News

Grant Of Options Pursuant To ASL Employee Share Option Scheme

The Board of directors of ASL Marine Holdings Ltd. (the "Company") is pleased to announce that the Company had on 18 December 2003 offered options to eligible employees and non-executive directors of the Group (collectively the "Grantees") under the ASL Employee Share Option Scheme (the "Scheme") to subscribe for and be allotted an aggregate of 5,850,000 ordinary shares of S$0.10 each in the Company at an exercise price of S$0.55 per share. The options are exercisable in accordance with the following vesting schedule:-

* Approximately 40% of options on or after 18 December 2004; 
* Approximately 30% of options on or after 18 December 2005; and
* Approximately 30% of options on or after 18 December 2006.

Acceptance of the offer of options closed on 17 January 2004 and a total of 5,500,000 options have been accepted by the Grantees.

The options offered to and accepted by the independent non-executive directors of the Company are as follows:-

* Mr David Hwang Soo Chin - 250,000 options
* Mr Andre Yeap Poh Leong - 250,000 options
* Mr Damian Hong Chin Fock - 250,000 options

In accordance with the rules of the Scheme, the independent non-executive directors were not involved in the deliberation in respect of the options granted to them individually.

No options were granted to the executive directors of the Company.



BY ORDER OF THE BOARD


Ang Kok Tian
Managing Director

19 January 2004