The Board of Directors of Kingsmen Creatives Ltd. ("the Company") wishes to announce that the Company has subscribed for an additional 70,000 ordinary shares in the share capital of Kingsmen Ooh-media Pte Ltd ("KOM"), a subsidiary of the Company, by way of the capitalisation of S$70,000.00 owing to the Company. The other shareholders, Mr Lim Teck Chye, Danny and Mr Tay Liang Tuan, David have collectively subscribed for additional 30,000 ordinary shares in the share capital of KOM.
With the above investment, the issued and paid-up capital of KOM is now S$200,000.00, of which the Company holds 70%.
The additional investment in KOM is not expected to have a material impact on the earnings per share and the net tangible assets per share of the Company for the financial year ending 31 December 2006.
None of the Directors has any interest, direct or indirect, in the Investment. As far as the Directors are aware, none of the controlling shareholders of the Company has any interest, direct or indirect, in the Investment.