|Additional Acquisition of 1% interest in the Share Capital of Zenith Member Singapore Pte Ltd|
|8 Jan, 2004|
Inno-Pacific Holdings Ltd (the "Company") wishes to announce that Inno-Pacific Technologies Pte Ltd ("IPT"), its wholly owned subsidiary company, has on 31 December 2003 acquired an additional 1% equity interest in the share capital of Zenith Member Singapore Pte Ltd ("ZMS") at a nominal consideration of S$1.00 from its partner, Zenith Management, Inc.
On 5 February 2003, the Company announced that IPT has signed a shareholders agreement with Zenith Management Inc., to form a 50-50 joint venture company to provide value added telecommunication services in Singapore. ZMS is the joint venture company.
ZMS currently market, distribute and sell international prepaid calling cards. With the additional acquisition, IPT now owns 255,000 shares or 51% equity interest in ZMS. The additional acquisition does not have any material financial impact on the Group for the year ended 31 December 2003.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in the above additional acquisition.
BY ORDER OF THE BOARD
INNO-PACIFIC HOLDINGS LTD
LEE KOH SING