News

Proposed Renounceable Rights Issue (The "Warrants 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 Share"), 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 Books Closure Date To Be Determined, Fractional Entitlements Being Disregarded

The Directors of the Company wish to announce that the exercise price of the Warrants shall be fixed at $0.53 (the "Exercise Price") for each New Share. The Exercise Price was fixed at a discount of 12% to the weighted average price for trades of the Company's shares done on the SGX Main Board on 19 January 2004 (rounded up to the nearest half cent.).

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

20 January 2004