Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
42 Related party transactions (Continued)
Notes: (Continued)
42
(b)
On 2 March 2009, the Group entered into a consultancy services
agreement with a company controlled by an Executive Director of the
Company, who was appointed to hold that office on 4 September 2009
and resigned with effect from 20 December 2010, pursuant to which a fee
was paid by the Group on a monthly basis for the provision of consultancy
services rendered.
(b)
(c)
In November 2009, the Company entered into a revolving loan agreement
with Creator (a company owned as to 50% by Mr. Oei Kang, Eric and
as to the remaining 50% by his wife, Mrs. Oei Valonia Lau), one of the
substantial shareholders of the Company, under which the Company
might borrow up to HK$800.0 million for a period of thirty-six months from
the date of the agreement. The loan was unsecured, carried interest at
the Hong Kong dollar prime rate plus 2% per annum and was repayable
on demand.
(c)
50%
50%
800,000,000
2%
The interest was paid on terms as set out in the agreement. There was no
outstanding loan balance as at 31 December 2010 and 2011.
(d)
In June 2010, the Company entered into a supplemental agreement
with Genesis, one of the substantial shareholders of the Company,
for amending and supplementing the revolving loan agreement dated
8 October 2007, under which the Company might borrow up to
HK$1,000.0 million for a period of ninety-six months from the date of the
said loan agreement dated 8 October 2007. The loan is unsecured and
carried interest at the Hong Kong dollar prime rate plus 2% per annum.
The Company is required to repay the loan and accrued interest thereon
at the expiry of the said agreement.
(d)
1,000,000,000
2%
The interest was paid on terms as set out in the agreement. There was no
outstanding loan balance as at 31 December 2010 and 2011.
(e)
Key management compensation
(e)
Key management solely represents directors of the Company. The
compensation paid or payable to key management is shown as below:
2011 2010
HK$ Million HK$ Million
Director’s fees 1.6 1.7
Salary and other benefits 31.1 29.0
Employer’s contribution to pension scheme 0.1 0.1
Share option benefits 3.5 2.5
36.3 33.3
(f)
The Company has provided guarantees in respect of project loan facilities
granted by banks to its subsidiaries. For details, please refer to pages 57
to 63 on Report of the Directors.
(f)
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