The Board of Directors of the Company wishes to announce that OMG, through its wholly-owned subsidiary, One Media Holdings Limited, has acquired the entire equity interest in Sky Success Enterprises Limited (Sky Success) for a total cash consideration of USD1.00. OMG is a non wholly-owned subsidiary of the Company with an indirect shareholdings of 73.18% through Comwell Investment Limited, a wholly-owned subsidiary of the Company. Consequent thereupon, Sky Success in turn became a subsidiary of the Company.
Sky Success was incorporated in the British Virgin Islands on 17 March 2011 with an issued and paid-up capital of USD1.00 comprising one share at no par value. The intended principal activity of Sky Success is investment holding.
The aforesaid new subsidiary is not expected to have any material effect on the groups profit for the current financial year ending 31 March 2012.
None of the Directors and/or major shareholders of the Company and/or persons connected with them has any interest, direct or indirect, in the aforesaid acquisition.
This announcement is dated 14 June 2011.