News

NOTICE OF A CHANGE IN THE PERCENTAGE LEVEL OF A SUBSTANTIAL SHAREHOLDER'S INTEREST

BackMar 26, 2008

Part I

Date of notice to issuer

26/03/2008

Name of Substantial Shareholder

Woodsville International Limited ("Woodsville")

Notice Type

Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.

Part II - Not Required

Part III

Date of change of Deemed Interest

25/03/2008

The change in the percentage level

From 88.91 % To 75.92 %

Circumstance(s) giving rise to the interest or change in interest

# Others

Pursuant to the placement agreement dated 17 March 2008 between the Company, HL Bank (the "Placement Agent") and Surreyville Pte Ltd ("Surreyville"), which was announced on 17 March 2008:-

(a) On 24 March 2008, Surreyville had lend 40,000,000 Shares by way of transferring to the end-placees to facilitate the early settlement of the new shares to end-placees procured by the Placement Agent; and

(b) On 25 March 2008, the Company had issued 40,000,000 new ordinary shares to Surreyville to complete the placement exercise.

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

A series of transactions.

Part IV

Holdings of Substantial Shareholder, including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	0	207,889,486
As a percentage of issued share capital	0 %	88.91 %
No. of shares held after the change	0	207,889,486
As a percentage of issued share capital	0 %	75.92 %
Footnotes	a) The percentage of issued share capital before change is based on the issued share capital of 233,821,443 shares (before Placement). b) The percentage of issued share capital after change is based on the enlarged share capital of 273,821,443 shares as at 25 March 2008. c) Woodsville, the holding company of Surreyville, is deemed interested in Surreyville's shareholding in the Company.