Singapore?s ASL Energy to acquire coal mining concession in E. Kalimantan

Singapore-based ASL Marine Holdings Ltd announced Friday that its associated company ASL Energy Pte. Ltd. has signed a memorandum of understanding (MOU) with Oriental Minerals Corporation and Manhattan Investments Pte. Ltd. in relation to acquire up to 100 percent of Pan Assets International Limited for about S$40 million.

According to ASL Marine, Pan Assets is to acquire a coal mining concession operated by PT Fajar Sakti Prima in Tabang area, East Kalimantan Province.

"The Directors believe that it would be advantageous for ASL Energy to acquire an interest in the exclusive rights to conduct mining operations in and marketing of coal for the Concession, through the acquisition of an interest in Pan Assets," said ASL Marine.

Earlier, Fajar Sakti has assigned the exclusive rights to conduct mining operations in and marketing of coal for the concession to PT Indonesia Pratamacoal.

Upon the signing of the MOU, ASL Marine and ASL Energy shall commence due diligence. ?Oriental Minerals and ASL Energy intend to sign and complete a formal sale and purchase agreement by 30 April 2004,? said ASL Marine.

ASL Marine added that Pan Assets will subcontract the mining and marketing of coal of the concession till 30 June 2009.

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