USD Bonds I Phase II will be used to settle all or a
portion of the Company’s debt notes accounting for
100% of the net proceeds or equivalent to US$29.80
million. As of 13 April 2012, a total of US$29.80 million
of the net proceeds had been used by the Company to
repay debts.
As a result, the balance of the proceeds from the said
public offering is nil.