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ROLE
IN PROMOTING HONG KONG AS AN INTERNATIONAL FINANCIAL CENTRE
MTR's partial privatisation in October 2000 and subsequent inclusion
in the Hang Seng Index (which represents Hong Kong's 33 blue chip companies),
MSCI and FTSE Index series has brought additional quality and diversity
to Hong Kong's equity capital market. As of 31 December 2003, MTR's market
capitalisation was HK$62,935 million and MTR was ranked Number 15 in the
Hong Kong Stock Exchange. Furthermore, MTR stocks outperformed the Hang
Seng Index 2003. Our ongoing borrowing needs for our capital expenditure
programme were met by using a number of cost effective transactions involving
different financial instruments and markets. However, we managed our debt
portfolio prudently in accordance with our Preferred Financing Model which
diversifies risk through different specifications. MTR continues to be active
in raising corporate governance and transparency standards in Hong Kong
and more widely in Asia through our excellent relations with investors.
We were pleased that our considerable efforts in the field of corporate
social responsibility and sustainability were recognized by both the Dow
Jones Sustainability world Index (DJSI World) and the FTSE4Good Global Index
in 2003, becoming one of the few companies from Hong Kong to meet the globally
recognized standards required for inclusion in these indices.
MTR won a "Silver Award" for our 2002 Annual Report in the General Category
in the 2003 Best Annual Reports Competition organised by the Hong Kong Management
Association. This marked the fifteenth consecutive year since 1988 that
MTR has received such recognition. The report also won the Bronze Award
in the Overall Annual Report Category amongst transport companies at the
International Academy Awards of Annual Reports (ARC) Awards in New York
organized by the International Academy of Communications Arts and Sciences.
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