The Board of Directors of OKP Holdings Limited ("the Company") is pleased to announce that the Company has incorporated a subsidiary company known as "OKP (CNMI) Corporation" ("OKPCNMI") in Saipan, Commonwealth of the Northern Mariana Islands. The shareholders of OKPCMNI are the Company (96%) and two other partners (4%).
OKPCNMI has an authorised share capital of USD500,000 divided into 500,000 shares of USD1 each and a proposed paid-up capital of USD100,003.
OKPCMNI is engaged in the business of infrastructure construction and building in the Commonwealth of the Northern Mariana Islands. The investment is in line with the Company's corporate strategy of regionalising its core business.
The investment in OKPCMNI will be funded through internal resources and 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 interest, direct or indirect in the aforesaid investment.