The Board of Directors of OKP Holdings Limited ("the Company") wishes to announce that the authorised share capital of its wholly-owned subsidiary, Eng Lam Contractors Co (Pte) Ltd ("EL") was increased from S$3,000,000.00 divided into 3,000,000 ordinary shares of S$1.00 each to S$10,000,000.00 divided into 10,000,000 ordinary shares of S$1.00 each.

The Company has also increased its investment in EL from S$1,500,000.00 to S$3,200,000.00. The increase in the issued and paid up capital of EL was made by the capitalisation of S$700,000.00 from its retained profits (bonus issue) and by subscription of 1,000,000 ordinary shares of S$1.00 each.

EL was incorporated in Singapore on 24 November 1992 and its principal activities are those relating to road construction and road maintenance.

The increase in capital will enable EL, presently a B2 grade contractor, to qualify for a B1 grade under the Contractors Registration System regulated by the Building and Construction Authority, which will allow EL to tender for public sector construction projects up to S$30,000,000.00.

The net tangible assets and earnings per share of the Company for the financial year ending 31 December 2002 is not expected to be materially affected by this increase in share capital of EL.

None of the Directors of the Company has any interest, direct or indirect, in the increase in investment. The Directors are not aware of any substantial shareholder having any interest, direct or indirect, in the increase in investment and have not received any notification of any interest in this transaction from any substantial shareholder.