The board of directors of UPP Holdings Limited announced that the company has on 14 December 2016 incorporated a wholly-owned subsidiary, UPP Investments Canada Limited (UPP Canada), in Canada. UPP Canada has an initial issued and paid-up capital of Canadian Dollars 100 consisting of 100 common shares of Canadian Dollar $1 each. The incorporation of UPP Canada is funded through internal resources and is not expected to have any material impact on the net tangible assets and consolidated earnings per share of the company for the financial year ending 31 December 2016.