(Hong Kong, 26 June 2008) – Suremind Investments Limited (“Suremind”), a wholly-owned subsidiary of OP Financial Investments Limited (stock code: 1140.HK) (“OP Financial” or “the Company”) has signed a sale and purchase agreement with Mr. Benoit Descourtieux (“Vendor”) to acquire 30% stake in each of two asset management companies, namely Calypso Capital (Cayman) Limited (“CC”) and Calypso Capital Limited (“CHK”).
The consideration of HK$6,875,000 will be satisfied by the issue and allotment of maximum 5,500,000 consideration shares at the issue price of HK$1.25 per share. In addition, the Company also agreed to conditionally issue and allot 4,500,000 additional consideration shares at the issue price HK$1.25 per share and grant the option to subscribe for a maximum of 20,000,000 option shares to the Vendor. The total consideration shares and option shares represent about 4.28% of the existing issued share capital of the Company, and about 4.11% of the Company’s issued share capital as enlarged by the issue of the total consideration shares and the option shares.
Both dedicated to the business of asset management, CC and CHK were incorporated in the Cayman Islands and Hong Kong respectively. Currently, they are managing and advising the Calypso Asia Long-Short Fund and Calypso Daikoku Fund, with the objective of providing absolute returns by pursuing a long-short strategy, investing primarily in liquid equities and derivative instruments.
Mr. Zhang Zhi Ping, Chairman of OP Financial, said, “The acquisition provides us with a very robust asset management platform. Certainly, we will capitalize on the experience and professionalism of Calypso to bolster our capabilities on the fund management front. Having utilized our expertise in identifying unique partners with enormous potential, we recognized that both CC and CHK agreed with our investment strategy of capturing potential growth in the assets management segment, specific to the Greater China region.”
The acquisition is expected to be completed by end of August 2008.
Trading of the Company’s shares on the Stock Exchange will resume at 9:30a.m. on 27 June 2008.