HONG KONG: The Pegasus Philip Wong Kin Hang Christian Primary School cum Junior Secondary School, taken over by the Fukien Chamber of Commerce Education Fund yesterday, has declared the school financially stable. The assessment was announced by the school's principal, Thomas Lee Poon-shing.

The education fund was chosen last week by the Education Bureau to take over the Yau Tong school after its former operator Pegasus Social Service Christian Organization abruptly announced in May that the organization was pulling out of the school.

Lee said the school had a surplus of about HK$22 million at the end of last month. He estimated that at least HK$15 million to HK$16 million will be left after settling expenses such as audit fees and payment in lieu of notice to staff.

The Fukien Chamber of Commerce Education Fund runs two secondary schools, at the present time, in Kwun Tong and Siu Sai Wan. It operates another institution in North Point.

After the takeover, the junior secondary section of the Yau Tong school will be phased out. Its outgoing Primary Six and existing junior secondary students will return to study at the Fukien Secondary School in Kwun Tong by the 2011-12 school year.

Lam Kin-wah, the principal of the Fukien Secondary School, said: "We hope to make the (takeover) school special and excel in all aspects like sports, arts, languages and creativity."

He said the school will have abundant resources as the education fund has set aside at least HK$10 million for the operation of the school and transition expenses.

After his first visit to the Yau Tong school, Lam praised the institute's facilities as "first-class" and said it has only to replace some computers and add some additional equipment.

Lam said the new school name has yet to be decided and the school's library or assembly hall may be named after Philip Wong Kin Hang to recognize the contribution of Wong's family.

Lee said about 63 staff members of the Yau Tong school will be offered new contracts today and will have until tomorrow to decide whether to stay or move on.

He pledged that salaries will not be below the current level.

Lee said the school had 532 students during the 2008-09 school year and expected the number of students for the coming school year will be roughly the same.

Lee added that his school will try to improve its pupils' academic acumen even further.

He said the school will reinforce its English teaching activities in a bid to help students improve their English writing.

(HK Edition 07/15/2009 page1)