REG - Aseana Prop Ltd - Sandakan asset sale update

Aseana PropertiesAnnouncement

07/05/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240507:nRSG2760Na&default-theme=true

RNS Number : 2760N  Aseana Properties Limited  07 May 2024

7 May 2024

Aseana Properties Limited

("ASEANA" or the "Company")

Sandakan asset sale update

Aseana Properties Limited (LSE: ASPL), is a property developer in Malaysia
listed on the Main Market of the London Stock Exchange.

The Company announced on 8 April that the Purchaser of the Sandakan hotel
asset and the adjacent Harbour Mall (the "Sandakan Assets") shall pay the
estimated sum of 61 million RM (the "Redemption Sum") to the Guarantor Banks
to redeem the Sandakan Assets from the Guarantor Banks.

Although Silver Sparrow Berhad ("SSB"), the issuer of the Medium Term Notes
which were used for the development of the Sandakan Assets requested the
redemption statement from the trustee of the Guarantor Banks and the Guarantor
Banks on 8 April, SSB has not yet received the redemption statement.

The Purchaser requires the redemption statement to ascertain the exact amount
of the Redemption Sum required to redeem the Sandakan Assets from the
Guarantor Banks.

Notwithstanding the redemption statement has not been issued to enable the
Purchaser to pay the Redemption Sum, the Sandakan Asset sale and purchase
agreement (as amended by the supplemental agreement) is still valid, binding
and enforceable.

 As of today's date, the Guarantor Banks are still finalizing the Redemption
Statement. We will provide further updates as matters develop.

 

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, Enzo Aliaj                         +44
(0)207 383 5100

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISQKABBCBKKCPK