News

Incorporation Of Abadi Two LLC

The Board of Directors of ASL Marine Holdings Ltd. (the "Company" or "ASL Marine") wishes to announce that its wholly-owned subsidiary, Capitol Marine Pte Ltd, has formed a wholly-owned subsidiary, Abadi Two LLC ("Abadi Two") on 12 October 2005.

Abadi Two is formed in the United States of America and will be engaged in the ownership and chartering of marine vessels.

The capital contribution to Abadi Two will consist of 1,000 units of US$1 each. The Group's investment in Abadi Two will be funded through internal resources.


Financial effects on the Company
The net tangible assets and earnings per share of the Company for the financial year ending 30 June 2006 are not expected to be materially affected by the formation of Abadi Two.


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 formation other than through their shareholdings in ASL Marine.


BY ORDER OF THE BOARD


Ang Kok Tian
Chairman and Managing Director
21 October 2005