News

S$20 Million 4-Year Transferable Loan Facility

The Board of Directors of ASL Marine Holdings Ltd (the "Company") is pleased to announce that on 27 May 2004, the Company (as the borrower) has entered into an agreement (the "Facility Agreement") to obtain a transferable loan facility for an aggregate principal sum of S$20 million (the "Facility") with KBC Bank (Singapore) Limited as the arranger and KBC Bank N.V., Singapore Branch, BNP Paribas, Singapore Branch, Malayan Banking Berhad, N.V. De Indonesische Overzeese Bank (Indover Bank) and RHB Bank Berhad as lenders.

The principal sum drawn under the Facility will be used to meet the general corporate funding requirement of the Group, including refinancing of existing loans, capital expenditure and investment.

The Facility shall be for a period of 4 years and repayable in quarterly intervals commencing 6 months after the drawdown date.

The Facility will be secured by separate mortgages over various tugs (the "Vessels") owned by the wholly-owned subsidiaries of the Company, assignment of the insurances taken out or entered into in respect of the Vessels, assignment of the earnings of the Vessels and corporate guarantees by ASL Shipyard Pte Ltd and ASL Project Services Pte Ltd, both wholly-owned subsidiaries of the Company.

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


BY ORDER OF THE BOARD


Ang Kok Tian
Chairman and Managing Director

27 May 2004