KS Energy Services Limited announced incorporation of BVI Joint Venture Company
KS Energy Services Limited has made an announcement related to the information released on 31 August 2006 on the joint venture with Pacific Exploration Pte Ltd. The announcement informs on incorporating a joint venture company Blue Ocean Explorer Limited in the British Virgin Islands, with an authorized share capital of US$50,000 divided into 50,000 shares of US$1.00 each. Now, Blue Ocean is an associated company of KS Energy.
KS Energy Services Limited and Pacific Exploration Pte Limited both have subscribed for one share in the capital of Blue Ocean, at a subscription price of US$1.00 per share in cash. The above subscription is not expected to have any material effect on the net earnings per share and net tangible assets per share of KS Energy for this financial year.