The Board of Directors of Qian Hu Corporation Limited (the "Company") is pleased to announce that the Company has entered into a 20-year joint venture (commencing from 24 January 2002) with Thailand nationals, Mrs Somchit Purananant and Mr Surajit Maneechote ('the Thai parties"), to carry out in Thailand the business of breeding and farming ornamental fishes and food fishes, and the import and export and local retail and distribution of ornamental fishes and food fishes and aquatic plants ("the Business").
The Business will be conducted through Thai Qian Hu Company Limited ("TQH"), a company registered in Thailand. The registered share capital of TQH is Five million baht (Baht 5,000,000) divided into fifty thousand (50,000) ordinary shares each with a par value of one hundred baht (Baht 100).
Under the Shareholders' Agreement signed on 24 January 2002 between the Company and the Thai parties, the Company holds 49% of the registered capital of TQH, Mrs Somchit Purananant holds 20% of the registered capital of TQH and Mr Surajit Maneechote holds 31% of the registered capital of TQH. The Company's investment in TQH is funded by internal resources.
The Company's appointees to the Board of Directors of TQH are Dr Yap Kim Lee, Kenny and Mr Tan Boon Kim.
The joint venture is not expected to have a material impact on the net tangible asset per share and earnings per share of the Company for the current financial year ending 31 December 2002.
Save for their interest in the Company, none of the Directors of the Company has any interest, direct, or indirect in the transaction. The Board of Directors is not aware of any substantial shareholder of the Company having any interest, direct, or indirect in the transaction (save for their declared interest in the Company) and have not received any notification of any interest in the transaction from any substantial shareholder.