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Overseas Chinese Town Asia Holdings Limited Equity Transactions Announced
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Hong Kong, China, 23 June 2008 -- /Xinhua-PRNewswire/ -- Overseas Chinese Town (Asia) (OCT Asia) Holdings Limited (HKEx: 3366), the leading manufacturer of quality corrugated paperboard and packaging products in the Peoples Republic of China, announced the details of the acquisition of 51% equity interest and shareholder's loan of OCT Investments Limited from Overseas Chinese Town Hong Kong Co., Ltd. (OCT HK) on 04 June 2008. On 10 June 2008, the company announced that Shenzhen OCT Holding Co., Ltd. (OCT Holding) acquired OCT HK from Overseas Chinese Town Enterprises Co., Ltd. (OCT Group).

On 02 June 2008 and 04 June 2008, OCT Asia and OCT HK entered into the Share Transfer Agreement and the Supplemental Agreement in respect of the acquisition of 51% equity interest and shareholder's loan of OCT Investments at a consideration of HKD 170 million. The consideration will be satisfied in cash and by the company to issue and allot not more than 50,000,000 Consideration Shares to OCT HK, the Vendor. Upon completion, together with the existing 49% equity interest in OCT Investments held by the company, OCT Asia will be interested in the entire equity interest in OCT investments and indirectly holds 25% equity interest of Chengdu Tianfu OCT Industry Development Co., Ltd.

The company also announced that OCT Holding, a company listed on the Shenzhen Stock Exchange entered into the State-assets Transfer Agreement with OCT Group on 06 June 2008 to purchase the entire issued share capital of OCT HK. Upon completion, OCT Holding will become the sole beneficial owner of all the issued share capital of OCT HK and indirectly holds approximately 63.69% of the existing issued share capital of the company.


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