News

Proposed Renounceable Rights Issue (The "Warrant Issue") Of 49, 500, 000 Warrants (The "Warrants"), Each Warrant Carrying The Right To Subscribe For One (1) New Ordinary Share Of $0.10 Each (The "New Shares"), At An Issue Price Of $0.025 For Each Warrant, On The Basis Of One (1) Warrant For Every Four (4) Ordinary Shares Of $0.10 Each Held By The Shareholders As At Book Closure Date To Be Determined, Fractional Entitlements Being Disregarded

Further to the Company's announcement on 29 December 2003, the Company wishes to announce that the Company has today received approval in-principle from the SGX-ST for the listing and quotation of the Warrants and the New Shares on the SGX-ST, subject to the following:

(a) Full compliance with the Exchange's listing requirements;

(b) A valid shareholders' mandate being available for the issue of the Warrants and the New Shares; and

(c) Submission of a confirmation by the Manager that there is sufficient spread of holdings of the Warrants to provide for an orderly market in the Warrants.

The SGX-ST's approval in-principle is not to be taken as an indication of the merits of the Company, its subsidiaries, the Warrants Issue, the Warrants or the New Shares.

Information on the Warrants Issue will be provided in the offer information statement to be despatched to shareholders in due course.

By Order of the Board

Ang Kok Tian
Chairman and Managing Director
ASL Marine Holdings Ltd

14 January 2004