Aseana Properties Limited Aseana First Distribution Update (8128H)
December 03 2015 - 2:00AM
UK Regulatory
TIDMASPL
RNS Number : 8128H
Aseana Properties Limited
03 December 2015
Aseana Properties Limited
("Aseana")
First Distribution Update
The Board wishes to update Shareholders on the status of the
first capital repayment. The intention had been to make a first
return of capital of US$10m to shareholders as of the end of
September 2015 and to then make further returns of capital as cash
was raised by the Company as a result of disposals of assets in the
portfolio. It is still the firm intention of the Board and the
Manager to do this.
The process of raising cash has been progressing steadily with a
full sale of the Waterside Estates land already announced for a
consideration of US$9.29m with payment in full due to be received
by the year end and partial sales of the stake in Nam Long
Investment Corporation raising US$5.4m since June 2015. Progress on
selling other assets is also well underway, although no further
sales are yet at a stage that the Board feels able to announce the
likely terms or timing. The Company's cash balance as at 30
September 2015 was approximately US$25.0m and this figure is
expected to grow further by the end of 2015. The unaudited Net
Asset Value of the Company at 30 September 2015 was US$134.4m.
Further details on the portfolio and the NAV as at 30 September
2015 can be found in the Company's Q3 2015 Investor Update which
can be found on the Company's website:
www.aseanaproperties.com.
An application to make the first capital distribution was
submitted to the Company's lenders at the end of August but at
present the consent from two lenders remains outstanding. We
understand that market conditions in Malaysia caused by the recent
political events in the country and the depreciation of the
Malaysian Ringgit this year have caused concerns for a number of
the Company's lenders who have therefore become cautious about the
Company returning capital to Shareholders. At the present time the
Board believes that further discussion with the lenders and more
portfolio realisations will help to resolve this situation.
However, it is possible that capital repayments may not occur until
there have been further realisations within the portfolio and the
Company has paid down a portion of its project related debts as a
result.
We will continue to work closely with all the Company's bankers
in order to be able to make the capital distributions that the
Shareholders approved at the EGM on 22 June and will update
Shareholders as events progress.
For further information:
Aseana Properties Limited Tel: +603 6411 6388
Chan Chee Kian Email: cheekian.chan@ireka.com.my
N+1 Singer Tel: 020 7496 3000
James Maxwell / Liz Yong (Corporate
Finance)
Sam Greatrex (Sales)
Tavistock Tel: 020 7920 3150
Jeremy Carey / James Verstringhe Email: jcarey@tavistock.co.uk
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a
property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive
Development Manager for Aseana. It is a wholly-owned subsidiary of
Ireka Corporation Berhad, a company listed on the Bursa Malaysia
since 1993, which has over 45 years of experience in construction
and property development. IDM is responsible for the day-to-day
management of Aseana's property portfolio and the introduction and
facilitation of new investment opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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