Further to the Company's announcement made on 31 January 2007, the Board of Directors of OKP Holdings Limited ("the Company") wishes to announce that the joint venture company, OKP (Oil & Gas) Infrastructure Pte. Ltd. ("OKPOG"), has been incorporated.
OKPOG has an issued and paid-up capital of 1,000,000.00 divided into 1,000,000 ordinary shares, of which the Company and Rotary Engineering Limited hold 55% and 45%, respectively, pursuant to the joint venture agreement dated 16 January 2007.
OKPOG will be principally engaged in the business of carrying out civil engineering projects in respect of oil, petro-chemical and gas related businesses in Singapore.
The Company's contribution to the share capital of OKPOG is S$550,000.00 (the "Capital Contribution") and was funded from the net proceeds of S$2.2 million from the Company's placement of 13,600,000 ordinary shares in the Company on 6 February 2007 (the "Net Proceeds"). The Capital Contribution represents 25% of the Net Proceeds and is not expected to have any material impact on the earnings per share and the net tangible assets per share of the Company for the financial year ending 31 December 2007.
None of the directors or substantial shareholders of the Company has any direct or indirect interest in OKPOG.