REG - Aseana Prop Ltd - Asset Sale

Aseana PropertiesAnnouncement

30/06/2023 15:15

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RNS Number : 6009E  Aseana Properties Limited  30 June 2023

30 June 2023

Aseana Properties Limited

("Aseana" or the "Company")

Asset sale

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia which
is listed on the Main Market of the London Stock Exchange, announces that it
has today entered into a binding conditional agreement (the "Agreement") to
sell the Sandakan hotel asset and the Harbour Mall Sandakan (the "Sandakan
Assets").

The total gross sales price of the transaction is MYR 165 million
(approximately US$35 million) (the "Consideration") to be satisfied in two
tranches.   The first tranche of MYR 82.5 million is payable upon signing of
the Agreement or within 30 days of signing the Agreement and will be applied
to settle the indebtedness relating to the Sandakan Assets of approximately
MYR 61 million (the "Asset Loans").  Any interest that accrues on the Asset
Loans between the signing of the Agreement and the payment of the first
tranche is payable in addition to the Consideration.  The second tranche of
MYR 82.5 million is payable on or before 30 September 2023.  Completion of
the transaction is subject to regulatory approval as required.

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 / George Grainger    +44(0)20 7383 5100

 

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