REG - Aseana Prop Ltd - MTN update

Aseana PropertiesAnnouncement

22/10/2024 10:45

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RNS Number : 1433J  Aseana Properties Limited  22 October 2024

22 October 2024

 

Aseana Properties Limited

 

("ASEANA" or the "Company")

 

MTN update

 

The Board of Directors of Aseana Properties Limited received a demand letter
dated 21 October 2024 from the Solicitors Lee Hishammuddin Allen &
Gledhill on the payment of the medium term note ("MTN") amounting to RM 61
million plus accrued interest of RM 4.74 million.

 

In 2011, Silver Sparrow, a 100% subsidiary of Aseana Properties, established a
RM 515 million guaranteed MTN programme, guaranteed by OCBC Bank (Malaysia),
Malayan Bank Bhd and Bank Pembangunan Malaysia Bhd. Silver Sparrow defaulted
on 19/12/2023, and the guaranteed banks passed the loan to the recovery team.
The Board will appoint a legal and financial team to discuss the loan
restructuring with the bank recovery team.

 

For further information:

 

Aseana Properties Limited

Thong Kok Cheong
       k_c_thong@hotmail.com

 

Grant Thornton UK LLP

Philip Secrett, Elliot Peters
     +44 (0)207 383 5100

 

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