ASL Marine Incorporates a Shipbuilding, Shiprepair Subsidiary in Indonesia

ASL Marine Holdings Ltd. (the Company), a Singapore-based marine services group engaged in shipbuilding, shiprepair and conversion, marine vessel chartering, marine engineering and other related services, announced Friday that its wholly-owned subsidiary, Intan Overseas Investments Pte. Ltd. (IOIPL), has incorporated a wholly-owned subsidiary, PT. Sukses Shipyard Indonesia (PT SSI) in Batam, the Republic of Indonesia.

PT SSI will be engaged in shipbuilding and shiprepair services. IOIPL will be making an initial cash injection of  $250,000 (comprising 250 shares of $1,000/- each) towards the paid up capital of PT SSI. The Group's investment in PT SSI will be funded through internal resources.

The investment in PT SSI is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Company for the financial year ending June 30.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above investment other than through their shareholdings in the Company.


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