The Board of Directors of OKP Holdings Limited ("the Company") wishes to announce that its wholly-owned subsidiary, Or Kim Peow Contractors (Pte) Ltd ("OKPC"), has entered into a novation agreement on 21 November 2003 with Koru Bena Sdn Bhd ("KBSB") and Dunman Heights Pte Ltd ("DH") under which KBSB novated the contract for the construction, completion and maintenance of the proposed Dunman View Condominium comprising 2 blocks of 18-storey residential flats (total 148 units), 2 levels of podium, a common carpark and communal facilities on URA Land Parcel 568 lot 3661 PT MK 25 at Haig Road/Dunman Road, Singapore (the "Dunman View Project") to OKPC. The employer of the Dunman View Project is DH.
The Dunman View Project is expected to be completed by 15 September 2004. The Dunman View Project is expected to contribute approximately S$10.5 million to the Group's revenue in FY2003 and FY2004. However, the Dunman View Project has 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.
None of the Directors has any interest, direct or indirect, in the above transaction. As far as the Directors are aware, none of the controlling shareholders of the Company has interest, direct or indirect, in the above transaction.