News

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, 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, Fractional Entitlements Being Disregarded

The Board of Directors of ASL Marine Holdings Ltd (the "Company") is pleased to announce that as at the close of the Warrants Issue on 25 March 2004, valid acceptances and excess applications for a total of 156,045,699 Warrants, representing approximately 315.24% of the Warrants Issue, were received. Details of the valid acceptances and excess applications for the Warrants received are as follows:

(a) Acceptances were received for a total of 49,049,470 Warrants, representing approximately 99.09% of the total number of Warrants offered under the Warrants Issue; and

(b) Excess applications were received for a total of 106,996,229 Warrants, representing approximately 216.15% of the total number of Warrants offered under the Warrants Issue. This included the excess application of 12,500,000 Warrants, representing approximately 25.25% of the total number of Warrants offered under the Warrants Issue, by Messrs Ang Kok Tian, Ang Ah Nui, Ang Kok Eng, Ang Kok Leong, Ang Sin Liu and Ang Swee Kuan pursuant to their undertaking to the Company as set out in the Offer Information Statement.

The balance of 450,530 Warrants not accepted by the shareholders of the Company or their renouncees pursuant to the Warrants Issue will be allotted to satisfy excess applications for the Warrants in such manner as the Directors of the Company deem fit.

Where any acceptance and/or excess application for the Warrants is unsuccessful or invalid, or where the number of excess Warrants allotted is less than that applied for, the amount paid on application or the surplus application monies (as the case may be) will be refunded to such applicants, without interest or any share of revenue or other benefit arising therefrom within 14 days after the close of the Warrants Issue on 25 March 2004 by ordinary post and at their own risk (in the case of Entitled Depositors who had applied through The Central Depository (Pte) Limited and in the case of Entitled Scripholders who had applied through the Warrant Agent) or by crediting their accounts with the relevant banks at their own risk (in the case of Entitled Depositors who had applied through an authorised trading centre or by way of electronic application through an ATM of a Participating Bank).

Unless otherwise defined, terms used in this announcement bear the same meanings as defined in the Company's Offer Information Statement dated 10 March 2004.

BY ORDER OF THE BOARD

Ang Kok Tian
Chairman and Managing Director
ASL Marine Holdings Ltd

29 March 2004