ASL Energy buys 50.2% stake in coal mining concession in E. Kalimantan

Singapore-based ASL Marine Holdings Ltd announced Wednesday that its 50 percent-owned associated company ASL Energy Pte Ltd has signed a sale and purchase agreement with Oriental Minerals Corporation to acquire 50.2 percent stake in Pan Assets International Limited for S$20.08 million.

ASL Marine said Pan Assets had previously acquired the rights to conduct mining operation and marketing of coal for a mining concession located at Tabang, East Kalimantan from PT Fajar Sakti Prima and PT Indonesia Pratamacoal.

?This (acquisition) is in order to ensure a minimal level of utilisation of the proposed 40 tugs and 40 barges to be deployed by ASL Energy,? ASL Marine commented in a statement to the Singapore Stock Exchange.

ASL Marine added that Oriental had also granted ASL Energy an option to acquire the remaining 49.8 percent stake in Pan Assets for S$19.92 million until July 31, 2005.

ASL Energy is equally owned by ASL Marine and Manhattan Investments.

Pan Assets is majority-owned by Datuk Low Tuck Kwong, through Oriental. (Robert)