High-grade steel wire rope was developed, which was used in the production of fiber optic cables. In October 1998, the Group sold its subsidiaries which carried out the trading of printing and auxiliary machinery and consumables business of the Group.
Overseas taxation is calculated at the rates prevailing in the respective jurisdictions.
The weighted average number of ordinary shares in 1998 for the purposes of basic earnings per share had been adjusted for the rights issue on 15th May, 1998. The computation of diluted earnings per share in 1998 did not assume the conversion of the Company's outstanding convertible notes since their exercise would result in an increase in net earnings per share from continuing operations. The payment of which is subject to the approval of the shareholders at the forthcoming annual general meeting of the Company to be held on Friday, 23rd June, 2000. The Group believes that this can strengthen the Group's steel related products manufacturing business. The Group believes that the acquisition will further strengthen its value added steel focus.