Mr Ang Gee Hing                          5,000,000

Mr Ng Swee Hua                         20,000,000

The New Shares to be issued pursuant to the Subscription Agreements represent approximately 19.85 per centum of the issued share capital of the Company at the time the Resolution was passed.

The Placement Price of S$0.032868 for each New Share represents a discount of 10.00 per cent. from the volume weighted average of S$0.03652 per Share for trades done on the SGX-ST on 20 May 2008 (being the full market day prior to the halting of trading of the Shares on the SGX-ST).

The net proceeds from the Placement after deducting estimated expenses of S$0.3 million, is approximately S$9.7 million. The net proceeds will be used for the following purposes:-

(a) to fund the development of the Company's renewable energy plants; and

(b) the balance of proceeds will be utilised for the Company's general corporate and working capital purposes.

When completed, the Placement will increase the existing issued share capital of the Company from S$191,305,476 comprising 1,536,678,046 Shares to S$201,330,216 comprising 1,841,678,046 Shares. The net tangible assets per share of the Company, its subsidiaries and jointly-controlled entities (the "

WITHDRAWAL OF RIGHTS ISSUE

The Company refers to its announcement made on 14 May 2008 (the "

The Company had disclosed in the Announcement that it was seeking to raise a minimum of S$5.5 million from the Rights Issue to fund the development of its renewable energy plants. As the net proceeds from the Placement would be approximately S$9.7 million, which would be sufficient for the Company's current funding requirements in relation to the development of its renewable energy plants, the Directors wish to announce the Company's cancellation of the proposed Rights Issue.

 Announcement") in relation to the proposed renounceable rights issue of up to 1,130,681,584 new Shares (the "Rights Share"), at an issue price of S$0.01 per Rights Share, on the basis of one (1) Rights Share for every two (2) existing Shares held by entitled shareholders, at a books closure date, fractional entitlements to be disregarded (the “Rights Issue”).Group") as at 31 December 2007 was 7.84 cents. After adjusting for the issue of the New Shares, the Group net tangible assets per share, as at 31 December 2007, would be 6.54 cents.