ASL Marine makes an additional investment into its wholly-owned subsidiary ASL Shipyard Indonesia from US$18.8 million to US$43.8 million, through 25,000 new ordinary shares.
The new ordinary shares are issued at a price of US$1,000 per share to the company and the new share issuance.
The new share issuance is undertaken to capitalize an existing intercompany loan of US$22.5 million from ASL Shipyard Indonesia to ASL Shipyard.
A capital injection of US$2.5 million in cash from ASL Marine will be made, and is funded by internal resources of the company.
Following the loan capitalisation and capital injection, the percentage of equity shareholding held by ASL Marine at 10% direct holding, and ASL Shipyard at 90% indirect holding in ASL Shipyard Indonesia remains unchanged.
The group says that the new share issuance, loan capitalisation and capital injection are not expected to have any material impact on the consolidated net tangible assets per share or earnings per share of the company for the current financial year ending June 30, 2024.
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Shares in ASL Marine closed 0.1 cents lower or 1.613% down at 6.1 cents.
