Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Orient Overseas (International) Limited
  6. News
  7. Summary
    316   BMG677491539

ORIENT OVERSEAS (INTERNATIONAL) LIMITED

(316)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Orient Overseas International : RE-DESIGNATION OF DIRECTOR, CHANGE OF COMPOSITION OF BOARD COMMITTEES AND CHANGE OF AUTHORIZED REPRESENTATIVE

12/13/2019 | 04:26am EST

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.

ORIENT OVERSEAS (INTERNATIONAL) LIMITED

東 方 海 外 (國 際) 有 限 公 司*

(Incorporated in Bermuda with members' limited liability)

(Stock Code: 316)

RE-DESIGNATION OF DIRECTOR

CHANGE OF COMPOSITION OF BOARD COMMITTEES

AND CHANGE OF AUTHORIZED REPRESENTATIVE

The board of directors (the "Board") of Orient Overseas (International) Limited (the "Company") hereby announces that with effect from 1 January 2020, Mr. TUNG Lieh Cheung Andrew ("Mr. Tung") will be re-designated from an Executive Director to a Non-Executive Director of the Company (the "Re-designation"), as recommended by the Nomination Committee of the Company and approved by the Board. Following the Re-designation, Mr. Tung will cease as a member of the Executive Committee and an authorized representative of the Company but will remain as a member of the Finance Committee, the Inside Information Committee and the Risk Committee of the Company.

Mr. Tung, aged 55, holds a bachelor degree from Princeton University and a master degree in Business Administration from Stanford University in the USA. He is currently an independent non-executive director of Cathay Pacific Airways Limited (a company listed in Hong Kong) and Standard Chartered Bank (Hong Kong) Limited. He is also a member of the Hong Kong Logistics Development Council, a member of the Hong Kong Maritime and Port Board, the chairman of the Maritime and Port Development Committee; and a member of the Chief Executive's Council of Advisers on Innovation and Strategic Development.

Mr. Tung has been an Executive Director of the Company since 2 November 2011. He is a Director and a member of the Executive Committee of Orient Overseas Container Line Limited ("OOCLL"), an indirect wholly-owned subsidiary of the Company, from March 2006 until 31 December 2019. He was the Chief Executive Officer and Senior Managing Director of OOCLL from 1 July 2012 to 2 August 2018, and has been re-designated as the Co-Chief Executive Officer of OOCLL since 3 August 2018 until 31 December 2019. Mr. Tung is also a director of various subsidiaries of the Company until 31 December 2019. Between 1993 and 1998, he served the Group in various capacities including director of Reefer Trade of OOCLL. The last position Mr. Tung held in Hong Kong Dragon Airlines Limited prior to joining OOCLL in 2006 was the chief operating officer. He was the vice-chairman of the International Chamber of Commerce Commission for Transport & Logistics and a member of the executive committee of Hong Kong Shipowners Association.

Save as disclosed above, Mr. Tung (i) does not, and did not in the last three years, hold any other directorships in public companies the securities of which are listed on any securities

1

market in Hong Kong or overseas; (ii) does not hold any other position with the Company and other members of the group; and (iii) does not have any relationship with any Director, senior management or substantial or controlling shareholder of the Company, as at the date of this announcement.

As at the date of this announcement, Mr. Tung does not have any interest in the ordinary shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Mr. Tung has entered into a letter of appointment with the Company for his new role and duties as the Non-Executive Director of the Company and as a member of the Finance Committee, the Inside Information Committee and the Risk Committee of the Company, for a term of three years with effect from 1 January 2020, unless either party gives six (6) months written notice to the other to terminate the letter of appointment before expiry of the existing term. Mr. Tung is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Bye-Laws of the Company.

Mr. Tung's emolument is recommended by the Remuneration Committee of the Company with reference to his skills, knowledge, qualification, experience and responsibilities and is approved by the Board. As a Non-Executive Director and a member of the Finance Committee, the Inside Information Committee and the Risk Committee of the Company, Mr. Tung shall receive a total remuneration of HK$350,000 per annum, subject to annual review by the Remuneration Committee of the Company and approval of the Board pursuant to the power granted by the shareholders at the annual general meetings of the Company. Mr. Tung does not have a service contract with the Company.

Saved as disclosed above, there is no other information relating to Mr. Tung required to be disclosed pursuant to rules 13.51(2)(h) to (v) of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") nor are there any other matters that need to be brought to the attention of the shareholders.

CHANGE OF AUTHORIZED REPRESENTATIVE

Following the Re-designation of Mr. Tung, Mr. YANG Zhijian, an Executive Director of the Company, will be appointed as an authorized representative of the Company under rule 3.05 of the Listing Rules in place of Mr. Tung with effect from 1 January 2020.

By Order of the Board

Orient Overseas (International) Limited

Lammy LEE

Company Secretary

Hong Kong, 13 December 2019

As at the date of this announcement, our Executive Directors are Mr. XU Lirong, Mr. WANG Haimin, Mr. YANG Zhijian, Mr. FENG Boming and Mr. TUNG Lieh Cheung Andrew; our Non-Executive Directors are Mr. YAN Jun, Ms. WANG Dan, Mr. IP Sing Chi and Ms. CUI Hongqin; and our Independent Non-Executive Directors are Mr. CHOW Philip Yiu Wah, Dr. CHUNG Shui Ming Timpson, Mr. YANG Liang Yee Philip, Ms. CHEN Ying and Mr. SO Gregory Kam Leung.

* For identification only

website: http://www.ooilgroup.com

2

Disclaimer

OOIL - Orient Overseas (International) Limited published this content on 13 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2019 09:25:10 UTC


ę Publicnow 2019
All news about ORIENT OVERSEAS (INTERNATIONAL) LIMITED
01/25Orient Overseas International Arm Logs Over 101% Surge in Q4 Revenue
MT
2021Certain Ordinary Shares of Orient Overseas (International) Limited are subject to a Loc..
CI
2021Shipping Stocks Jump in Asia as Omicron Variant Threatens Supply Chains
DJ
2021ORIENT OVERSEAS INTERNATIONAL : OOCL's Q3 Revenue Surges 125% to $4.3 Billion
MT
2021ORIENT OVERSEAS (INTERNATIONAL) LIMI : 316) added to S&P Global BMI Index
CI
2021Orient Overseas (International) Limited Announces Special Dividend, Payable on October ..
CI
2021ORIENT OVERSEAS INTERNATIONAL : Strikes Nearly $1.6 Billion Vessel Construction Deal with ..
MT
2021ORIENT OVERSEAS (INTERNATIONAL) LIMI : Ex-dividend day for extraordinary dividend
FA
2021ORIENT OVERSEAS (INTERNATIONAL) LIMI : Ex-dividend day for interim dividend
FA
2021Orient Overseas (International) Limited Declares Special Dividend for the Six Months En..
CI
More news
Analyst Recommendations on ORIENT OVERSEAS (INTERNATIONAL) LIMITED
More recommendations
Financials (USD)
Sales 2021 16 764 M - -
Net income 2021 7 015 M - -
Net cash 2021 3 687 M - -
P/E ratio 2021 2,24x
Yield 2021 36,2%
Capitalization 15 552 M 15 549 M -
EV / Sales 2021 0,71x
EV / Sales 2022 0,52x
Nbr of Employees 10 593
Free-Float -
Chart ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Duration : Period :
Orient Overseas (International) Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ORIENT OVERSEAS (INTERNATIONAL) LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Last Close Price 23,55 $
Average target price 25,38 $
Spread / Average Target 7,78%
EPS Revisions
Managers and Directors
Xiao Wen Huang Chief Executive Officer & Executive Director
Ming Wen Zhang Chief Financial Officer
Min Wan Chairman
Jun Guang Xiao Secretary & Compliance Officer
Yiu Wah Chow Independent Non-Executive Director