REG - Aseana Prop Ltd - Appointment of Receivers and Managers Letter

Aseana PropertiesAnnouncement

06/11/2024 14:00

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RNS Number : 2197L  Aseana Properties Limited  06 November 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

6 November 2024

 

Aseana Properties Limited

(the "Company" or "Aseana")

 

Receipt of Appointment of Receivers and Managers Letter

 

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed
on the main market of the London Stock Exchange, announces that on 5 November
2024, it received notice (the "Notice") that Maybank Investment Bank Berhad
("Maybank"), has appointed KPMG Corporate Restructuring PLT (the "Receiver")
as receivers and managers to ICSD Ventures Sdn Bhd ("ICSD"), a wholly owned
subsidiary of the Company. The Notice is regarding a debenture dated 10
November 2011 giving the holder thereof a fixed and floating charge over the
whole of the undertaking and assets of ICSD.

 

This follows a demand letter dated 21 October 2024 from Maybank's solicitors,
Lee Hishammudin Allen & Gledhill, on the default of the medium-term loan
notes amounting to 61 million Malaysian ringgit ("RM") and accrued interest of
RM 4.74 million, details of which were announced by the Company on 22 October
2024.

 

The Company is engaging with the Receiver to ensure the smooth operation of
the Sandakan Mall, owned by ICSD, which the Receiver is amenable to at the
present time. In the meantime, the Company is consulting with its lending
banks to arrange interim financing, with the aim of remedying the receivership
of ICSB. In addition, the Company is continuing to explore an equity
fundraising which the board anticipates will include an open offer to
shareholders, further details of which are set out in the Company's
announcement of 31 October 2024.

 

Further announcements will be made at the appropriate time.

 

Enquiries:

 

 Aseana Properties Limited
 Thong Kok Cheong                              kcthong@aseanaplc.com (mailto:kcthong@aseanaplc.com)

 Allenby Capital Limited (Financial Adviser)   +44 (0) 20 3328 5656
 Nick Naylor/Nick Athanas/George Payne

 

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