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RNS Number : 8411P Aseana Properties Limited 04 July 2025
4 July 2025
ASEANA PROPERTIES LIMITED
("Aseana" or the "Company")
Settlement of the Defaulted Silver Sparrow Bhd Medium Term Notes (the "SSB
MTN")
Aseana (LSE: ASPL), a property developer in Malaysia listed on the main market
of the London Stock Exchange, is pleased to announce that ICSD Ventures Sdn
Bhd ("ICSD"), a wholly owned subsidiary of Aseana, has successfully drawn down
39.0 million Malaysian Ringgit ("RM") on the facility of RM45.2 million with
AmBank (M) Berhad (the "AmBank Facility"), as announced by the Company on 24
June 2025.
The RM39.0 million draw down by ICSD has been utilised, together with certain
existing cash resources of ICSD, to settle the remaining outstanding sum of
the defaulted SSB MTN (principal, interest and other related costs) in full
(totalling c.RM39.9 million).
Following the full settlement of the SSB MTN, the Board of Aseana expects that
the receivers & managers (the "R&Ms") will be discharged by end of
July 2025, thereby enabling the Company to regain full control of ICSD's
assets and operations.
As announced on 24 June 2025, the AmBank Facility was secured at more
favourable financing terms than the SSB MTN, including at a significantly
lower interest rate (anticipated to be below 6% per annum) and up to 10 years
of repayment period from the date of first drawdown (inclusive of 12 months
grace period).
This is an important milestone achieved by the Company, led by the Board of
Aseana. This reinforces the Company's strategic priorities outlined
previously, including to critically raise funds and bank financing for
safeguarding the ownership of its remaining assets to prevent the depreciation
of value from distressed or forced disposals, and to enable Aseana to improve
on its current financial position.
The Company will provide further details to shareholders updating on the
discharge of the R&Ms at the appropriate time.
Enquiries:
Aseana Properties Limited
Leong Kheng Cheong kc.leong@aseanapropertieslimited.com
Lim Tian Huat thlim@aseanaplc.com
Thong Kok Cheong kcthong@aseanaplc.com
Allenby Capital Limited (Financial Adviser) +44 (0) 20 3328 5656
Nick Naylor / Nick Athanas / Ashur Joseph
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