Apparel service provider Ocean Sky replies to SGX queries

The substantial increase in the company's share price got SGX concerned.

In a release, the Board of Directors of Ocean Sky International Limited announced the following in response to the query raised by the Singapore Exchange Securities Trading Limited on 26 March 2012 regarding the substantial increase in the price of the shares of the Company.

Question 1
Are you aware of any information not previously announced concerning you (the issuer), your subsidiaries or associated companies which, if known, might explain the trading? If yes, the information must be announced immediately.

Company’s response: The Company is not aware of any information not previously announced concerning the Company, its subsidiaries or associated companies which, if known, might explain the trading.

Question 2
Are you aware of any other possible explanation for the trading?

Company’s response: The Company had announced on 6 March 2012, a proposed placement of up to 23,630,000 new ordinary shares in the capital of the Company at an issue price of S$0.1443. In the Placement Announcement, it was disclosed that:

(i) the proceeds will be used to finance the general working capital requirements of the Group and/or for mergers and acquisitions, joint ventures or strategic alliances by the Group as and when opportunity arises; and

(ii) the Group is in early stages of exploring certain potential acquisition targets but to date, the Group has not entered into any binding contract in connection therewith.

Save for the above, the Company is not aware of any other possible explanation for the trading.

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