REG - Aseana Prop Ltd - Extension of Credit Facility & Corporate Update

Aseana PropertiesAnnouncement

17/12/2024 13:00

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RNS Number : 4436Q  Aseana Properties Limited  17 December 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.

 

17 December 2024

 

Aseana Properties Limited

(the "Company" or "Aseana")

 

Extension of Credit Facility Repayment Date

Update on Sandakan Mall receivership and potential fundraise

and

Change of Board Roles

 

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia listed
on the main market of the London Stock Exchange, announces that OSK Capital
Sdn Bhd ("OSK Capital") and Amatir Resources Sdn Bhd ("Amatir"), a wholly
owned subsidiary of the Company, have agreed an extension to the repayment
date of a 6.5 million Malaysian ringgit ("RM") credit facility provided to
Amatir by OSK Capital (the "Credit Facility") and a rescheduling of the
principal repayment. The Credit Facility was due for repayment on 30 November
2024, however following the repayment date extension the Credit Facility is
now due for repayment in the schedule below.

 

Pursuant to the extension of the Credit Facility repayment date, Amatir shall
also pay a 1% extension fee of RM65,000 to OSK Capital and an additional 2%
fee shall be incurred by Amatir if the repayment schedule below is not adhered
to.

 

 Date of Repayment  Principal Repayment
 1 March 2025       RM 50,000
 1 April 2025       RM 50,000
 1 May 2025         RM 50,000
 1 June 2025        RM 100,000
 1 July 2025        RM 100,000
 1 August 2025      RM 100,000
 1 September 2025   RM 100,000
 1 October 2025     RM 100,000
 28 November 2025   RM 5,850,000

 

Update on Sandakan Mall receivership and potential fundraise

 

Further to the announcement of 6 November 2024, the Company is continuing to
engage with KPMG Corporate Restructuring PLT (the "Receiver") to ensure the
smooth operation of the Sandakan Mall, owned by ICSD Ventures Sdn Bhd, which
the Receiver is amenable to at the present time.  Further updates will be
provided by Aseana at the appropriate time.

 

The Company is continuing to explore an equity fundraising to provide
the Company with the necessary capital to repay part of its
subsidiaries' borrowings and with additional working capital. However, the
board of Aseana now anticipates that this fundraising will no longer be
structured as an open offer to shareholders as previously announced.

 

The Company will provide further details to shareholders updating on the
fundraising at the appropriate time.

 

Change of Board Roles

 

The Company announces that, with effect from 16 December 2024, Tian Huat Lim
will assume the role of Independent Non-Executive Chairman and Dr. Thong Kok
Cheong will assume the role of Non-Executive Director.

 

The Board of Aseana currently comprises Tian Huat Lim (Independent
Non-Executive Chairman) and Dr Thong Kok Cheong (Non-Executive Director). The
Company is taking steps to identify new directors to strengthen the Board of
Aseana.

 

Enquiries:

 

 Aseana Properties Limited
 Tian Huat Lim                                 thlim@aseanaplc.com (mailto:thlim@aseanaplc.com)

 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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