Not afraid to use it

PUBLISHED : Wednesday, 04 December, 2002, 12:00am
UPDATED : Wednesday, 04 December, 2002, 12:00am

China Motor Bus chairwoman Irene Ngan Kit-ling outlines the firm's property development plans at the company's annual general meeting yesterday. Ms Ngan told shareholders the company plans to use its HK$1.7 billion in cash reserves to finance several property projects, including one in Chai Wan and one in North Point, rather than 'sitting on the money and doing nothing'. CMB fended off a hostile takeover attempt by investment bank Yu Ming in October, paying out HK$800 million in special dividends in the process.