ASL Marines' unit wins lucrative deal

ASL Marines' unit wins lucrative deal

SINGAPORE: A joint venture unit of ASL Marine Holdings has won
a US$73 million contract to transport coal for an Indonesian
company, marking the Singapore group's foray into the energy
sector, officials said on Tuesday.

Its 50 percent-owned associate ASL Energy will provide 20 sets
of tugs and barges to carry coal for Pelayaran Segara Niaga Utama
for five years.

ASL Energy has separately awarded a contract to ASL Shipyard
to build 20 barges under the deal announced on Monday.

They will be delivered between December this year and November
2004.

"We expect both the shipbuilding and ship chartering contracts
to have a positive impact on earnings per share for the current
financial year ending June 30, 2004," The Straits Times quoted
ASL Marine chairman Ang Kok Tian as saying.

The share price of ASL Marine Holdings has more than doubled
since listing in March. -- DPA