1994 — Page 43

Report of the Directors

Except for the above, no other contract of significance to which the Company was a party and in which a Director of the Company had a material interest subsisted at the end of the

year or at any time during the year.

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

At no time during the year was the Company a party to any arrangement to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

SUBSTANTIAL INTERESTS IN THE SHARE CAPITAL OF THE COMPANY

The Company has been notified of the following interests in the Company's issued shares at 31 December 1994 amounting to 10% or more of the ordinary shares in issue :

Sun Hung Kai Properties Limited

Arklake Limited

Kowloon Development Company Limited

Ordinary

Shares Held

Percentage

of Total Issued

Shares

127,530,706

31.60%

62,664,285

15.52%

44,605,369

11.05%

The register of substantial shareholders indicates that the interest disclosed by Sun Hung Kai Properties Limited includes the 62,664,285 ordinary shares disclosed by Arklake

Limited.

The interest of Sun Hung Kai Properties Limited disclosed above has already been included in the interest disclosed by Messrs. Walter Kwok Ping Sheung and Raymond

Kwok Ping Luen.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S SHARES

No purchase, sale or redemption of the Company's own shares was made by the Company during the year.

SENIOR MANAGEMENT'S PROFILE

Brief biographical details of the members of senior management of the Company are set out on page 11 of this Annual Report.

The Kowloon Motor Bus Company (1933) Limited

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