Mr. Lao resides in Macau where he has business interests in the property, travel and retail industries. Mr. Lao became a substantial shareholder of ASF Group Limited pursuant to the acquisition by the Company from Mr Lao in June 2006 of a joint venture interest in the Macau based travel agency business.
The board has appointed Mr. Lao Nga Fong as Vice Chairman effective 30 November 2006 and he is Managing Director of ASF Macau Multinational Holdings Limited in charge of the operations in Multinational Youth Travel Agency Limited. Mr. Lao is Chairman of the Macau Travel Agency Association and Mr. Lao by virtue of his industry experience and commercial expertise will make a valuable contribution to the Group.
