One step closer to acquiring Jet International

• Sales and purchase (S&P) agreement signed. Sky One Holdings Limited (“Sky One” or the “company”) has on 31 October 2008 entered into a S&P agreement with Mr Johnson Hsieh (the “Vendor”) to acquire from him the following which is collectively known as Jet International:-

1. 7,515,000 shares or 50.1% of the total issued and paid up issued
capital of China Jet Express Group Limited (Hong Kong Sale Company); and

2. 3,557,100 shares or 50.1% of the total issued and paid up issued capital of 亨達航空貨運承攬股份有限公司 (Taiwan Sale Company).

Purchase consideration and terms of payment. The company will acquire the sale shares at the lower of (i) ten times of FY08 profits, multiplied by 50.1% and (ii) HK$65m.

Maintain BUY
• Maintain BUY recommendation with lower target price S$0.08 (from S$0.12).
Given the 25% potential upside, they maintain a BUY.