Singapore's ASL Marine in expansion move"

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September 28, 2010

Singapore's ASL Marine in expansion move

Singapore's ASL Marine Holdings Ltd. has entered into agreements with units of the Koon Holdings Ltd. Group that would see ASL Shipyard Pte Ltd.purchase a leasehold waterfront property adjacent to its current yard, while ASL's Capitol Shipping would buy 21 tugboats and barges from Koon Holding's Gems Marine.

Both deals are subject to the approval of the shareholders of KHL Group and to both parties getting the relevant approval for the property transaction, including an extension of the lease period.

The purchase price of the property is S$7.5 million (about US$5.7 million) while the price tag on the vessels is S$7.13 million (about US$5.4 million).

ASL says the property deal is in line with its overall strategy of strengthening and expanding its shipbuilding and ship repair capability and capacity. It says it will provide a good opportunity for the Group to expand its capacity and berthing space to support growing demand for ship repair and upgrading of ships and other floating structure from the marine and offshore sectors.

It says the proposed acquisition of the vessels is part of its on-going strategy to enhance its fleet.

For its part, Koon Holdings says it intends to focus on its core business of construction and land based plant and equipment rental, and that it intends to divest its marine logistics division. If it sells its vessels, it will no longer need to be located at a premises with water front access.


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