the

SARG would до longer be needed. Dividends

would be paid from 1997 the same time as

if the MTRC had not undertaken the Airport

Railway;

d)... savings in total project cost would be possible because of the reduction in

interest and financing charges. The order of savings would be about $4.3bn.