The Board of Directors of Kingsmen Creatives Ltd. ("the Company") wishes to announce that its wholly-owned subsidiary, Kingsmen Projects Pte Ltd has incorporated a subsidiary in Guam known as Kingsmen Pacific, Inc. ("KPI").
KPI has an authorised capital of US$5,000.00 divided into 5,000 shares of US$1.00 each and a paid-up capital of US$1,003.00, of which 1,000 shares are held in the name of the Company and the balance of three (3) shares are held in the name of nominees.
The principal activities of the Company are those of construction, retail and wholesale of construction systems and materials.
The incorporation of KPI is not expected to have any material impact on the earnings per share and the net tangible assets per share of the Company for the financial year ending 31 December 2005.
None of the directors or substantial shareholders of the Company has any direct or indirect interest in KPI.