News

Incorporation Of Pan Assets Pte. Ltd.

The Board of Directors of ASL Marine Holdings Ltd. (the "Company") wishes to announce that the Company's 50% jointly-controlled entity, ASL Energy Pte. Ltd. ("ASL Energy") had on 8 September 2004 incorporated a new company, Pan Assets Pte. Ltd. ("Pan Assets") (the "incorporation"). Pan Assets is incorporated in Singapore as a wholly-owned subsidiary of ASL Energy. Pan Assets will be principally involved in the mining and marketing of coal.

The authorised, issued and paid-up capital of Pan Assets is as follows:

	Authorised Capital	Issued and Paid-up Capital
Pan Assets Pte. Ltd.	S$1,000,000.00 Consisting of 1,000,000 ordinary shares of S$1.00 each	S$2.00 Consisting of 2 ordinary shares of S$1.00 each

The issued and paid-up capital of Pan Assets was issued at par for cash and was funded by ASL Energy's internal cash resources.

Financial effects on the Company

The net tangible assets and earnings per share of the Company for the financial year ending 30 June 2005 are not expected to be materially affected by the incorporation.

Interests of the Directors and controlling shareholders

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 incorporation other than through their shareholdings in the Company.



BY ORDER OF THE BOARD


Ang Kok Tian
Chairman and Managing Director

9 September 2004