THE WHARF HOLDINGS LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
THE WHARF (HOLDINGS) LIMITED
(Incorporated in Hong Kong with limited liability)
Stock Code: 4
Appointment of Director
The Wharf (Holdings) Limited (the "Company"; together with its subsidiaries, the "Group") announces that, Mr. CHAN, Kwok Pong Kevin ("Mr. Chan") will be appointed as a Director of the Company with effect from the conclusion of the forthcoming Annual General Meeting of the Company, which is intended to be held on 15 May 2015.
Mr. Chan, aged 54, joined the Group in 1993 and has been involved in various property development projects of the Group in both China and Hong Kong. He is a director of Wharf China Development Limited and Wharf China Estates Limited, both wholly-owned subsidiaries of the Company. He was formerly deputy to Mr T. Y. Ng ("Mr. Ng"), who retired from the board of directors of the Company (the "Board") at the end of 2014. Following a seamless succession Mr Chan is now working closely with Mr Andrew Chow, Vice Chairman of the Company, to execute the Group's China Development Property strategy as well as to oversee the Group's massive China Investment Property construction projects. Mr. Chan is also a director of Harbour Centre Development Limited, a publicly listed subsidiary of the Company.
Mr. Chan graduated from the Polytechnic University of Hong Kong with Associateship in Civil & Structural Engineering. He is a member of the Hong Kong Institution of Engineers as well as the Institution of Civil Engineers, UK and also a chartered engineer of the Engineering Council UK.
As at the date of this announcement, Mr. Chan has interests (within the meaning of Part XV of the Securities and Futures Ordinance) in options to subscribe for 1,250,000 new shares of the Company. Save as disclosed above, Mr. Chan does not presently and did not in the past three years hold any directorship in any other listed public company and does not have any relationship with any Directors, senior management or any substantial or controlling shareholders of the Company. Mr. Chan will receive from the Company a director's fee at the rate from time to time approved by shareholders of the Company, currently being
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The Wharf (Holdings) Limited - Announcement
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HK$100,000 per annum. Under the existing service contract between the Group and Mr. Chan, the total amount of his emoluments, inclusive of basic salary and various allowances calculated on annualised basis for the year 2015, would be approximately HK$3.2 million per annum. In addition, an annual discretionary bonus is normally payable to Mr. Chan with the amount of such bonus to be fixed unilaterally by the employer in each year. For reference purpose, the amount of annual discretionary bonus paid to him during the year 2014 amounted to HK$4.0 million. The amount of the emolument payable to Mr. Chan is determined by reference to the range of remuneration package normally granted by employers in Hong Kong to a senior executive of comparable caliber and job responsibilities. In relation to the appointment of Mr. Chan, there is no information which is discloseable pursuant to any of the requirements of the provisions under paragraphs 13.51(2)(h) to
13.51(2)(v) of the Listing Rules, and there is no other matter requiring to be brought to the attention of the shareholders of the Company. In accordance with the provisions of the Company's articles of association, Mr. Chan will hold office until he retires from the Board at the Annual General Meeting of the Company to be held in 2016.
As at the date of this announcement, the Board comprises Mr. Peter K. C. Woo, Mr. Stephen T. H. Ng, Mr. Andrew O. K. Chow, Ms. Doreen Y. F. Lee, Mr. Paul Y. C. Tsui and Ms. Y. T. Leng, together with eight Independent Non-executive Directors, namely, Mr. Alexander S. K. Au, Professor Edward K. Y. Chen, Dr. Raymond K. F. Ch'ien, Hon. Vincent K. Fang, Mr. Hans Michael Jebsen, Mr. Wymn Li, Mr. David Muir Turnbull and Professor E. K. Yeoh.
For THE WHARF (HOLDINGS) LIMITED Kevin C. Y. Hui
Company Secretary
Hong Kong, 24 March 2015
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