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The Board of Directors of AP Oil International Limited ("the Company") wishes to announce that its wholly-owned subsidiary, AP Energy & Resources Pte. Ltd. ("AP Energy") has incorporated a subsidiary, AP CME Resources Pte. Ltd. ("AP CME") in Singapore. AP Energy holds 51% of the share capital of AP CME.
The authorised capital of AP CME is SGD 5,000,000/- made up of 5,000,000 ordinary shares of SGD 1/- each and its initial issued and paid-up capital is SGD 100/- divided into 100 ordinary shares of SGD 1/- each. The principal activities of AP CME are general trading in mineral, steel and its related products.
The investment by the Company is not expected to have any material effect on the earnings per share or net tangible assets per share of the Group for the year ending 31 December 2005.
No director or substantial shareholder of the Company has an interest, direct or indirect, in the investment.
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