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ASL Marine asks to delay results, agm as it seeks funding commitment

Singapore-listed ASL Marine has asked to delay announcing its first quarter results and agm as it seeks to finalise new funding arrangements.

ASL Marine has requested the Singapore Exchange that it be allowed a month extension to holding its agm by 31 October to 30 November, and the release of its financial results for Q1 FY2017 ended 30 September from 14 November to 14 December.

The company said it was requesting the extension as it needed more time to obtain a letter of commitment for a new loans facility for its short term requirements.

“The letter is necessary for the finalization of the financial statements and annual report for FY2016. The management and its capital providers have been working very closely together and are currently in the advanced stage of finalizing the matter,” ASL Marine said.

The company is also seeking to raise SGD25.17m ($18.33m) from a rights issue to strengthen its financial position.

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