The company has finalised an agreement with the Commonwealth Bank of Australia on the arrangements for the payment of the balance of the Multi Option Facility (MOF).

Under the arrangements the outstanding level of the MOF will be reduced from $27 million to $21.6 million.

In consideration of the significant debt reduction made by the company already, $115 million to $21.6 million, the bank has agreed to reschedule the outstanding balance until the end of 2004.

The directors of the company said they have looked upon this opportunity as a chance to focus on developing the 60MW expansion of the Sengkang Power Project and several other prospects including LNG, power and infrastructure opportunities in Asia.