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About Kingsmen

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Established in 1976, Kingsmen has grown from a local outfit to a regional group with offices in 19 major cities across the Asia Pacific and Middle East regions through its affiliates.

Executive Chairman's Message

Chairman

Dear Shareholders,

Our markets are buoyant and we continue to invest in our future growth. 2017 saw us moving into a new business area to expand the scope of our business and bring additional earning streams to the Group. We incorporated Kingsmen Ventures, an investment holding company and Kingsmen Xperience, a company based in the US, to create and own media/entertainment themed licenses and attractions. The establishment of our collaboration with Hasbro International, Inc. to co-conceptualise, create, build and operate NERF family entertainment centre (FEC) attractions across Asia Pacific is the first step into this exciting and growing area.

Our new Kingsmen HQ, to be ready by the second half of 2018 will be another major step in the transformation of Kingsmen and the pivotal anchor of our creative and experiential business focus. To this end, our Kingsmen Academy will continue to play a key role in the training and development of our people to serve our clients, and we continue to invest in new course offerings and the updating of course content for market needs.

Latest News

Benedict Soh
Executive Chairman

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Extracted from Annual Report 2017

Dear Shareholders,

Our markets are buoyant and we continue to invest in our future growth. 2017 saw us moving into a new business area to expand the scope of our business and bring additional earning streams to the Group. We incorporated Kingsmen Ventures, an investment holding company and Kingsmen Xperience, a company based in the US, to create and own media/entertainment themed licenses and attractions. The establishment of our collaboration with Hasbro International, Inc. to co-conceptualise, create, build and operate NERF family entertainment centre (FEC) attractions across Asia Pacific is the first step into this exciting and growing area.

Our new Kingsmen HQ, to be ready by the second half of 2018 will be another major step in the transformation of Kingsmen and the pivotal anchor of our creative and experiential business focus. To this end, our Kingsmen Academy will continue to play a key role in the training and development of our people to serve our clients, and we continue to invest in new course offerings and the updating of course content for market needs.

On the financial front, we recorded a revenue of S$307.2 million and net profit of S$9.7 million in 2017. There was a 6.8% decrease in revenue and an 18.1% decrease in net profit compared to 2016. Our performance was impacted due to the soft retail market, adverse movements in foreign exchange, the completion of several thematic projects and the scheduling of new projects in the pipeline.

Our Exhibitions & Thematic division recorded a revenue of S$136.8 million in 2017, a 9.7% decrease compared to S$151.5 million in 2016, as a number of the larger scale projects were completed in 2016. The division is seeing good demand for its services and is optimistic about its prospects due to various projects already in the works, and several others in the pipeline.

Amidst soft retail conditions, our Retail & Corporate Interiors division continues to push hard as we expand our reach in the hospitality, corporate interior, F&B and mall public area segments while continuing to serve clients in our more established markets of high-end luxury, affordable luxury, fast fashion and travel retail. The division registered a revenue of S$143.2 million in 2017, a 4.9% decline compared to S$150.5 million in 2016.

Our Research & Design division maintained steady growth, registering a revenue of S$15.5 million in 2017, an increase of 2.9% compared to S$15.1 million in 2016. In addition, our Alternative Marketing division achieved a revenue of S$11.8 million in 2017, a decrease of 7.2% from S$12.7 million in 2016. We are taking steps to expand our base of clients and expect improved contribution from the division.

Looking ahead, we see good potential for our continued growth as the diverse industries we serve, and the services and capabilities we have built over the years put us in a unique position. As consumer preferences and needs gravitate towards an experiential focus, demand for our services will continue to expand. As at 31 January 2018, we have secured contracts of S$84 million, of which S$82 million is expected to be recognised in 2018.

In line with the Group's policy of distributing its profits to loyal shareholders, the Board of Directors has proposed a final dividend of 1.5 cents per ordinary share. Combined with the interim dividend of 1.0 cent per ordinary share paid in September 2017, we would have paid out a total dividend of 2.5 cents per ordinary share for 2017.

In closing, I would like to extend my heartfelt appreciation to all members of Kingsmen for their dedication and passion in delivering value for our clients and the Group. I would also like to acknowledge the Board of Directors for their steadfast support and guidance throughout the year. Last but not least, I am grateful to our business associates, clients and shareholders for their continued support and belief in us.

We are confident that we are on the right path and have the right strategy to deliver on our full potential. We remain committed in pursuit of new business opportunities and delivering value for all our stakeholders.

BENEDICT SOH
Executive Chairman

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t. (65) 688 000 88
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t. (65) 688 000 88
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Benedict Soh
Chairman

Benedict Soh is dedicated to honing the Group's leadership capabilities and human capital, in addition to his role in charting the Group's strategic direction and exploring new business opportunities. One of two founders of the Group, he has contributed significantly to its growth and has over 40 years of experience in the design & production of interiors, exhibits and marketing communications. Mr. Soh has served IE Singapore, Spring Singapore and the Singapore Tourism Board (STB) for various initiatives to improve Singapore's international standing in Tourism & Exhibition Services. He is currently a trustee of the Migrant Workers Centre and is actively involved as a board member of Spring Seeds Capital.

A strong proponent of education, Mr. Soh is the Chairman of Tourism & Hospitality Programmes and a member of the Academic Advisory Board at MDIS. He is also a member of the School Advisory Council of Northbrooks Secondary School and SHATEC's Academic & Examination Advisory Council. In 2014, US-based Exhibit Designers & Producers Association (EDPA) conferred the prestigious Hazel Hays Award in recognition of Mr. Soh's outstanding contributions to the trade show industry, in addition to the Lifetime Achievement for Outstanding Contribution to Tourism accorded by STB in 2012. He was the former President of the Rotary Club of Pandan Valley and holds a Master of Business Administration from the University of Hull in the UK.

Simon Ong
Deputy Chairman

Simon Ong oversees the strategic planning and development of the Group as well as its creative and brand standards. He is one of the Group's two founders and has contributed significantly to its growth. He is a member of the advisory board to the Design Business Chamber of Singapore, Interior Designers Confederation of Singapore and Singapore Furniture Industries Council (Design). Mr. Ong served as Chairman of the design cluster in the Manpower, Skills & Training Council of WDA, President of the Interior Designers Association (Singapore), an IDP member of the Design Singapore Council and a board member of the Association of Retail Environments/SHOP!(USA).

An ardent advocate of education, Mr. Ong currently serves as a board director of Nanyang Academy of Fine Arts (NAFA) and a member of the Advisory Board to the School of Design & Environment at the National University of Singapore (NUS).

He was the former Chairman of the School Advisory Board of Cedar Girls Secondary School, and once served as a member of the Advisory Board of Temasek Polytechnic School of Design. Mr. Ong also served as Vice-Chairman of the Potong Pasir CC Management Committee. He was awarded a Master of Business Administration from the University of South Australia and a Master in Design from the University of New South Wales, Australia.

Andrew Cheng
Group Chief Executive Officer

Andrew Cheng oversees the Group's day-to-day management, as well as its corporate affairs, business development and strategic planning functions. He has more than 25 years of experience in marketing, sales management, consulting, business development and investor relations. He was the former Honorary Secretary and a Committee Member of the Securities Investors Association (Singapore) and currently serves on the association's Remuneration Sub-Committee. He is also a member of the Dover Park Hospice Communications & Outreach Committee. Andrew has a Bachelor of Economics degree from the University of Tasmania, Australia.

Anthony Chong
Group Managing Director,
Exhibitions & Thematic

Anthony Chong drives the strategic management and day-to-day operations of the Group's Theme Parks, Museums, Exhibitions and Events businesses. He has more than 35 years of experience in marketing and the fulfilment of different disciplines that encompass world-class attractions, tradeshows, retail interiors and large-scale sporting & corporate events. He currently serves as a member of the School Advisory Council in Cedar Girls Secondary School. Anthony holds a Master of Business Administration from Victoria University of Technology, Australia.

Alex Wee
Group Managing Director,
Retail & Corporate Interiors

Alex Wee has more than 25 years of experience in the fulfilment of retail & corporate interior fit-outs, custom fixture manufacturing, and general contracting. He is responsible for the strategic management and day-to-day operations of the Group's Retail & Corporate Interiors business. Alex has a Bachelor of Construction Management (Honours) from University of Newcastle, Australia, and a Master of Science in Marketing & Consumer Insight from Nanyang Technological University, Singapore.

Sebastian Tan
Independent Director

Sebastian Tan was appointed Independent Director of the Company in April 2013. In May 2000, he co-founded Boardroom Limited, a company listed on the Singapore Exchange (SGX-ST). He was the Managing/Finance Director of Boardroom Limited from May 2000 to March 2013. Having retired from Boardroom Limited, he continues to be an Advisor. Prior to May 2000, he was with Ernst & Young Singapore and its affiliates since September 1973. Mr. Tan is currently an Independent Non-Executive Chairman of Jumbo Group Limited and Vibrant Group Ltd and an Independent Director of Ezra Holdings Limited and Wilton Resources Corporation Ltd. He is also a Trustee of Kwan Im Thong Hood Cho Temple and a director of D S Lee Foundation and EtonHouse Community Fund Ltd. He is a qualified financial professional from the Association of Chartered Certified Accountants (UK). He was awarded the Public Service Medal in 1996.

Prabhakaran N. Nair
Independent Director

Prabhakaran N. Nair was appointed Independent Director of the Company in August 2003. He began practicing law in 1974 and is an Advocate and Solicitor of Singapore. Mr. Nair is currently a partner of law firm, Messrs Derrick Wong & Lim BC LLP. He obtained a degree in law from the University of Singapore and is a litigation lawyer specialising in Commercial Litigation, Arbitration and Estates and Trusts matters.

Cynthia Tan
Independent Director

Cynthia Tan was appointed Independent Director of the Company in November 2016. She retired from OCBC in 2015 after 16 years as the Head of Group Human Resources. Prior to her role in OCBC, she headed the HR functions in LVMH DFS and Apple Computer. She was a former lecturer at Ngee Ann Polytechnic's School of Business & Accountancy before joining the private sector. Cynthia is currently a member of the Executive Committee of the Dyslexia Association of Singapore and a Patron for the Youth Council. She is also a member of the Advisory Board at the Singapore Human Resources Institute and a Board member of the YMCA Singapore. She is a trained Executive Coach from Columbia University and certified Diversity Practitioner from Cornell University. Cynthia obtained her Diploma in Personnel Management from the University of Cardiff, UK and Master of Business Administration from the University of Hull, UK.

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financial highlights / financial ratios /

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Kingsmen Creatives Ltd
Kingsmen Creative Centre
3 Changi South Lane
Singapore 486118
t. (65) 688 000 88
f. (65) 688 000 38
e. info@kingsmen-int.com

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Extracted from Annual Report 2016

Results For the Year
FY2012
S$'000
FY2013
S$'000
FY2014
S$'000
FY2015
S$'000
FY2016
S$'000
Revenue
290,190
296,251
336,413
327,903
329,707
Gross profit
72,388
75,972
84,840
83,677
83,447
Profit before tax
21,554
22,005
21,554
21,641
14,350
Profit net of tax attributable to equity
16,914
17,744
17,155
19,068
11,896
   holders of the Company
 
At Year-end (S$'000)
Total assets
179,639
209,498
223,914
252,231
259,031
Total liabilities
102,811
120,226
122,849
138,860
140,361
Shareholders' funds
73,848
85,525
96,747
111,277
116,826
Cash and cash equivalents
51,578
62,160
81,360
70,688
74,551
Borrowings
4,645
4,562
6,514
13,385
11,056
 
Per Share (cents)
Earnings - basic and diluted
8.84
9.21
8.84
9.71
6.02
Dividends
4.00
4.00
4.00
3.00
2.50
Net assets
38.53
44.24
49.73
56.51
58.96
 
Key Ratios (%)
Revenue growth
11.2
2.1
13.6
(2.5)
0.6
Gross profit margin
24.9
25.6
25.2
25.5
25.3
Net profit margin
5.8
6.0
5.1
5.8
3.6
Return on shareholders' funds
24.3
22.3
18.8
18.3
10.4
Debt equity
6.3
5.3
6.7
12.0
9.5


Revenue By Activities

Activities
Year Ended 31 Dec 16
Year Ended 31 Dec 15
S$'000
%
S$'000
%
Exhibitions & Thematic
151,435
45.9
172,306
52.6
Retail & Corporate Interiors
150,486
45.6
128,992
39.3
Research & Design
15,083
4.6
15,008
4.6
Alternative Marketing
12,703
3.9
11,597
3.5
Total Revenue
329,707
100.0
327,903
100.0


Turnover By Geography

Geography
Year Ended 31 Dec 16
Year Ended 31 Dec 15
S$'000
%
S$'000
S$'000
South Asia
180,799
54.9
165,272
50.4
North Asia
98,030
29.7
119,452
36.4
Middle East
22,724
6.9
20,760
6.3
United States and Canada
15,921
4.8
7,923
2.4
Europe
10,228
3.1
11,656
3.6
Others
2,005
0.6
2,840
0.9
Total Revenue
329,707
100.0
327,903
100.0


Consolidated Statement of Profit or Loss

 
Group
+ / -
%
Year Ended 31 Dec 16 Year Ended 31 Dec 15
S$'000 S$'000
Revenue      
Exhibitions & Thematic 151,435 172,306 (12.1)
Retail & Corporate Interiors 150,486 128,992 16.7
Research & Design 15,083 15,008 0.5
Alternative Marketing 12,703 11,597 9.5
       
Total revenue 329,707 327,903 0.6
Cost of sales (246,260) (244,226) 0.8
       
Gross profit 83,447 83,677 (0.3)
Other items of income      
   Interest income 353 389 (9.3)
   Other income 4,720 10,947 (56.9)
Other items of expense      
   Depreciation of property, plant and equipment (2,429) (2,310) 5.2
   Employee benefits expense (58,527) (56,702) 3.2
   Other expenses (12,422) (13,032) (4.7)
   Interest expense (596) (630) (5.4)
Share of results of associates (196) (698) (71.9)
       
Profit before tax 14,350 21,641 (33.7)
Income tax expense (2,586) (2,555) 1.2
       
Profit net of tax 11,764 19,086 (38.4)
       
Profit/(loss) net of tax attributable to:      
Equity holders of the Company 11,896 19,068 (37.6)
Non-controlling interests (132) 18 n/m
       
Profit net of tax 11,764 19,086 (38.4)
       

Note:
n/m = not meaningful

Revenue

For the financial year ended 31 December 2016 ("FY2016"), the Group recorded a revenue of S$329.7 million, an increase of S$1.8 million or 0.6% compared to S$327.9 million for the previous corresponding financial year ended 31 December 2015 ("FY2015").

The Exhibitions & Thematic division registered a revenue of S$151.4 million in FY2016, a decrease of S$20.9 million or 12.1% from S$172.3 million in FY2015. The key contributors to the division's revenue included major events and projects such as Art Stage Singapore 2016, BNP Paribas WTA Finals Singapore presented by SC Global, Food & Hotel Asia 2016, Formula 1 Singapore Grand Prix, Singapore Airshow 2016, TFWA Asia Pacific Exhibition & Conference 2016, Dubai Frame, Heilan Horse Cultural Experience Pavilion, King Abdulaziz Center for World Culture, KidZania Singapore and thematic projects in the region.

The Retail & Corporate Interiors division recorded a revenue of S$150.5 million in FY2016, an increase of S$21.5 million or 16.7% from S$129.0 million in FY2015. The key accounts which contributed to the division's revenue included clients and brand names such as Birkenstock, Bottega Veneta, Coach, DBS Bank, DFS Venture, Fendi, Robinsons, Skechers, Tiffany & Co. and Uniqlo.

The Research & Design division achieved a revenue of S$15.1 million in FY2016, an increase of S$0.1 million or 0.5% compared to S$15.0 million in FY2015. The key accounts which contributed to the division's revenue included clients and brand names such as AllSaints, BMW, Burberry, Changi Airport Group, Kate Spade, Michael Kors, National Museum of Singapore, Procter & Gamble Co., TAG Heuer, Under Armour and Valentino, and thematic projects in the region.

The Alternative Marketing division registered a revenue of S$12.7 million in FY2016, an increase of S$1.1 million or 9.5% compared to S$11.6 million in FY2015. The key contributors to the division's revenue included events and projects from clients such as BMW, CPF Board, Health Promotion Board, Jurong Health, StarHub and Sustainable Energy Association of Singapore.

Gross Profit

Gross profit in FY2016 decreased by S$0.2 million or 0.3% to S$83.5 million compared to S$83.7 million in FY2015. The decrease was a result of a decline in gross profit margin and was partially offset by higher revenue recorded. Gross profit margin was lower at 25.3% in FY2016 compared to 25.5% in FY2015, affected mainly by lower selling prices in the Retail and Corporate Interiors division.

Other Items of Income

Interest income relates mainly to interest income earned from short-term deposits and bank balances placed with banks.

Other income decreased by S$6.2 million or 56.9%, from S$10.9 million in FY2015 to S$4.7 million in FY2016. The decrease was mainly due to the recognition of one-off other income of S$5.9 million from the disposal of interest in an associate and the fair value of the remaining interest in FY2015.

Other Items of Expenses

Higher operating expenses were incurred in FY2016 compared to FY2015. The higher depreciation charge on property, plant and equipment was incurred mainly as a result of the acquisition of plant and equipment in FY2016 to support the operations of the Group. The increase in employee benefits expense was mainly due to higher cost resulting from increased average wage. Other expenses were lower mainly due to a net foreign exchange loss of S$0.6 million recorded in FY2015 compared to a net foreign exchange gain of S$0.3 million recorded in other income in FY2016. Lower interest expense was incurred as a lower amount of loans and borrowings was outstanding in FY2016 compared to FY2015.

Share of Results of Associates

Share of losses of associates decreased by S$0.5 million or 71.9% to S$0.2 million compared to S$0.7 million in FY2015. The decrease was mainly due to lower loss contribution from an associate and was partially offset by the absence of profit contribution from Kingsmen C.M.T.I. Public Company Limited which ceased to be an associate since December 2015.

Profit Net of Tax Attributable to Equity Holders of the Company

Profit net of tax attributable to equity holders of the Company was S$11.9 million in FY2016, a decrease of S$7.2 million from FY2015. Excluding the S$5.9 million one-off other income from the disposal of interest in an associate and the fair value of the remaining interest in FY2015, profit net of tax attributable to equity holders of the Company would be S$13.2 million in FY2015. This amounted to an S$1.3 million or 9.3% decrease in FY2016 compared to FY2015.

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Kingsmen Creative Centre
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t. (65) 688 000 88
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e. info@kingsmen-int.com

No Ratio Available.

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e. info@kingsmen-int.com

  • REGISTRAR
    Boardroom Corporate & Advisory Services Pte Ltd 50 Raffles Place, #32-01 Singapore Land Tower Singapore 048623

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Date Type Remarks
Notes
  • Dates with early, mid or late descriptions are based on the dates from the previous year's results. These are not indicative of future result announcements dates.

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Historical EPS ($) a
NAV ($) b
Historical PE
Price / NAV b
Dividend ($) d
52 Weeks High
Dividend Yield (%) d
52 Weeks Low
Par Value ($)
 
Market Cap (M)
Issued & Paid-up Shares c
Notes
  • Based on latest Full Year results announcement, adjusted for the current number of shares.
  • Based on latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares.
  • Rounded to the nearest thousand. Updated on
  • Dividend is based on latest Full Year results announcement, adjusted for current number of shares and excludes special dividend.

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Announce Date
[Date of
Effective
Change]
Buyer / Seller Name
[Type*]
S / W / U ** Bought/
(Sold)
('000)
Price($) After Trade Note
No. of Shares ('000) *** % Held
***
No Insider Trades Available.
* DIR - Director (include Directors of related companies)
SSH - Substantial Shareholder
COY - Company Share Buyback
TMRP - Trustee-Manager/Responsible Person
** S - Shares
W - Warrants
U - Units
R - Rights
*** Direct & Deemed Interests

Notes:

  1. Only trades by directors, substantial shareholders and company share buy back are included in Insider Trades.

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    Benedict Soh

    Simon Ong
    With an initial staff strength of seven, the partnership of “Kingsmen Designers & Producers” was set up in 1976. Our founders, Benedict Soh and Simon Ong, formed Kingsmen Designers & Producers with the aim of providing high quality design and production services to clients in the exhibition, retail and office interior sectors.

    In 1978, with the expansion of our business, our founders bought premises with an area of approximately 2,800 sq ft in Tong Lee Building at Kallang Pudding Road, Singapore for use as an office and to house some of our in-house production activities. As our business grew, we rented another 12,000 sq ft of space at 24, Kallang Pudding Road, Singapore for our production activities. In 1981, to expand our exhibition business and to tap into market opportunities, we incorporated Kingsmen Exhibition Builders Pte Ltd to design and produce suitable displays for organisers and exhibitors of exhibitions and events. In 1982, we expanded our business into Malaysia through the setting up of Kingsmen-Keb Systems at No. 6-8, Tepian Loke Yew, Off Jalan Loke Yew, 55200 Kuala Lumpur, Malaysia.

    On 17 December 1983, Kingsmen Designers & Producers was converted to a private limited company, Kingsmen Designers & Producers Pte Ltd. By that time, we were serving clients from the mid to upmarket retail sector representing brands such as Gucci, Cartier, Estee Lauder, Chanel, Givenchy, Printemps, Pierre Balmain, Testoni and Louis Vuitton.


    With the continued growth in demand for our services, in 1988, we relocated our operations to rented premises at 16 Defu Lane 12, Singapore which comprised an approximate area of 28,000 sq ft. We also incorporated a subsidiary, Hi-Light Electrical Pte Ltd, in Singapore to support our Group by providing the electrical and light-fitting works which are needed in our projects. As at the Latest Practicable Date, Hi- Light Electrical also provides electrical contracting services to other interior contractors, design houses and occupiers of retail shops and offices.

    In 1990, we rented additional premises at 57 Defu Lane 12, Singapore with an area of approximately 14,000 sq ft. Our expansion during this period was largely due to the expansion of our services and involvement in larger exhibition projects such as the Asian Aerospace in Singapore, one of the world's most significant and Asia's largest air-show todate. In addition, we saw an increase in the number of interior projects handled by us as new shopping centres such as Centrepoint, Wisma Atria, Paragon and Takashimaya Shopping Centre were added to the Singapore retail scene, spanning from the late 1980s to the early 1990s.

    In 1997, we undertook a restructuring exercise by setting up Kingsmen Malaysia, which is now the holding company for Kingsmen-Keb Systems, Kingsmen Environmental Graphics Malaysia and Keb Designers & Producers. Kingsmen Environmental Graphics Malaysia was set up in 1995 to produce signage and other promotional displays.

    Kingsmen Designers & Producers Pte Ltd changed its name in 1997 to Kingsmen Projects Pte Ltd. This was to reflect our focus on the management, production and installation of permanent interiors not only for projects designed by our in-house designers, but also for projects designed by third party professionals, such as architects and interior design houses. In the same year, Kingsmen Exhibition Builders Pte Ltd also changed its name to Kingsmen Exhibits Pte Ltd to reflect our change in focus to provide a broader range of services for exhibitions and events.

    In 1997, we incorporated another subsidiary, Kingsmen Design Pte Ltd in Singapore to provide research and design services for our projects. Such services have gradually become an integral part of our Group. We also started to specialise in the production of signages, murals, billboards and other promotional displays through a newly incorporated subsidiary, Kingsmen Environmental Graphics Pte Ltd.

    On 26 December 2000, we relocated our operations to our present premises at Kingsmen Creative Centre at 3 Changi South Lane, Singapore. The Kingsmen Creative Centre which mainly houses our Group operations in Singapore serves as our “one-stop-shop” headquarters and allows us to offer integrated services to our clients.

    On 2 February 2001, to complement our business activities by providing marketing and event promotion services, we incorporated another subsidiary, I-Promo Events & Marketing Pte Ltd. In December 2002, we acquired a 19.5% stake in Design In Action (Singapore) Pte Ltd which provides branding consultancy services.

    In 2002, we expanded our business to Thailand by acquiring 19.98% of the total issued share capital in Kingsmen CMTI. This was done to enable us to serve our clients who are either based in, or require our services in, Thailand more effectively.