Allied Properties (H.K.) Limited (SEHK:56) agreed to acquire Cautious Base Limited from DreamEast Group Limited (SEHK:593) for HKD 20 million on July 11, 2016. SkyOcean will sell 0.01 million shares of Cautious Base. A Deposit of HKD 2 million, representing 10% of the consideration, was payable by upon signing of the agreement, and was duly paid on July 11, 2016 and the balance of the consideration shall be payable on the date of completion. Upon completion, Cautious Base will cease to be a subsidiary of SkyOcean. Cautious Base reported consolidated net asset value of HKD 7.73 million and profit before and after taxation of HKD 2.49 million for the year ended December 31, 2015.

The Directors of SkyOcean International would recommend the Shareholders to vote in favour of the resolution. The deal is subject to approval by the shareholders of SkyOcean, all relevant governmental or regulatory authorities, or any other third party (including banks, lenders and/or shareholder). If any of the conditions is not fulfilled on or before August 31, 2016, SkyOcean shall refund the full amount of the deposit without interest within 5 business days after the delivery of a written notice for refund. Completion shall take place on the 5th business day following the day on which the last of the conditions is fulfilled. SkyOcean intends to apply the net proceeds as general working capital.

Allied Properties (H.K.) Limited (SEHK:56) completed the acquisition of Cautious Base Limited from DreamEast Group Limited (SEHK:593) on August 26, 2016.