OKH Global mulls over divestment of IT business

Following a reverse takeover of Sinobest.

According to OSK, OKH Global will divest itself of two units, Guangzhou Sinobest Information Technology and Sinobest Technologies (HK) which are separated from its core business following a SGD123m reverse takeover of Chinese technology firm Sinobest.

Here's more:

OKH intends to set up an intermediate holding company in the British Virgin Islands and transfer the shares it holds in the subsidiaries in the new company where in return OKH will receive new shares in the holding company under a restructuring exercise.

In addition, OKH will undertake a reduction of the issued and fully paid-up share capital of the company and distribute the shares it owns to its shareholders rather than distribute cash where by shareholders who do not wish to own the unlisted shares of the holding company can choose to sell their shares back to the holding company for cash.

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