2006-07 Quarter 3 announcements

06/12/2006 - The Company has incorporated a wholly owned subsidiary Company in Singapore named Aban Holdings Pte Ltd today.

27/10/2006 - News Verification : The Media had reported that Norway's Oslo Bros has asked the Company to come out with an open offer to acquire the balance shares in Sinvest ASA or to sell off the TRS Sahres within four weeks.

The Company’s subsidiary, Aban Singapore Pte Ltd (ASPL) holds 39.999998% of the shares of Sinvest ASA, which is listed on the Oslo Stock Exchange (OSE). Further, ASPL and its subsidiary have entered into Total Return Swap (TRS) Agreements (based on pre-clearance from OSE) with Sinvest shares as underlying asset. These TRS Agreements provide ASPL and its subsidiary a financial exposure to Sinvest shares equivalent to 8.42%.

The OSE has decided that the counter parties to the TRS Agreements are deemed to have acted in concert with ASPL in relation to shares acquired as hedge for the TRS Agreements. Therefore, OSE has asked the group (comprising ASPL, its subsidiary and the counterparties to the TRS Agreements) to present a mandatory offer for the remaining shares of Sinvest or alternatively sell shares to below 40% so that the mandatory offer is lapsed.

ASPL and its subsidiary propose to appeal against the OSE’s decision within the prescribed time period.

Regarding dilution of stake in ASPL, the Company would not like to comment on speculative reports.