| TORONTO and Hong Kong, Jan. 13, 2005
-- L.F. Investments (Barbados) Limited, a company controlled by Mr.
Li Ka Shing, is pleased to announce the sale of 17,008,928 common
shares of CIBC at a price of C$70 (approximately HK$455) per share,
for total proceeds of approximately C$1.2 billion]approximately HK$7.8
billion^. CIBC World Markets acted as agent in the sale of these
shares.
Speaking in Hong Kong, Mr. Li said: "I have been pleased
to be an investor in CIBC for many years, and this investment in
the Bank has earned a handsome return. I am pleased to be able
to increase the allocation of my assets to charitable purposes.
It is an honour to have the opportunity to establish the Li Ka
Shing (Canada) Foundation in recognition of the warm welcome Canada
has extended to me and to our Group of companies over the years.
I am also very pleased that Mr. John Hunkin, Chief Executive Officer
of CIBC, has agreed to serve on the Foundation's Board of Directors.
John's involvement attests to the continuing strong relationship
between my family, our Group of companies, and CIBC, which is a
relationship that we all treasure deeply."
Since their establishment, the Li Ka Shing Foundation, an approved
charitable institution in Hong Kong established in 1980, and other
private charitable Foundations established by Mr. Li Ka Shing,
have supported numerous charitable activities with grants, sponsorships
and commitments of over C$1 billion]approximately HK$6.5 billion^.
In addition, all available funds from proceeds of this share sale
of approximately C$1.2 billion]approximately HK$7.8 billion^will
be entirely donated to private charitable Foundations established
by Mr. Li Ka Shing, including the Li Ka Shing Foundation in Hong
Kong and the Li Ka Shing (Canada) Foundation based in Toronto,
Canada. The Foundations are established wholly and solely for charitable
purposes and are required to expend all of their income in pursuit
of charitable objectives, which include education, medical care,
the relief of poverty, and cultural and religious causes. No profit
of the Foundations may be applied directly or indirectly to benefit
their founder, Mr. Li Ka Shing, members of his family, or any other
members or directors of the Foundations.
The Li Ka Shing (Canada) Foundation is a new private charitable
Foundation established to pursue similar charitable activities
in Canada and abroad, including Hong Kong and Mainland China,
and has applied for registration as a charity in Canada. John
Hunkin, the Chief Executive Officer of CIBC, has agreed to serve
on the Canadian Foundation's Board of Directors.
"Mr. Li has not only been a longstanding and steadfast investor
in CIBC but a valued adviser to me and a number of my predecessors,"
said Mr. Hunkin. "I would like to thank him for his loyalty and
wish him well with this new charitable initiative that will benefit
many and further strengthen the bonds between Canada and Hong Kong
and Mainland China."
Previous
|
