REG - Aseana Prop Ltd - Sandakan asset sale update

Aseana PropertiesAnnouncement

26/07/2024 14:15

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RNS Number : 0728Y  Aseana Properties Limited  26 July 2024

26th July 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 7 May 2024 that the Purchaser of the Sandakan hotel
asset and the adjacent Harbour Mall (the "Sandakan Assets") had not yet
received the Redemption Statement from the Bank Guarantors ("BG").  Since
then, the Purchaser has received the Redemption Statement and all parties are
accepting of the Statement.

The Purchaser has experienced delays in meeting their obligations under the
Supplemental Agreement signed on 6 April 2024 primarily due to the standard
banking procedures required from funds being transferred in from offshore.
They have been in close communication with their banks to expedite the process
and are now confident that the funds needed to repay the outstanding MTN debt
of RM 61 million will be processed shortly.

The Purchaser is committed to proceed with the transaction notwithstanding the
delays that have occurred and pay the outstanding debt and the accrued
interest associated with the Sandakan Asset sale as a result of the delays.

We continue to engage with the Bank Guarantors to apprise and update them on
the situation.

 

We will continue to update shareholders as and when 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, Elliot Peters                     +44
(0)207 383 5100

 

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