Ocean Sky lets go of its apparel operations

The company will get US$55m in return.

Mainboard listed Ocean Sky International Limited has entered into a conditional sale and purchase agreement with Luen Thai Holdings Limited and its wholly owned subsidiary Sunny Force Limited.

The purchaser will 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.

As previously announced, pursuant to an internal restructuring exercise, Ocean Sky will transfer its business of designing, manufacturing, sales and marketing of apparel to OSG.

Ocean Sky’s Executive Chairman and CEO, Mr Edward Ang, said, “By unlocking the value of our apparel operations business at a good price, we now have the resources to expand and invest in new opportunities, which could potentially generate higher returns to our shareholders on a more sustained basis.”