News

Subscription For And Issuance Of Additional Shares

Further to the Company's announcements on 26 May 2004 and 15 June 2004 in connection with the sale and purchase agreement dated 26 May 2004 (the "S&P Agreement"), and pursuant to the approval granted by the SGX-ST on 28 June 2004, the Board of Directors of ASL Marine Holdings Ltd ("ASL Marine" or the "Company") is pleased to announce that completion of the S&P Agreement took place on 29 June 2004 (the "Completion").

In conjunction with the Completion, its 50% owned associate company, ASL Energy Pte Ltd ("ASL Energy") had:

a. issued and allotted 10,040,000 new ordinary shares of S$1.00 each (the "Subscription") at par to the Company in consideration for the issuance of 20,080,000 new ordinary shares of S$0.10 each (the "New Shares") in the capital of ASL Marine at an issue price of S$0.50 each to Oriental Minerals Corporation; and

b. issued and allotted 10,040,000 new ordinary shares of S$1.00 each at par to Manhattan Investments Pte Ltd ("Manhattan Investments") in consideration for the issue by Manhattan Investments of a promissory note for S$10,040,000 made in favour of Oriental Minerals Corporation,

in connection with the acquisition of 50.2% interest in Pan Assets International Limited by ASL Energy pursuant to the terms of the S&P Agreement.

Upon the subscription for and issuance of the aforesaid shares,

1. ASL Marine's shareholding in ASL Energy has increased from S$1,500,000 divided into 1,500,000 ordinary shares of S$1.00 each to S$11,540,000 divided into 11,540,000 ordinary shares of S$1.00 each;

2. Manhattan Investments' shareholding in ASL Energy has increased from S$1,500,000 divided into 1,500,000 ordinary shares of S$1.00 each to S$11,540,000 divided into 11,540,000 ordinary shares of S$1.00 each;

3. ASL Marine's issued share capital has increased from S$19,800,000 divided into 198,000,000 ordinary shares of S$0.10 each to S$21,808,000 divided into 218,080,000 ordinary shares of S$0.10 each; and

4. ASL Energy remains a 50% owned associated company of ASL Marine.

Based on the consolidated audited accounts of the Company as at 30 June 2003, had the Subscription and the issue of New Shares been effective on 30 June 2003, the net tangible asset value per share of the Group after adjusting for the New Shares would have increased from 25.32 cents to 27.59 cents and the earnings per share of the Group would have decreased from 5.38 cents to 4.81 cents.

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 above transactions other than through their shareholdings in the Company.

BY ORDER OF THE BOARD


Ang Kok Tian

Chairman and Managing Director
29 June 2004