The Board of Directors of OKP Holdings Limited ("the Company") wishes to announce that its wholly-owned subsidiary, Or Kim Peow Contractors (Pte) Ltd, has entered into an Alliance Agreement ("AA") to form an alliance (the "Alliance"). The objective of the Alliance is to effectively offer potential customers in the building and construction industry in India as well as other countries a one-stop solutions centre to address their needs.

Each Alliance member will use its best efforts to promote and develop the interests of the Alliance as a whole with good business practice and the highest ethical standards.

The Alliance is in line with the Company's business strategy to expand to overseas markets particularly in India and other developing countries.

None of the directors and substantial shareholders of the Company has any direct or indirect interest in the AA.

The above AA is expected to have no material impact on, the earnings per share or net tangible assets per share of the Company and its subsidiaries for the current financial year ending 31 December 2003.