KMB will give bonus of $2.68 a share

KOWLOON Motor Bus (KMB) said yesterday it had recommended payment of a special cash bonus of $2.68 a share after the recent sale of a Kwun Tong site to Sun Hung Kai Properties for $1.7 billion.

SHKP, which owns 31.8 per cent of KMB, will thus get back $340.7 million, or 20 per cent of the payment it made to KMB for the site.

The special cash bonus totalled $1.21 billion, which represented the sale proceeds over the net book value of the property and associated expenses.

The bonus will be paid to shareholders on January 26.

In accordance with the Hong Kong Companies Ordinance, which requires that distribution of profits be justified by reference to corporate accounts, KMB also said operating income from January 1, 1993 to January 4, 1994 had dipped 2.1 per cent to $381.2 million from $389.6 million for the year ended December 31, 1992.

The extraordinary gain of $1.21 billion boosted profit to $1.56 billion compared with $330.4 million for fiscal 1992. Earnings per share were $3.88 compared with 82 cents.