News

Incorporation Of Associate Companies

The Board of directors of ASL Marine Holdings Ltd. (the "Company") wishes to announce that the Company's 50% owned associate company, ASL Energy Pte. Ltd. ("ASL Energy") had on 18 February 2004 incorporated the following companies ("new companies"):-

	Authorised Capital	Issued and Paid-up Capital
Kaltim Alpha Shipping Pte. Ltd.	S$1,000,000.00 Consisting of 1,000,000 ordinary shares of S$1.00 each	S$2.00 Consisting of 2 ordinary shares of S$1.00 each
Kaltim Bravo Shipping Pte. Ltd.	S$1,000,000.00 Consisting of 1,000,000 ordinary shares of S$1.00 each	S$2.00 Consisting of 2 ordinary shares of S$1.00 each

These new companies incorporated in Singapore are wholly-owned subsidiaries of ASL Energy and they will be principally involved in the ownership and chartering of marine vessels.

The issued and paid-up capital of the new companies were issued at par for cash and were funded by ASL Energy's internal cash resources.

Financial effects on the Company

The net tangible assets and earnings per share of the Company for the financial year ending 30 June 2004 are not expected to be materially affected by the incorporations of the new companies.

Interests of the Directors and controlling shareholders

As far as the Directors of ASL Marine are aware, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the incorporations other than through their shareholdings in the Company.



BY ORDER OF THE BOARD


Ang Kok Tian
Chairman and Managing Director

18 February 2004