News

Subscription For Additional Shares In Subsidiary

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that its wholly-owned subsidiary, ASL Triaksa Offshore Pte. Ltd. ("ASL Triaksa"), had on 28 June 2005 increased its issued and paid-up share capital from S$1 comprising 1 ordinary share of S$1 to S$100,000 comprising 100,000 ordinary shares of S$1 each by the allotment and issue of 99,999 ordinary shares to the following parties:-

Name of allottee No. of shares
ASL Marine 59,999
Mr Agus Sudimen 20,000
Mr Haji Suta Wijaya 20,000

The additional shares in ASL Triaksa were issued at par for cash. ASL Marine's subscription was funded by internal cash resources. After the subscription, ASL Triaksa is 60% owned by ASL Marine with the remaining 40% owned equally by Mr Agus Sudimen and Mr Haji Suta Wijaya.

Mr Agus Sudimen and Mr Haji Suta Wijaya are business partners of the Group. This strategic alliance will further reinforce ASL Marine's standing as a key regional player with integrated capabilities in shipchartering and shipbuilding in Indonesian offshore oil and gas markets.

The principal activities of ASL Triaksa are those relating to the ownership and chartering of marine vessels to the Indonesian offshore market.

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 above subscription.

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
28 June 2005