Luen Thai Holdings acquires Ocean Sky's apparel business

With annual revenue of approximately US$957 million and a market capitalisation of over HK$1.3 billion, LTHL employs over 25,000 people worldwide

“We see OSG’s and LTHL’s businesses as synergistic, especially with a complementary product range that can be offered to both existing and new customers of the larger group”; Mr Ang added.  Principal Terms of AgreementThe cash consideration of US$55 million will be paid in two tranches.

The Purchaser will pay US$35.75 million to Ocean Sky at Completion, and the remaining US$19.25 million shall be subject to adjustmentsin accordance with the terms of the Agreement.

The Completion shall be conditional upon, inter alia, the approval of the shareholders of Ocean Sky, the Purchaser and LTHL; the Reorganisation being fully, validly and legally completed; the due diligence by the Purchaser on OSG being satisfactory to the Purchaser in its reasonable discretion; and OSG having entered into a service contract with Mr. Ang Boon Chong.

These conditions are to be satisfied by 30 April 2013, or such other date as may be agreed in writing by the parties. 

About Ocean Sky International Limited

A global partner of choice to successful international brands, Ocean Sky is an integrated apparel service provider from design to distribution. Established in 1995 and listed on the Mainboard of the Singapore Exchange Limited (SGX), our Group operates from our key business functions – Corporate Services, Apparel Agency and Apparel Supply Chain Services divisions. Ocean Sky is headquartered in Singapore where our Corporate Services division is located and provides three overall supports for our global operations.

Ocean Sky’s success comes from our focus on product development and technology. With marketing operations in Singapore and Hong Kong, and technology-driven integrated global production units in Cambodia, China and Vietnam, Ocean Sky leverages on its design expertise, innovative materials, automation and latest fabrication techniques to deliver speed, cost efficiency, quality and innovation to its global customers.

Today, many of the world’s leading international brands choose Ocean Sky as their partner of choice. These include Gap Inc, Aeropostale, Philips Van Heusen, VF Corp., Adidas, Reebok, Puma, Columbia Sportswear, The Children’s Place, Walt Disney, Levi Strauss, Celio, H&M, and United Colors of Benetton.

Ocean Sky International Limited