Media Release

Hong Kong listed Luen Thai Holdings to acquire

Ocean Sky’s apparel operations business

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Ltd. for an aggregate cash consideration of US$55 million, subject to terms and conditions

in sale and purchase agreementLuen Thai Holdings to acquire all of the issued share capital of Ocean Sky Global (S) Pte.

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dividend of S$0.016 per ordinary share upon completion of proposed disposalOcean Sky intends to, subject to prevailing market conditions, pay a tax-exempt special

Singapore, 6 January 2013 –

or together with its subsidiaries, the “Group”) has entered into a conditional sale and purchase

agreement (the “Agreement”) today with Luen Thai Holdings Limited (“LTHL”) and its wholly

owned subsidiary, Sunny Force Limited (the “Purchaser”), for the Purchaser to acquire all of

the issued share capital, together with all rights, dividends, benefits and entitlements attaching

thereto, of Ocean Sky’s wholly owned subsidiary, Ocean Sky Global (S) Pte. Ltd. (“OSG”) for

an aggregate cash consideration of US$55 million, subject to the terms and conditions of the

Agreement (the “Proposed Disposal”).

Special Dividend

Ocean Sky intends to, subject to prevailing market conditions, pay a tax-exempt special

dividend of S$0.016 per ordinary share in the capital of Ocean Sky, amounting to

approximately US$5.8 million in aggregate upon the completion of the proposed disposal (the

“Completion”).

Purchase Consideration

The purchase consideration of US$55 million represents a premium of approximately 37.5% to

OSG’s net tangible assets of US$40 million (post-restructuring) and a price to earnings ratio of