Further to the Company's announcement made on 14 April 2005, the Board of Directors of Kingsmen Creatives Ltd. ("the Company") wishes to announce that the new wholly-owned Foreign Direct Investment company in Indonesia, PT. Kingsmen Indonesia, has been incorporated.
PT. Kingsmen Indonesia ("PTK") is wholly-owned by the Company and has a registered share capital of US$150,000.00.
The principal activity of PTK is the business of designing and producing Exhibits and Interiors. PTK will have its business operations in Indonesia.
The investment in PTK was funded by internal resources and it 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 PTK.