ASL Energy yet to purchase entire stake in Tabang coalmine

Singapore-based ASL Marine Holdings Ltd announced Tuesday that its subsidiary ASL Energy Pte. Ltd. had not exercised the option to purchase the remaining 49.8 percent stake in Pan Assets International Limited from Oriental Minerals Corporation (OMC).

In May 2004, ASL Energy signed a sale and purchase agreement with OMC to acquire 50.2 percent stake in Pan Assets for S$20.08 million with an option to buy the remaining stake in Pan Assets by December 31, 2005.

It remains unclear whether the deadline of the purchase option has been extended.

Pan Assets holds the rights to operate the coal mine owned by PT Fajar Sakti Utama in Tabang, East Kalimantan as well as to market the mine's output outside Indonesia. However, the right to sell the coal output in Indonesia is held by PT Bayan Resources. Latest exploratory works indicate that the coal reserves of the Tabang could be up to 100 million tons.

First shipment of coal from Tabang coal mine was made in July 2005.

ASL Energy is equally owned by ASL Marine and Manhattan Investments. (Robert)