The Board of Directors of Kingsmen Creatives Ltd. ("the Company") wishes to announce that the Company has disposed of a 5% interest in the issued share capital of PT. Kingsmen Indonesia ("PTK"), comprising 7,500 ordinary shares of Rp. 9,480 each, to Mr Chang Keat Jin (an Executive Director of PTK). Mr Chang is not related to any Director or substantial shareholder of the Company.
The total consideration for the above disposal is Rp. 71,100,000, which was arrived at based on a willing-seller and willing-buyer basis. With this disposal, the Company's interest in PTK was reduced from 100% to 95%.
The above disposal is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company and its subsidiaries for the current financial year ending 31 December 2006.
None of the Directors or substantial shareholders of the Company has any direct or indirect interest in the above disposal.