ASL Marine delays AGM as it seeks funding

ASL Marine delays AGM as it seeks funding

Singapore offshore shipbuilder and vessel owner ASL Marine Holdings has applied to the Singapore Exchange for a one month extension to both hold its AGM and release its latest set of quarterly results.

The company says that it is working to obtain a commitment letter providing new facility loans for the company for its short term requirements, and that the commitment is essential to it finalising its financial statements. ASL says it is in the advanced states of finalising the agreement.

In the wake of Swiber and Swiscco running into severe financial difficulties, such an announcement might have investors looking for an exit, however ASL Marine shares remain unmoved today in trading at 16.3 cents.

If the application to SGX is approved, ASL Marine will have until November 30 to hold its AGM and until December 14 to file its quarterly results.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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