REG - Aseana Prop Ltd - Updates re. MTNs, RuMa units & legal action

Aseana PropertiesAnnouncement

26/02/2026 12:00

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RNS Number : 5675U  Aseana Properties Limited  26 February 2026

 

This announcement contains information that, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

26 February 2026

 

ASEANA PROPERTIES LIMITED

("Aseana" or the "Company")

 

Updates regarding refinancing of Medium Term Notes, sale of units at The RuMa
Residences and legal action

 

Aseana (LSE: ASPL), a property developer in Malaysia listed on the main market
of the London Stock Exchange, is pleased to announce that Urban DNA Sdn Bhd
("UDNA"), a wholly owned subsidiary of Aseana, has successfully secured a
facility of up to 44.2 million Malaysian ringgit ("RM") (equivalent to
c.US$10.5 million) from Alliance Bank Malaysia Berhad (the "New Facility").

 

The purpose of the New Facility is for UDNA to settle the remaining
outstanding sum of the Potensi Angkasa Sdn Bhd Commercial Paper and/or Medium
Term Notes (the "PASB CP/MTN") (principal, coupon, financing and other related
costs) in full totalling RM29.0 million (equivalent to c.US$6.9 million) and
to retire other short-term borrowings of the Company as well as for general
working capital purposes.

 

UDNA has successfully drawn down RM33.2 million (equivalent to c.US$7.9
million) on the New Facility which has been utilised, together with certain
existing cash resources and cash generated from the sale of units at the RuMa
Residences as outlined below, to settle the remaining outstanding sum of the
PASB CP/MTN and other short-term borrowings in full.

 

This New Facility is the latest refinancing exercise that has been concluded
by the Company subsequent to the long-term facility secured from AmBank (M)
Berhad (the "AmBank Facility") as announced by the Company on 24 June 2025.

 

Similar to the AmBank Facility, the New Facility has been put in place on more
favourable financing terms than the PASB CP/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).

 

The New Facility is subject to security arrangements. This includes Alliance
Bank holding a first legal charge over the RuMa Hotel & Residences asset
and a first party debenture by way of a fixed and floating charge over the
assets of UDNA. The New Facility contains standard representations,
warranties, covenants and events of default for a loan of its type.

 

This refinancing reinforces the Company's strategic priorities outlined
previously, including to critically raise funds and bank financing for
safeguarding ownership of its remaining assets to prevent destruction of value
from distressed or forced sale activities, and to enable Aseana to improve on
its current financial position and its short-term cash flows.

 

Update re. sale of remaining units at The RuMa Residences

 

Further to the Company's previously announced progress on the disposal of
residential units at The RuMa Residences, the Company is pleased to announce
that all eighteen (18) remaining units have been sold. The sales and purchase
agreements have been fully executed for sixteen (16) of these units, with the
remaining two (2) units pending receipt of full payment. The proceeds from the
sale have been put towards redeeming the PASB CP/MTN.

 

Update re. Legal Action

 

Further to the Company's previous announcements in relation to the legal
action, details of which were set out in the announcements of 27 December 2024
and 26 March 2025, the consent order granted by the Kuala Lumpur High Court in
Malaysia has since been amended.

 

The Company confirms that, in accordance with the amended consent order, UDNA
has deposited RM5.4 million into a joint stakeholders' interest-bearing
account. The deposited sum and all accrued interest will remain held in escrow
and will be released 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. Following the deposit, the charges
previously created over the 30 unencumbered hotel units at The RuMa Hotel and
Residences owned by UDNA in favour of the relevant defendants will be
discharged in accordance with the amended consent order.

 

The Company wishes to emphasise that the amended consent order does not
constitute any admission of liability by Aseana or UDNA, and the underlying
claims remain fully contested.

 

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

 Lim Tian Huat                                 tianhuat.lim@aseanapropertieslimited.com

 Dato' Dr. Thong Kok Cheong                    kokcheong.thong@aseanapropertieslimited.com

 Allenby Capital Limited (Financial Adviser)   +44 (0) 20 3328 5656
 Nick Naylor / Nick Athanas / Ashur Joseph

 

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