The Committee of Directors of the Company approved the offering of two tranches (Tranche A and Tranche B) of Foreign Currency Convertible Bonds (FCCB) of US$ 40 million each, convertible into either GDRs or Equity Shares of the Company, at the option of the investors, with maturity period of 6 years and 7 years, respectively, subject to fulfillment of certain conditions. This deal has been priced and launched on 18th April, 2006 and is expected to be closed by the end of April 2006.

FCCBs are proposed to be listed on the Singapore Stock Exchange.