REG - Aseana Prop Ltd - Update re. Legal Action

Aseana PropertiesAnnouncement

26/03/2025 13:00

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RNS Number : 3473C  Aseana Properties Limited  26 March 2025

ASEANA PROPERTIES LIMITED

("Aseana" or the "Company")

Update re. Legal Action

Aseana (LSE: ASPL), a property developer listed on the main market of the
London Stock Exchange, today provides an update on the legal action announced
by the Company on 27 December 2024 regarding the Company and its ultimate
operating subsidiary, Urban DNA Sdn. Bhd. ("UDSB") initiating legal action
against:

 

1.    Helen Siu Ming Wong ("Helen Wong") (former director of the Company
and UDSB);

 

2.    Nicholas John Paris (former director of the Company);

 

3.    Tan Hok Chye (former director of the Company and UDSB);

 

4.    Thomas Patrick Holland (former director of the Company and UDSB);

 

5.    Jenny Lee Gyn Li ("Jenny Lee") (spouse of Thomas Patrick Holland);
and

 

6.    RSMC Investment Inc ("RSMC")

 

(Collectively referred to as the "Defendants")

 

before the Kuala Lumpur High Court in Malaysia (the "Previous Announcement").

 

The Company and UDSB have entered into a consent order in respect of the
injunction application referenced in the Previous Announcement (the "Consent
Order").

 

The salient terms of the Consent Order are as follows:

 

1.    Helen Wong, Jenny Lee and RSMC are restrained from enforcing or
acting upon the charges created by UDSB in favour of them over the 30
unencumbered hotel units in The RuMa Hotel and Residence owned by UDSB (the
"Units").

 

2.    Helen Wong, Jenny Lee and RSMC are restrained from initiating
foreclosure proceedings over the Units under the Form 16D Notices of Default
issued in November 2024.

 

3.    UDSB undertakes not to adversely affect or jeopardise the rights of
Helen Wong, Jenny Lee and RSMC in relation to the charge over land agreements
(the "Charge Agreements") over the Units pending the determination of the
legal action.

 

4.    UDSB is restricted from dealing with the Units, including but not
limited to redeeming, disposing off, transferring or encumbering the Units.

 

5.    In the event UDSB intends to deal with the Units, the following
mechanism will apply:

 

a.    UDSB will provide a 30-day written notice to the Defendants of such
intention.

 

b.    The total secured amount pursuant to the Charge Agreements ("Secured
Amount") shall be paid into a joint stakeholder's interest-bearing account
held by both solicitors for the parties in this legal action pending final
court determination.

 

c.     Upon the deposit of the Secured Amount in the joint stakeholder's
account, Helen Wong, Jenny Lee and RSMC shall, within 10 working days, deliver
to the Company or UDSB the original titles, discharge of charge documents in
respect of the Units and all other relevant documents in respect of the Units
for the purpose of discharging the charge(s) over the Units.

 

d.    The Secured Amount and all accrued interest will be disbursed to the
successful party following the conclusion of court proceedings at the High
Court of Malaysia, Court of Appeal of Malaysia or Federal Court of Malaysia,
as applicable.

 

Further announcements on any material developments in connection with these
matters will be made by the Board of Aseana as and when it is appropriate
and/or necessary.

 

 

 

Enquiries:

 Aseana Properties Limited
 Leong Kheng Cheong                             kc.leong@aseanapropertieslimited.com

 Tian Huat Lim                                  thlim@aseanaplc.com

 Thong Kok Cheong                               kcthong@aseanaplc.com
                                                +44 (0) 20 3328 5656

 Allenby Capital Limited (Financial Adviser)
 Nick Naylor / Nick Athanas / Ashur Joseph

 

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