The Board of Directors of Kingsmen Creatives Ltd. ("the Company") wishes to announce that the Company has invested an additional KRW192,856,000 (approximately S$265,000 in the share capital of Kingsmen (Korea) Limited ("KKL"), an associated company of the Company, by way of subscription for 10,286 voting redemption preferred shares of KRW5,000.00 each, and 15,714 non-voting redemption preferred shares of KRW9,000.00 each.
The authorised capital of KKL is KRW5,000,000,000. With the above investment, the issued and paid-up capital of KKL increased from KRW600,000,000 to KRW972,220,000 comprising of 120,000 ordinary shares, 34,286 voting redemption preferred shares and 40,158 non-voting redemption preferred shares. The 30% equity interest of the Company in KKL remains unchanged.
The additional investment in KKL was funded through internal resources and 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 2008.
None of the Directors has any interest, direct or indirect, in the said investment. As far as the Directors are aware, none of the controlling shareholders of the Company has any interest, direct or indirect, in the said investment.