News

Sale & Purchase Agreement

Further to the announcements made on 26 May 2004 and 15 June 2004 in connection with the sale and purchase agreement dated 26 May 2004 relating to the acquisition of 50.2% of the issued share capital of Pan Assets International Limited (the "Acquisition"), the Board of Directors of ASL Marine Holdings Ltd (the "Company") is pleased to announce that the Singapore Exchange Securities Trading Limited (the "SGX-ST") has today approved in-principle the Company's application for the listing and quotation of 20,080,000 new ordinary shares of S$0.10 each (the "New Shares") in the capital of the Company to be issued in connection with the Acquisition, subject to the following conditions:

(a) full compliance with the SGX-ST's listing requirements; and

(b) a valid shareholders' mandate being available and sufficient for the purposes of issuing the New Shares.

The approval in-principle of the SGX-ST is not to be taken as an indication of the merits of the New Shares, the Acquisition, the Company, its subsidiaries or its securities.



BY ORDER OF THE BOARD


Ang Kok Tian
Chairman and Managing Director
28 June 2004