ASL Marine injects 54 million rupees into India unit

ASL Marine Holdings has increased its investment in a wholly owned unit, Vosta LMG India, by subscribing for 4,386 additional equity shares at 54 million Indian rupees (S$1.1 million).

The proceeds are to be used for the chartering operations in India, ASL Marine told the Singapore Exchange in a filing on Monday.

The offshore and marine group said that the capital injection was funded through internal resources, and it is not expected to have material financial impact on the consolidated net tangible assets and earnings per share of the group for the financial year ending June 30, 2018.

Shares of ASL Marine closed 12.2 per cent or 1.4 Singapore cents higher at 12.9 Singapore cents on Monday, before the announcement was made.