1988 — Page 36

REPORT OF THE DIRECTORS

董事會報告書

The Directors have pleasure in

submitting their annual report together with the audited statement of accounts

for the year ended 31st December,

1988.

PRINCIPAL ACTIVITY

The principal activity of the Company

is the operation of franchised public buses in Hong Kong.

ACCOUNTS

The profit of the Company for the year ended 31st December, 1988 and the state of the Company's affairs at that date are set out in the accounts on pages 37 to 49.

An interim dividend of 13 cents per

share was paid on 14th October,

1988. The Directors now recommend

that a final dividend of 32 cents per

share in respect of the year ended

31st December, 1988 be paid on 7th June, 1989.

CAPITAL

In accordance with an ordinary

resolution passed on 8th June, 1988,

the authorised share capital of the

Company was increased from

$330,000,000 to $410,000,000 by the

creation of an additional 80,000,000 shares of $ each.

On 8th June, 1988, in order to bring

the issued share capital of the

Company gradually in line with its

existing asset base, a sum of

$80,727,882 was capitalised out of

retained profits and utilised for the

issue of fully paid bonus shares, in the proportion of one for four, to persons who were registered shareholders at

董事會同寅現謹向各股東提呈截至

一九八八年十二月三十一日止年度之報告

及已審核賬項,以供覽閱。

主要業務

本公司之主要業務為在本港經營有專利權

之公共汽車服務。

賬項

本公司在一九八八年十二月三十一日之

財務狀況及結至該日止全年盈利於本

賬項第五十二頁至六十二頁。

中期股息每股一角三仙已於一九八八年

十月十四日派發,董事會現建議於

一九八九年六月七日派發結至一九八八年

十二月三十一日止年度之末期息

每股三角二仙。

股本

依據一九八八年六月八日通過之尋常

決議,本公司之法定股本由三億三千萬元

增至四億一千萬元,即增加每股一元之

普通股八千萬股。

為使本公司之實發股本逐漸與現時

資產值一致,於一九八八年六月八日

自資本儲備撥出八千零七十二萬七千八百

八十二元-

作股本,並按每四股派送一

紅股之比例,將已繳足之紅股配發予於

一九八八年五月二十五日營業時間結束時

名列股東名册之股東。該項新股除與已

發行之股份享有相同權益外,並享有截至

一九八八年十二月三十一日止年度之所有

股息。

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