1994 — Page 21

董事會報告書

Report of the Directors

附註:

以下所述 72,392,060 股股份的權益,乃指同一批股份。

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該72,392,060股股份由恒基兆業發展有限公司(「恒基兆業發展」)之若干 附屬公司實益擁有。 Pataca Enterprises Limited(恒基兆業發展的附屬 公司】之若干附屬公司實益擁有該72,392,060 股股份中的 46,800,000 股。

恒基兆業發展的附屬公司 Max-mercan Investment Limited 的附屬公司 Wiselin Investment Limited 實益擁有該72,392,060股股份中的 25,592,060股。

附註1及附註2所述於該72,392,060 股股份的權益出現重叠情況。恒基 兆業有限公司(「恒基兆業」)實益擁有恒基兆業地產有限公司(「恒基兆業 地產」)超過三分之一的已發行股本。恒基兆業地產為 Kingslee S.A. 的 控股公司,而 Kingslee S.A. 則持有恒基兆業發展的控股權益。

附註1、附註2及附註3所述於該72,392,060 股股份的權益出現重叠情 況。 Goldcorp Holdings Limited 實益擁有 Hopkins Limited 50%已發 行股份。 Hopkins Limited 為一單位信託(「單位信託」)的受託人,而該 單位信託實益擁有恒基兆業全部已發行普通股。

李兆基博士實益擁有 Goldcorp Holdings Limited 全部已發行股本及 Hopkins Limited 50%已發行股份,並為該單位信託的委託人。此等 108,588,090 股股份包括附註1、附註2、附註3及附註4所述股份,以 及根據證券公開權益條例第三至第七條所規定毋須予披露權益,且並無 記錄於本公司遵照公開權益條例第十六(一)條而設立的登記冊內的股份。 此等7,239,206份一九九六年認股權證由附註1所述的恒基兆業發展的 部份附屬公司實益擁有。

合約權益

本公司或其他附屬公司於年結時或年中任何時間,並 無訂立可以令董事獲得重大利益的合約。

本公司並無與在行將召開的股東週年大會膺選留任之 任何董事訂立若於一年內終止即須作出賠償(法定賠償 除外)的服務合約。

購買股份、認股權證或債券的安排

本年度內任何時間,本公司或其附屬公司並無參與任 何安排,使董事可藉購買本公司或其他公司的股份、 認股權證或債券而獲得利益。

主要供應商及客戶

由於本集團五大客戶所佔營業額的百分比及本集團五 大供應商所佔購貨額的百分比均少於30%,故並無列 備本集團的主要供應商及客戶的分析。

核數師

在行將召開的股東週年大會上將提呈議案,續聘畢馬 域會計師行為本公司的核數師。

承董事會命

林高演

主席

王敏剛

行政總裁

香港,一九九五年三月二十二日

Notes:

The interests of 72,392,060 shares described below relate to the same parcel of shares.

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The 72,392,060 shares are beneficially owned by some of the subsidiaries of Henderson Investment Limited ("HI"). Some of the subsidiaries of Pataca Enterprises Limited (a subsidiary of HI) beneficially own 46,800,000 shares out of 72,392,060 shares.

Wiselin Investment Limited, a subsidiary of Max-mercan Investment Limited which is a subsidiary of HI, beneficially owns 25,592,060 shares out of 72,392,060 shares.

These 72,392,060 shares are duplicated in the interests described in Note 1 and Note 2. Henderson Development Limited (“HD”) beneficially owns more than one third of the issued share capital in Henderson Land Development Company Limited (“HL”) which is the holding company of Kingslee S.A.. Kingslee S.A. has a controlling interest in HI.

These 72,392,060 shares are duplicated in the interests described in Note 1, Note 2 and Note 3. Goldcorp Holdings Limited beneficially owns 50 per cent of the issued shares in Hopkins Limited. Hopkins Limited is the trustee of a unit trust (“Unit Trust") which beneficially owns all the issued ordinary shares in the share capital of HD.

Dr. Lee Shau Kee beneficially owns all the issued capital of Goldcorp Holdings Limited and 50% of the issued shares in Hopkins Limited and is also the appointor of the Unit Trust. These 108,588,090 shares include the shares described in Note 1,Note Note 3 and Note 4 and additional shares which did not represent interests required to be disclosed for the purposes of Sections 3 to 7 of the SDI Ordinance and were not recorded in the register kept under Section 16(1) of the SDI Ordinance

as at 31 December 1994. These 7,239,206 1996 Warrants are beneficially owned by some of the subsidiaries of HI as described in Note 1.

Interests in contracts

No contract of significance, to which the Company or any of its subsidiaries 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 financial year.

None of the directors proposed for re-election

at the forthcoming annual general meeting has a service contract with the Company which is not determinable by the Company within one year without payment other than statutory compensation.

Arrangement to purchase shares, warrants or debentures

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

Major suppliers and customers

No analysis in respect of the Group's major suppliers and customers is shown as the percentages of turnover attributable to the group's five largest customers and purchases attributable to the group's five largest suppliers are less than 30%.

Auditors

A resolution for the reappointment of KPMG Peat Marwick as auditors of the Company is to be proposed at the forthcoming annual general meeting.

On behalf of the board

Colin K. Y. Lam

Chairman

Peter M. K. Wong

President & C.E.O.

Hong Kong, 22 March 1995

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