News

Subscription For Additional Shares In Associate Company, ASL Energy Pte. Ltd.

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that its associate company, ASL Energy Pte. Ltd. ("ASL Energy"), in joint collaboration with Manhattan Investments Pte Ltd ("Manhattan"), has increased its issued and paid-up share capital from S$23,080,000 comprising 23,080,000 ordinary shares of S$1 each to S$28,080,000 comprising 28,080,000 ordinary shares of S$1 each by the allotment and issue of 5,000,000 additional shares equally to its existing shareholders, namely ASL Marine (2,500,000 shares) and Manhattan (2,500,000 shares).

Both ASL Marine and Manhattan have each subscribed for 2,500,000 additional ordinary shares of S$1 each at par in the capital of ASL Energy in consideration for a discharge of the existing shareholders' loans of S$2,500,000 each granted by ASL Marine and Manhattan to ASL Energy. After the subscription, ASL Energy remains a 50% owned associate company of ASL Marine.

The shareholders' loans were granted for working capital and as partial funding for ASL Energy's acquisition of marine vessels. It is anticipated that further shareholder loans and funding from external sources would be required to finance ASL Energy's acquisition of additional marine vessels and floating terminal.

The net tangible assets and earnings per share of the Company for the financial year ending 30 June 2005 are not affected by the above transaction.

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


BY ORDER OF THE BOARD


Ang Kok Tian
Chairman and Managing Director

8 July 2004