News

Sale & Purchase agreement And Option Agreement - Clarification

Further to the announcement made on 26 May 2004 in connection with the signing of the sale and purchase agreement dated 26 May 2004 (the "S&P Agreement"), the Board of Directors of ASL Marine Holdings Ltd (the "Company") wishes to clarify that the purchase consideration of S$20,080,000 consideration under the S&P Agreement was arrived at on a willing-buyer willing-seller basis, taking into account a review and feasibility study commissioned by the Company's associated company, ASL Energy Pte Ltd, on the coal concession. This review and feasibility study was conducted by a Singapore consultancy firm and a technical consulting firm from the United Kingdom.

The aggregate exercise price of S$19,920,000 under the Option Agreement was arrived at on a willing-buyer willing-seller basis, taking into account the abovementioned review and feasibility study commissioned by the Company's associated company, ASL Energy Pte Ltd, on the coal concession.


BY ORDER OF THE BOARD



Ang Kok Tian
Chairman and Managing Director

15 June 2004