REG - Aseana Prop Ltd - Asset sale update

Aseana PropertiesAnnouncement

08/12/2023 16:00

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RNS Number : 2315W  Aseana Properties Limited  08 December 2023

8 December 2023

Aseana Properties Limited

("ASEANA" or the "Company")

Asset sale update

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed
on the Main Market of the London Stock Exchange, announces that further to an
announcement on 1 November 2023, progress is still being made on the sale of
the Sandakan hotel asset and the adjacent Harbour Mall Sandakan (the "Sandakan
Assets") and that an extension to the Sale and Purchase Agreement has been
agreed. The completion of the Sandakan Assets is subject to the receipt of
regulatory approval in Malaysia.

Payment of part of the purchase price is being arranged and the repayment of
the remaining Medium Term Notes (the "Notes") which had been used to fund the
construction of the Sandakan Assets and which was due to be made today is the
priority of the purchaser and is expected to occur shortly. The banking
syndicate that provided these loans has however served notice today that
non-payment of the Notes has created an Event of Default and there is a
thirty-day cure period within the terms of the Notes. The Company is engaging
with the Trustee to the Notes to seek a sixty-day extension of the repayment
date from the Note holders.

Financing is still being arranged by the purchaser of the 32 unsold residences
at The RuMa Hotel & Residences in Kuala Lumpur to complete their purchase
and this is now expected to be secured by the end of January.

 

For further information:

Aseana Properties Limited

Nick, Paris, Non-Executive Chairman   nickparis@btinternet.com
(mailto:nickparis@btinternet.com)

 
                                                               +44
(0)7738 470550

Grant Thornton UK LLP

Philip
Secrett
+44 (0)207 383 5100

 

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