Notice Of Retirement As A Director

The Board of Directors of ASA Group Holdings Limited (the "Company") wishes to announce that a notice on declining re-election as a Director pursuant to Article 97 of the Company's Articles of Association has been received from Mr Kuan Cheng Tuck, an Independent Non-Executive Director. Pursuant to Article 97, Mr Kuan is due for reelection at the forthcoming Annual General Meeting, which will be held in April 2008. Mr Kuan's decision not to stand for re-election stems mainly from the differing views and opinions that he shared on the turnaround strategies for the Group.

Consequent to his retirement, Mr Kuan Cheng Tuck will also cease to be the Chairman of the Audit Committee and member of the Remuneration Committee.

Mr Kuan Cheng Tuck will continue to serve in his office until the conclusion of the Annual General Meeting.

The Company has found a candidate to replace Mr Kuan in compliance with Listing Rule 221 of the SGX-ST Listing Manual which requires the Company to have at least 2 independent directors resident in Singapore on a continuing basis.


By Order of the Board
ASA GROUP HOLDINGS LTD


Chan Chun Hsiung
Executive Chairman
14 March 2008