The board of directors of Power Assets Holdings Limited announced that with effect from January 1, 2013, Mr. Tso Kai Sum will retire from the post of Group Managing Director of the Company, and will be re-designated from an Executive Director to a Non-executive Director and appointed as Deputy Chairman and Senior Adviser to the Board. Mr. Wan Chi Tin, an Executive Director of the Company, will be appointed as Group Managing Director of the Company with effect from the same date. Mr. Tso Kai Sum was appointed to the Board in 1985 and became Group Managing Director in 1997.

Mr. Tso worked with the Power Assets Group from 1966 to 1981, holding the positions of Chief Project Engineer of The Hongkong Electric Company, Limited and Executive Director of Associated Technical Services Limited. In 1981, he joined International City Holdings Limited as an Executive Director, and in 1987, he joined the Hutchison Whampoa group as the Group Managing Director of Hutchison Whampoa Properties. In 1997, he re-joined the Group as Group Managing Director.

Mr. Tso is also an Executive Director of Cheung Kong Infrastructure Holdings Limited. Mr. Wan Chi Tin, aged 62, Director of Engineering (Planning & Development), was appointed to the Board in 2005. He is also a director of certain subsidiaries of the Company, including HK Electric of which he will be appointed as Managing Director with effect from January 1, 2013.

Mr. Wan has worked for the Group since 1978, holding various positions. Between September 2000 and June 2003, he served as Chief Executive Officer of Powercor Australia Limited and CitiPower Pty., associate companies of the Group in Australia. He returned to Hong Kong in July 2003 taking up the role of General Manager (Corporate Development).