INTRODUCTION

The Company wishes to announce that it had on 18 July 2022 received confirmation from its agent, Vistra Licence Holdings (BVI) Limited that KNM Global Ltd ("KNMGL"), a subsidiary of the Company had officially commenced voluntary winding-up on 12 July 2022 (“the Winding-Up”). The Company will make further announcement when there is any material development on the Winding-Up.

INFORMATION ON KNMGL

KNMGL was incorporated on 10 June 2004 as a private limited company under the laws International Business Companies Act and has been automatically re-registered as British Virgin Islands (“BVI’) Business Company under the BVI Business Companies Act. Its current authorised share capital is USD50,000.00 divided into 50,000 ordinary shares of which 3,000 ordinary shares has been fully paid-up and issued. It has been dormant since 2017.

RATIONALE

The Winding-Up of KNMGL is part of the Company’s exercise to streamline KNM Group’s corporate structure and for administrative efficiency by dissolving the subsidiaries which are dormant.

FINANCIAL EFFECTS

The Winding-Up will not have any material effect on the share capital and substantial shareholders’ shareholding of the Company, and the earnings and net assets per share of the Company for the financial year ending 31 December 2022.

DIRECTORS' AND/OR MAJOR SHAREHOLDERS' INTEREST

None of the Directors and/or major shareholders of KNM and/or person connected with them has any interest, direct or indirect, in the Winding-Up. 

APPROVAL REQUIRED

The Winding-Up is not subject to the approval of the shareholders of KNM.

This announcement is dated 18 July 2022.