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ASL Marine in S$15m yard and fleet expansion

ASL Marine in S$15m yard and fleet expansion

Singapore: ASL Marine is planning to acquire S$14.63m worth of vessels and property from Koon Holdings. The Singapore-listed shipyard and vessel owner is planning to buy 21 tugs and barges from Koon Holdings unit Gems Marine for S$7.13m.

"The proposed acquisition of the vessels is part of the group's on-going strategy to enhance its fleet for its ship chartering operations," ASL said. It is also planning to buy S$7.5m worth of properties from Koon Holdings adjacent to its shipyard.

"The property purchase will provide a good opportunity for the group to expand its capacity and berthing space to support the growing demand for the ship repair and upgrading of ships and other floating structure from the marine and offshore sector," the company said. [28/09/10]