News

Subscription For Additional Shares By Jointly- Controlled Entity, ASL Energy Pte. Ltd

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that Pan Assets Pte. Ltd. ("PAPL"), a subsidiary of ASL Energy Pte. Ltd. ("ASL Energy") has on 16th February 2005 increased its issued and paid-up share capital from S$2 comprising 2 ordinary shares of S$1 each to S$100,000 comprising 100,000 ordinary shares of S$1 each by the allotment and issue of 50,198 ordinary shares to ASL Energy and 49,800 ordinary shares to Oriental Minerals Corporation ("OMC").

The additional shares in PAPL were issued at par for cash. ASL Energy's subscription was funded by internal cash resources. After the subscription, PAPL is 50.2% owned by ASL Energy with the remaining 49.8% owned by OMC.

The principal activities of PAPL are mining and marketing of coal.


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


Interests of the Directors and controlling shareholders
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
16th February 2005