1993 — Page 67

KMB

九巴服務 日日進步

NOTES ON THE ACCOUNTS

65

1

Actuarial valuations of the schemes are carried out normally at three-year intervals. The

latest full actuarial valuation of the schemes carried out as at 31 December 1991 indicated

that, in the opinion of the actuary, there was no shortfall of the net realisable value of the assets of the schemes from the actuarially determined value of vested benefits of the

members at that date.

20. POST BALANCE SHEET EVENT

An Extraordinary General Meeting was held on 4 January 1994 during which shareholders of the Company approved the disposal of properties at 81, How Ming Street, Kwun Tong ("Kwun Tong Property") and 51-53, Kwai Cheong Road, Kwai Chung (“Kwai Chung Property") for cash considerations of HK$1,223 million and HK$505 million respectively. Prior to the disposal, the Kwun Tong and Kwai Chung properties were valued at their respective open market value by Knight Frank Kan & Baillieu at

HK$1,220 million and HK$505 million.

Consequent to the completion of disposal of the Kwun Tong property on 5 January 1994, which gave rise to a profit of approximately HK$1,219 million, a special cash bonus of HK$2.68 per share was declared on 5 January 1994 and was paid on 26 January 1994. The sale of the Kwai Chung property is still under process with the Director of Lands and/or

other government authorities.

21. COMPARATIVES

Certain comparative figures have been reclassified to conform with the current year's

presentation.