Further to the Company’s announcements on 16 January 2006 (“16 January Announcement”) and 6 February 2006, the Board wishes to confirm that the Company’s Audit Committee, having considered the Company’s equity investment in Ho Bee Cove Pte Ltd (“HBC”), its obligations to provide financing pro rata to its shareholding percentage and the potential returns to the Company arising from the investment, is satisfied that the risks and rewards of the newly formed joint venture, are in proportion to the equity investment of each of the joint venture partners and that the terms of the joint venture (which have been negotiated on arm’s length terms) are not prejudicial to the interests of the Company and its minority shareholders.
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