KS Energy wishes to announce that a joint venture company, Blue Ocean Explorer Limited ("Blue Ocean"), has been incorporated in the British Virgin Islands with an authorized share capital of US$50,000 divided into 50,000 shares of US$1.00 each. KS Energy and PEx each have subscribed for 1 share in the capital of Blue Ocean at a subscription price of US$1.00 per share in cash. Blue Ocean is now an associated company of KS Energy.
The abovementioned subscription was funded by internal resources.
The abovementioned transaction is not expected to have any material effect on the net earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2006.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect on the abovementioned transaction.
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