Steering Holdings Limited announced that the Independent Board Committee comprising all the non-executive Directors (except Mr. Gao), namely, Mr. Lau Kwok Fai Patrick, Mr. Wan Chi Wai Anthony, Mr. Chan Yuk Sang and Mr. Wong Chi Shing has been established to advise and make a recommendation to the Independent Shareholders as to whether the Offer is fair and reasonable for acceptance or not. Since Mr. Gao is considered to have interest in the Offer, the Independent Board Committee will not comprise Mr. Gao. The Board announced that VBG Capital Limited, a licensed corporation under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the ``SFO''), registered to conduct Type 1 (Dealing in Securities) and Type 6 (Advising on Corporate Finance) regulated activities under the SFO has been appointed to advise the Independent Board Committee and the Independent Shareholders in respect of the Offer.