OKH

OKH: Proposed divestment of group's legacy IT business by way of capital reduction. Subsidiaries Guangzhou Sinobest Information Technology and Sinobest Technologies (HK) will be divested into a wholly owned holding company (Holdco), which will ultimately cease as a subsidiary of OKH. In return of the cessation through an issue of shares by the Holdco, shareholders will receive a distribution in specie of the Holdco on the basis of 1-for-1. The Holdco will have a share buyback programme for shareholders who do not wish to own unlisted shares of the Holdco, where the purchase consideration will not be more than Rmb 0.24 (S$0.05) apiece, based on the unaudited NTA of the subsidiaries as at 30 Jun 2013. Guangzhou Sinobest Information Technology and Sinobest Technologies (HK) currently operate as a one-stop solution provider of IT services consisting of system integration for computer information systems and intelligent building systems, and software development and technical services.