Announcement Of Resignation Of Independent Director

Resignation Details
Name	Koh Ngin Joo
Age	44
Effective Date of Resignation	19/06/2008
Detailed Reason(s) for resignation	Ms Koh's resignation decision stems principally from the following:- 1) The inability of management to provide accurate, timely and complete information to the independent directors so that informed decisions could be taken. As a consequence, she was unable to appraise the latest operational and financial status of the Group, amongst others, given the current dire financial and operational state of the Group; and 2) A serious lack of efforts in implementing cost-cutting measures such as reducing the discretionary expenses of subsidiaries and the Group in general and particularly the reduction of management (including executive directors') remuneration and benefits although such was committed publicly earlier by the Group; and 3) Lack of response and participation from certain independent directors in handling of crucial issues of the Group.
Date of Appointment to current position	01/03/2008
Job Title	Independent Director, Member of Audit Committee, Remuneration Committee and Nominating Committee
Role and responsibilities	As above
Does the AC have a minimum of 3 members (taking into account this resignation)?	Yes
Number of Independent Directors currently resident in Singapore (taking into account this resignation)	One
Number of Resignations of persons specified in Rule 704(7) of the Listing Manual over the past 12 months	Seven
Other Directorship
Past Directorship (for the last five years)	Nil
Present Directorship	Nil
Interest in the listed issuer and its subsidiaries	Nil
Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries	Nil
Other Notes
Footnotes	Ms Koh has tendered her resignation as an Independent Director on 20 May 2008. Accordingly, she will serve her one month's notice and her last day will be on 19 June 2008. Consequently, Ms Koh will also relinquish her position as members of the Audit Committee, Nominating Committee and Remuneration Committee. In the interim, the Company is actively sourcing for a suitable candidate to replace Ms Koh to comply with Listing Rule 221 which requires the Company to have two independent directors resident in Singapore. Currently, Mr Soo Choon Kiat is the other independent director resident in Singapore. Mr Soo is also the Chairman of the Audit Committee.