The board of directors of Old Chang Kee Ltd. announced that it had on 9 January 2017 entered into a joint venture agreement with 13 Wonders Pte. Ltd., pursuant to which a joint venture company known as Old Chang Kee UK Limited ("OCK UK"), also a party to the Agreement, has been incorporated in the United Kingdom (the 'Joint Venture'). The Board believes that the Joint Venture is beneficial to the Group as the Joint Venture will enable the Group to expand its operations and build on its brand recognition in the United Kingdom, in particular London, which is home to many international retail brands. The initial paid-up share capital of OCK UK shall be GBP 500,000 comprising 500,000 shares. Under the Agreement, the company and 13 Wonders shall hold 60% and 40% of the shareholding interest in OCK UK respectively. Accordingly, OCK UK shall be a direct subsidiary of the company. The business of OCK UK is to, amongst others, carry on the operation of food retail outlets and the manufacture, distribution and trading of food products within the United Kingdom. The incorporation of OCK UK is funded through internal resources and is not expected to have any material impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 31 March 2017.