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(Post 151 of 279)   01/09/2004.16:34:43
Author :
Sipost
ASL MARINE HOLDINGS LTD

SIGNING OF MEMORANDUM OF UNDERSTANDING


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(Post 152 of 279)   01/09/2004.16:42:53
Author :
Cyberian
deleted

(Post 153 of 279)   01/10/2004.12:22:28
Author :
Sipost
ASL MARINE HOLDINGS LTD

PRESS RELEASE - ASL MARINE TO ACQUIRE COAL MINE CONCESSION IN BID TO MOVE UP COAL MINING VALUE CHAIN


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(Post 154 of 279)   01/14/2004.21:06:11
Author :
Sipost
ASL MARINE HOLDINGS LTD

PROPOSED RENOUNCEABLE RIGHTS ISSUE (THE "WARRANT ISSUE") OF 49, 500, 000 WARRANTS (THE "WARRANTS"), EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE (1) NEW ORDINARY SHARE OF $0.10 EACH (THE "NEW SHARES"), AT AN ISSUE PRICE OF $0.025 FOR EACH WARRANT, ON THE BASIS OF ONE (1) WARRANT FOR EVERY FOUR (4) ORDINARY SHARES OF $0.10 EACH HELD BY THE SHAREHOLDERS AS AT BOOK CLOSURE DATE TO BE DETERMINED, FRACTIONAL ENTITLEMENTS BEING DISREGARDED


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(Post 155 of 279)   01/19/2004.17:25:18
Author :
Sipost
ASL MARINE HOLDINGS LTD

GRANT OF OPTIONS PURSUANT TO ASL EMPLOYEE SHARE OPTION SCHEME


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here.

(Post 156 of 279)   01/20/2004.18:17:06
Author :
Sipost
ASL MARINE HOLDINGS LTD

PROPOSED RENOUNCEABLE RIGHTS ISSUE (THE "WARRANTS ISSUE") OF 49, 500, 000 WARRANTS (THE "WARRANTS"), EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE (1) NEW ORDINARY SHARE OF $0.10 EACH (THE "NEW SHARE"), AT AN ISSUE PRICE OF $0.025 FOR EACH WARRANT, ON THE BASIS OF ONE (1) WARRANT FOR EVERY FOUR (4) ORDINARY SHARES OF $0.10 EACH HELD BY THE SHAREHOLDERS AS AT BOOKS CLOSURE DATE TO BE DETERMINED, FRACTIONAL ENTITLEMENTS BEING DISREGARDED


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(Post 157 of 279)   02/05/2004.22:49:20
Author :
Asia4000
When is the book closing date for the warrants?

(Post 158 of 279)   02/18/2004.17:39:55
Author :
Sipost
ASL MARINE HOLDINGS LTD

INCORPORATION OF ASSOCIATE COMPANIES


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(Post 159 of 279)   02/19/2004.17:31:59
Author :
Sipost
ASL MARINE HOLDINGS LTD

Half Year Financial Statement for the Period Ended 31 Dec 2003


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(Post 160 of 279)   02/19/2004.20:57:32
Author :
Sipost
ASL MARINE HOLDINGS LTD

PRESS RELEASE - ASL Marine shores up net profit of $2.9 million for 1H2004


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(Post 161 of 279)   02/19/2004.21:03:05
Author :
Sipost
ASL MARINE HOLDINGS LTD

ANALYST BRIEFING - Financial results for six months ended 31 December 2003


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(Post 162 of 279)   02/19/2004.21:10:49
Author :
Sipost
ASL MARINE HOLDINGS LTD

INVESTORS Q&A FORUM FOR ASL MARINE HOLDINGS LTD


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(Post 163 of 279)   02/19/2004.22:37:41
Author :
Sipost
ASL Marine Holdings Ltd
Investors Forum


The management of ASL Marine Holdings Ltd ("ASL Marine") is pleased to announce that ASL Marine has set up an online Q&A forum at shareinvestor.com ("SI") following the release of the Group’s interim results today.

Details of the results as follow:

- Group's half year interim financial results

- Press Release : ASL Marine Shores Up Net Profit Of $2.9 Million For 1H2004

- Presentation Slides of Results Briefing

ASL Marine will take questions from investors until 26th February 2004 (Thursday) and the management will reply on 1st March 2004 (Monday).

Kindly note that as a public company, the management will not be allowed to make market-sensitive comments such as forecasts of earnings and turnover.

For the purpose of this online Q&A, a "Question Submission Page" has been created.
Kindly post your questions there.

Yours sincerely,
The SI Team

=====================================================================

About ASL Marine

ASL Marine is an integrated marine company principally involved in shipchartering, shipbuilding, shiprepair and other marine related services, catering to customers mainly from Asia Pacific, South Asia, the Middle East and Europe.

Headquartered in Singapore, the Group owns and operates two shipyards in Singapore and Batam, providing a comprehensive range of marine engineering services spanning myriad sectors/industries. Equipped with a young fleet of 107 vessels, ASL Marine has also carved a niche in providing shipchartering services to the marine and offshore infrastructure sector.

(Post 164 of 279)   02/20/2004.08:53:11
Author :
Pipipapipu
Hi sir, your profits declined due to higher costs like repair, charter costs etc. Can you elaborate on these items and what causes it to increased versus the previous period?

Will these higher costs recur in the months and years ahead?

Thank u.

(Post 165 of 279)   02/20/2004.18:08:53
Author :
Sipost
ASL MARINE HOLDINGS LTD

PROPOSED RENOUNCEABLE RIGHTS ISSUE (THE "WARRANTS ISSUE") OF 49, 500, 000 WARRANTS (THE "WARRANTS"), EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE (1) NEW ORDINARY SHARE OF $0.10 EACH, AT AN ISSUE PRICE OF $0.025 FOR EACH WARRANT, ON THE BASIS OF ONE (1) WARRANT FOR EVERY FOUR (4) ORDINARY SHARES OF $0.10 EACH HELD BY THE SHAREHOLDERS AS AT BOOKS CLOSURE DATE TO BE DETERMINED, FRACTIONAL ENTITLEMENTS BEING DISREGARDED


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(Post 166 of 279)   03/01/2004.17:12:58
Author :
Aslmarine
Q&A with Investors


Dear users,

Thank you very much for the questions and the opportunities to clarify them. We hope you have a better understanding of our business through this online exchange.

Your questions will be reposted in blue italics followed by our replies in black.

Rgds,
The Management Team
ASL Marine Holdings Ltd

(Post 167 of 279)   03/01/2004.17:16:04
Author :
Aslmarine
Pong, you wrote:

What will you do with the funds from the proposed rights issue?

Dear Pong, thank you for your questions.

The estimated funds of $0.65 million raised from the proposed rights issue of warrants will be used for working capital purposes.

Rgds,
The Management Team
ASL Marine Holdings Ltd

(Post 168 of 279)   03/01/2004.17:20:39
Author :
Aslmarine
Pong, you wrote:

With ASL posting profits all this while, now that the company is raising funds, does means that the company is having cash flow problems?

No. Though the estimated funds of $0.65 million are to be used for working capital purposes, the Group is not having cashflow difficulties. On the contrary, the Group is enjoying a healthy operating cash inflow and has sufficient bank facilities available that were not utilized or drawndown.

For the six months ended 31 December 2003, the Group generated net cash inflow of $12.1 million from operating activities, an increase of 60.6% from $7.5 million for the six months ended 31 December 2002.

Cash and cash equivalents declined from $11.3 million as at 31 December 2002 to $3.3 million as at 31 December 2003, mainly due to :
§ Group’s investment in an associate company of $1.5 million
§ acquisition of vessels, plant and equipments of $7.0 million
§ payment of dividend of $2.8 million
§ repayment of interest-bearing loans, hire purchase creditors and trust receipts of $9.7 million

The decline was partially mitigated by the cash inflow from operating activities of $12.1 million, proceeds from the disposal of vessels, plant and equipment of $1.7 million, and new loan drawdown of $1.4 million.

Rgds,
The Management Team
ASL Marine Holdings Ltd

(Post 169 of 279)   03/01/2004.17:22:26
Author :
Aslmarine
Pong, you wrote:

Does the company have any plans to explore biz opportunities in China?

The Group is constantly exploring business opportunities within the region, and will consider making an investment in China when the right opportunity comes along. However, the Group currently has no specific investment plans in China.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 170 of 279)   03/01/2004.17:24:50
Author :
Aslmarine
Dibert, you wrote:

Have the company increased the customers base or that the majority of company sales is still being derived by old customer base?

Dear Dibert, thank you for your questions

Yes, the Group has increased its customer base. For the six months ended 31 December 2003, 24% of the Group’s revenue was generated by new customers.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 171 of 279)   03/01/2004.17:26:31
Author :
Aslmarine
Dibert, you wrote:

Why has the company's cost of sales increased by over 100% and what steps are the management implementing to reduce their costs?

For details, please refer to our explanation in the “Review of Operating Performance for the Half Year Ended 31 December 2003”. (MASNET announcement no. 35 of 19.02.2004)

Briefly, the increase in cost of sales was mainly caused by the disproportionate recognition of revenue and costs and certain one-off costs incurred. The majority of these costs, which was incurred only once in the six months ended 31 December 2003, will not recur in the second half year. As such, the cost of sales for the second half year period is expected to be proportionately lower than that for the first half year period.

Nonetheless, the Group is constantly looking into ways to improve productivity and efficiency which will ultimately lead to cost reduction and increased profitability for the Group.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 172 of 279)   03/01/2004.17:28:03
Author :
Aslmarine
Dibert, you wrote:

The company's accounts receivable has increased by more than 50%, does the company foresee a higher risk of doubtful debts?

Though the accounts receivables has increased by more than 50%, the aging of these receivables are still very healthy. The disproportionate increase is due to the timing of the billings made.

Approximately 62% of the receivables that are outstanding as at 31 December 2003 are less than 90 days old. The remaining 38% of outstanding receivables are mainly receivables from customers that are either on longer payment terms or on deferred payment scheme. There are also several customers with outstanding payables from the Group pending mutual offset of outstanding balances.

In addition, ASL Marine’s management regularly reviews all outstanding receivables and where necessary, makes specific provision for receivables that may not be collectible.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 173 of 279)   03/01/2004.17:29:39
Author :
Aslmarine
Teetoer, you wrote:

What is the reason behind the huge fall in margin and what is the management plan to counter this problem?

Dear Teetoer, thank you for your questions.

Please refer to our reply for Question 5.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 174 of 279)   03/01/2004.17:29:48
Author :
Sipost
ASL MARINE HOLDINGS LTD

ASL MARINE'S MANAGEMENT REPLIES TO ONLINE Q&A HOSTED BY SHAREINVESTOR.COM


Pls view announcement here.

(Post 175 of 279)   03/01/2004.17:31:49
Author :
Aslmarine
Totoler, you wrote:

Notice that most of the company's new business is in Indonesia, so what steps is the company taking to reduce the risks of operating in the Indonesia market?

Dear Totoler, thank you for your questions.

To mitigate risks in operating in Indonesia, the Group has taken the following measures :
- Only work with strong and reliable Indonesian partners. The management has been working with our Indonesian partners for some time and is comfortable in the relationship. These partners, having been operating in Indonesia for many years, are able to provide support and advice to the Group on business dealings and when handling any issues that may arise out of operating in Indonesia. Having such a strong partnership drastically reduces the amount of uncertainty.
- Appointing dedicated staff from Singapore to be based in Indonesia to oversee the daily operations, with the directors and senior management conducting regular visits.
- Remunerating Indonesian staff promptly and adequately, and recognizing hard work with due rewards.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 176 of 279)   03/01/2004.17:36:28
Author :
Aslmarine
Pipipapipu, you wrote:

Your profits declined due to higher costs like repair, charter costs etc. Can you elaborate on these items and what causes it to increased versus the previous period?

Dear Pipipapipu, thank you for your questions.

Please refer to our reply for Question 5.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 177 of 279)   03/01/2004.17:37:50
Author :
Aslmarine
Pipipapipu, you wrote:

Will these higher costs recur in the months and years ahead?

Please refer to our reply for Question 5.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 178 of 279)   03/01/2004.17:39:37
Author :
Aslmarine
Namo, you wrote:

The company's borrowings have shot up quite a bit to almost $7.2m. Can the management shed some light with regards to how is these borrowings used.

Dear Namo, thank you for your questions.

As at 31 December 2003, the Group’s total borrowings amounts to $22.1 million (made up of $9.8 million payable within one year and $12.3 million payable after one year). This is a decline of $7.0 million or 24% from the Group’s total borrowings of $29.1 million as at 30 June 2003 (made up of $12.6 million payable within one year and $16.5 million payable after one year).

The $7.2 million quoted only refers to current interest-bearing borrowings and does not reflect the total borrowings of the Group.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 179 of 279)   03/01/2004.17:40:45
Author :
Aslmarine
Namo, you wrote:

When will the loan be repaid and the interest that is being charged on this loan?

The increase in current interest-bearing borrowings from $3.9 million as at 30 June 2003 to $7.1 million as at 31 December 2003 is mainly due to a higher proportion of the interest-bearing borrowings becoming due and payable within one year, as compared to repayment made. The only increase in borrowings is the $1.4 million loan drawndown for the purchase of a crane.

Term loans taken up by the Group are usually for a tenure of up to five years and is usually based on monthly repayment. As at 31 December 2003, interest payable ranges from 4.75% to 5.50% per annum.

Regards,
The Management Team
ASL Marine Holdings Ltd

(Post 180 of 279)   03/01/2004.17:44:27
Author :
Zombie
Super-on PR

(Post 181 of 279)   03/01/2004.17:53:44
Author :
Aslmarine
Dear Investors,

Thank you for all your questions and the interest in ASL Marine. We have come to the end of this Q&A session.

We have enjoyed and learnt much from your questions and we hope that you have a better insight of our Company and know more about our operations.

Rgds,
The Management Team
ASL Marine Holdings Ltd

(Post 182 of 279)   03/01/2004.18:09:05
Author :
Sipost3
Dear Investors,

We are pleased to inform you that the management of ASL Marine has replied to the online Q&A questions.

Please view the replies here.

Thank you,
SI Team

(Post 183 of 279)   03/03/2004.09:15:30
Author :
Aslmarine
Sushil Saraf, you wrote:

I hold shares of ASL Marine. I want to know more on the rights offer, and how do i go about subscribing to the rights shares, will i receive a form from the company to pay the rights subscription amount, or do i need to pay the rights subscription on my own?

Dear Sushil Saraf, thank you for your questions.

Thank you for your interest in our Rights Issue of Warrants.

As per our earlier MASNET announcement issued on 20 Feb 2004 (below), the Book Closure Date for the Rights Issue of Warrants is scheduled for 8 March 2004, 5pm.

Information on the Rights Issue of Warrants will subsequently be provided in a circular and despatched to entitled shareholders who hold ASL Marine shares as at 8 March 2004, 5pm. The circular will state the various mode of subscribing for the rights issue.


MASNET No. 34 OF 20.02.2004
Announcement No. 34
ASL MARINE HOLDINGS LTD


PROPOSED RENOUNCEABLE RIGHTS ISSUE (THE "WARRANTS ISSUE") OF 49, 500, 000 WARRANTS (THE "WARRANTS"), EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE (1) NEW ORDINARY SHARE OF $0.10 EACH, AT AN ISSUE PRICE OF $0.025 FOR EACH WARRANT, ON THE BASIS OF ONE (1) WARRANT FOR EVERY FOUR (4) ORDINARY SHARES OF $0.10 EACH HELD BY THE SHAREHOLDERS AS AT BOOKS CLOSURE DATE TO BE DETERMINED, FRACTIONAL ENTITLEMENTS BEING DISREGARDED

NOTICE IS HEREBY GIVEN that the Share Transfer Books and Register of Members of ASL Marine Holdings Ltd (The "Company") will be closed at 5.00 p.m. on 8 March 2004 ("Books Closure Date") for the purpose of determining the provisional allotments of Shareholders (other than those whose registered addresses with The Central Depository (Pte) Limited ("CDP") or the Company, as the case may be, are outside Singapore and who have not, at least five (5) market days prior to the Books Closure Date, provided to CDP or the Company, as the case may be, addresses in Singapore for the service of notices and documents) ("Entitled Shareholders") under the Warrants Issue.

Entitled Shareholders (being depositors) whose securities accounts with CDP are credited with Shares as at 5.00 p.m. on the Books Closure Date will be entitled to participate in the Warrants Issue.

Entitled Shareholders (being scripholders) whose names appear in the Register of Members as at 5.00 p.m. on the Books Closure Date will be entitled to participate in the Warrants Issue.

Duly completed and stamped transfers in respect of Shares not registered in the name of CDP together with all relevant documents of title received by the Company's share registrar, M & C Services Private Limited, at 138 Robinson Road, #17-00 The Corporate Office, Singapore 068906 prior to 5.00 p.m. on the Books Closure Date will, subject to the Articles of Association of the Company, be registered to determine the Entitled Shareholders' provisional allotments under the Warrants Issue.

BY ORDER OF THE BOARD

Ang Kok Tian
Chairman and Managing Director
ASL Marine Holdings Ltd

20 February 2004
Submitted by Tan Thiam Hee, Group Financial Controller and Company Secretary on 20/02/2004 to the SGX

(Post 184 of 279)   03/11/2004.16:20:48
Author :
Sipost
ASL Marine Holdings Ltd

Renounceable Rights Issue (The "Warrants Issue") Of 49, 500, 000 Warrants (The "Warrants"), Each Warrant Carrying The Right To Subscribe For One (1) New Ordinary Share Of $0.10 Each, At An Issue Price Of $0.025 For Each Warrant, On The Basis Of One (1) Warrant For Every Four (4) Ordinary Shares Of $0.10 Each Held By The Shareholders As At Books Closure Date, Fractional Entitlements Being Disregarded


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(Post 185 of 279)   03/11/2004.17:16:08
Author :
Cyberian
what is the subscription price of this warrant?? thks

(Post 186 of 279)   03/12/2004.09:47:26
Author :
Cyberian
hi

maybe not clear previous question..
whats the subscriton/conversion price from wrt to the mother share??
thks.

(Post 187 of 279)   03/29/2004.22:19:31
Author :
Sipost
ASL MARINE HOLDINGS LTD

RENOUNCEABLE RIGHTS ISSUE (THE "WARRANTS ISSUE") OF 49, 500, 000 WARRANTS (THE "WARRANTS"), EACH WARRANT CARRYING THE RIGHT TO SUBSCRIBE FOR ONE (1) NEW ORDINARY SHARE OF $0.10 EACH, AT AN ISSUE PRICE OF $0.025 FOR EACH WARRANT, ON THE BASIS OF ONE (1) WARRANT FOR EVERY FOUR (4) ORDINARY SHARES OF $0.10 EACH HELD BY THE SHAREHOLDERS AS AT BOOKS CLOSURE DATE, FRACTIONAL ENTITLEMENTS BEING DISREGARDED


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(Post 188 of 279)   04/22/2004.19:45:00
Author :
Sipost
ASL MARINE HOLDINGS LTD

PRESS RELEASE - ASL SHIPYARD ACHIEVES ISO 9001:2000 CERTIFICATION


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(Post 189 of 279)   04/29/2004.17:31:41
Author :
Sipost
ASL MARINE HOLDINGS LTD

UPDATE ON ASL ENERGY PTE. LTD.


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(Post 190 of 279)   05/24/2004.18:02:04
Author :
Sipost
ASL MARINE HOLDINGS LTD

REPLY TO QUERY REGARDING TRADING ACTIVITY


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(Post 191 of 279)   05/26/2004.18:06:11
Author :
Sipost
ASL MARINE HOLDINGS LTD

SIGNING OF SALE & PURCHASE AGREEMENT AND OPTION AGREEMENT


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(Post 192 of 279)   05/26/2004.18:07:32
Author :
Sipost
ASL MARINE HOLDINGS LTD

AWARD OF S$99.7 MILLION WORTH OF SHIPBUILDING CONTRACT


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(Post 193 of 279)   05/26/2004.18:09:25
Author :
Sipost
ASL MARINE HOLDINGS LTD

ANALYST BRIEFING - Update on Corporate Announcements


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(Post 194 of 279)   05/26/2004.18:11:13
Author :
Sipost
ASL MARINE HOLDINGS LTD

Investors Q&A Forum at Shareinvestor.Com


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(Post 195 of 279)   05/26/2004.20:02:00
Author :
Sipost
ASL Marine Holdings Ltd


Investors Forum


The management of ASL Marine Holdings Ltd ("ASL Marine") is pleased to announce that ASL Marine has today set up an online Q&A forum at Shareinvestor.com ("SI") in connection with the recent corporate developments. To view the corporate developments, please click below:

- Signing Of Sale & Purchase Agreement And Option Agreement

- Analyst Briefing - Update On Corporate Announcements

- Award Of S$99.7 Million Worth Of Shipbuilding Contract

ASL Marine will take questions from investors until 4th June 2004 (Friday) and the management will reply on 9th June 2004 (Wednesday).

Kindly note that as a public company, the management will not be allowed to make market-sensitive comments such as forecasts of earnings and turnover.

For the purpose of this online Q&A, a "Questions Submission Page" has been created. Kindly post your questions there. SI paid subscribers can post their questions directly into this forum thread.

Yours sincerely,
The SI Team




About ASL Marine

ASL Marine is an integrated marine company principally involved in shipchartering, shipbuilding, shiprepair and other marine related services, catering to customers mainly from Asia Pacific, South Asia, the Middle East and Europe.

Headquartered and listed in Singapore, the Group owns and operates two shipyards in Singapore and Batam, providing a comprehensive range of marine engineering services spanning myriad sectors/industries. Equipped with a fleet consisting mainly of tugboatss and barges, ASL Marine has also carved a niche in providing shipchartering services to the marine and offshore infrastructure sector.

(Post 196 of 279)   05/27/2004.20:03:16
Author :
Sipost
ASL MARINE HOLDINGS LTD

S$20 MILLION 4-YEAR TRANSFERABLE LOAN FACILITY


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(Post 197 of 279)   06/03/2004.18:35:56
Author :
Sipost
ASL MARINE HOLDINGS LTD

WEBCAST / PRESENTATION SLIDES


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(Post 198 of 279)   06/09/2004.17:47:38
Author :
Sipost
ASL MARINE HOLDINGS LTD

ASL Marine's Management Replies to Online Q&A forum at Shareinvestor.com


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(Post 199 of 279)   06/09/2004.17:49:02
Author :
Aslmarine
Q&A with Investors


Dear Investors,

Thank you very much for your questions and the opportunity for us to respond. We hope you have a better understanding of our business through this online exchange.

Your questions will be reposted in blue italics followed by our replies in black.

Rgds,
The Management Team
ASL Marine Holdings Ltd

(Post 200 of 279)   06/09/2004.17:51:58
Author :
Aslmarine
Larrytan, you wrote:

1a. How will the recent deals impact ASL Marine's revenues and profits?

Dear Larrytan, thank you for your questions.

ASL Energy is an associate company of ASL Marine and is equity accounted for in the Group’s consolidated accounts.

The acquisition of the Tabang Coal Concession by ASL Energy is to secure a strategic stake in the supply chain for coal. This serves to ensure at least a minimum level of utilisation for ASL Energy’s 40 sets of tugs and barges.

The acquisition provides an additional source of revenue and profit for ASL Energy. Additionally, it reinforces ASL Energy’s position as an integrated marine company.

In the short term, ASL Marine will also enjoy additional shipbuilding revenue and profit contribution from the shipbuilding contract for the construction of the 65,000 dwt floating terminal. This contract has been, awarded to ASL Shipyard Pte Ltd, a wholly-owned subsidiary of ASL Marine.

Over the medium to long term, ASL Marine will benefit indirectly from the additional charter income accruing to ASL Energy.

The other additional shipbuilding contracts secured since 1 Jan 2004 will be substantially recognized in FY2005 and FY2006 and is expected to have a positive impact on the net tangible asset and earnings per share of ASL Marine.

1b. What are the risks and prospects involved especially with the mining concessions?

Prospects
ASL Marine and ASL Energy have expanded their businesses by tapping new markets including the construction of tugs and barges and other marine vessels, and the provision of transportation services to the Indonesian coal mining industry.

The Indonesian coal industry has grown exponentially to become one of the world’s largest exporter. The majority of the coal mined in and exported from Indonesia is centered in Kalimantan, and its prospects appear good with the increased global demand for coal.

Indonesia’s coal industry enjoys several competitive advantages, including:
· A relatively liberal and well defined regulatory framework;
· Relatively high quality, plentiful and ‘clean’ coal deposits. The latter results in minimal need for coal preparation;
· Reasonably good proximity to tidal waters or large rivers in Kalimantan;
· Low capital extraction cost as there is an abundance of quality coal seams at or near the surface; and
· Cheap labour and many experienced coal contractors.

The acquisition of Pan Assets provided a base load of coal to transport. This ensures at least a minimum level of utilisation, which in turn ensures at least a minimum amount of cashflow to finance ASL Energy’s acquisition of the floating terminal and the 40 sets of tugs and barges.

More specifically, even during a cyclical downturn, when the amount of coal mined and hauled falls, ASL Energy’s and ASL Marine’s vessels and infrastructure will be used in preference over vessels and infrastructure owned by third parties.

Risks
The risks involved are:-
i) operational risk of not being able to extract or sub-contract the extraction of the coal at Tabang Coal Concession, as well as to blend and sell the coal extracted;
ii) whether Pan Assets is fairly valued; and
iii) the legal/regulatory environment in Indonesia.

The above risks are partially mitigated by Pan Assets outsourcing the mining, marketing and sale of coal to a nominee of Oriental Mineral Corporation, and a net operating cashflow guarantee of US$16.2 million over a period not exceeding six years from Oriental Mineral Corporation.

Further, the feasibility review and due diligence commissioned by ASL Energy concludes that Pan Assets is fairly valued.

Rgds,
The Management Team
ASL Marine Holdings Ltd


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