News

Information On ASL Energy Pte. Ltd.

The Board of Directors (the "Board") of ASL Marine Holdings Ltd (the "Company" or "ASL Marine") refers to the announcement made by the Company on 16 November 2004 regarding information on ASL Energy Pte. Ltd. ("ASLE"), a 50% jointly-controlled entity of the Company.

The Board wishes to inform that the proposed acquisition by Links Island Holdings Limited ("LIHL") of the 50% interests held by Manhattan Investments Pte Ltd ("MIPL") in each of ASLE, Lian Beng Energy Pte. Ltd. and Tat Hong Energy Pte. Ltd. was approved by LIHL's shareholders at an Extraordinary General Meeting held on 2 December 2004.

ASLE has a 50.2% interest in Pan Assets International Limited, which is valued at S$40 million and owns the exclusive rights to conduct all mining and marketing of coal for the Tabang Coal Concession in East Kalimantan, Indonesia. Current exploratory works indicate that the coal reserves of the Tabang Coal Concession could be up to 100 million tonnes, more than double the initial estimates based on earlier exploratory works.

The Board of ASL Marine would like to advise that the Company is unable to verify this revised coal reserves estimate as further detailed exploratory activities are still ongoing. The Company would make the appropriate announcement when more information is available.


BY ORDER OF THE BOARD
Ang Kok Tian
Chairman and Managing Director


2 December 2004