1991 — Page 11

REPORT OF THE DIRECTORS (CONTINUED)

Share capital

No shares were issued by the company during the financial year under review.

During the year, neither the company nor any of its subsidiaries has purchased, sold or redeemed any of the company's shares.

Bank loans and other borrowings

The group's bank and other borrowings as at 31 December 1991 are as shown in note 15 of the accounts. There were no interest capitalised

by the group during the year.

Principal properties

A summary of the group's properties is set out on page 26 of the accounts.

Five year summary

The five year summary of assets and liabilities of the group is set out on page 28 of the accounts.

Directors

The directors during the financial year were:-

Lau Chan Kwok (Honorary Chairman)

Colin K. Y. Lam (Chairman)

Leung Hay Man (Managing Director)

Edmond T. C. Lau

Sir Kenneth P. F. Fung

Michael Y. L. Kan

Eddie Y. C. Lau

Lee Pak Yiu

Lee Shau Kee

Alex S. C. Wu

Cheng Koon Sau

Li Ning

Due to advancement in age, Mr. Lau Chan Kwok resigned as chairman with effect from 1 July 1991. The board is appreciative of Mr. Lau's significant contribution to the company and unanimously resolved to appoint him as honorary chairman. Mr. Colin K. Y. Lam was elected

chairman effective from the same date.

Mr. Leung Hay Man relinquished his position as managing director of the company on 31 December 1991, but he continues to serve as a consultant and director of the company. Mr. Peter Man-kong Wong was appointed president and chief executive officer on 1 January 1992 and was invited to join the board on 9 March 1992.

In accordance with the company's articles of association, Messrs. Peter Man-kong Wong, Leung Hay Man, Cheng Koon Sau, Li Ning and Lee Pak Yiu retire by rotation and being eligible, offer themselves for re-election.

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